Amidst a Raging Pandemic Consolidation Galores
- 82newsbulletin
- Nov 4, 2020
- 1 min read
Written by Eashan Trehan
Death, disease, lockdown, recession and unemployment; the Covid-19 pandemic has steamrolled livelihoods all across the globe. One of the unintended outcomes of the pandemic has been the acceleration of the secular digital transformation drive, but as people shop more and more online, the benefits of this paradigm shift are becoming skewed towards big corporations.
Local restaurants and bars are shutting down in neighbourhoods all over the world, while fast-food giants like McDonald’s, Domino’s and Chipotle are posting strong profits on the back of an immense inflow of online food delivery orders. Traditional brick and mortar retailers, many of whom were written off during the early stages of the pandemic are now also chiming in with soaring ecommerce revenues, be it Walmart, Target or Nike. Amidst this surge in digital revenues, the ones getting left out are local mom & pop stores that lack a digital footprint, deep pockets, access to lines of credit and additional working capital. This lopsided scenario is causing small and medium businesses to close doors and shut down, many of them forever. Government sanctioned bailouts are also overtly biased towards larger corporations that can afford to spend fortunes on lobbying activity. This has left local neighbourhood businesses happlessly in the lurch.
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