The Worrells' perspective.
The recent events of the bushfires and COVID-19 have led to
catastrophic economic conditions for Australian businesses. While
no industry has been left untouched, the retail sector has been
particularly hit hard by these crises. Restrictions on movement and
interaction has caused a significant acceleration in changing
consumer behaviours; and we have seen several retail chains enter
into voluntary administration, undertake an informal restructure,
or simply close down having failed to adapt to these changes.
As the largest appointee insolvency firm in the SME market in
Australia, the Worrells partners have access to dialogue with SME
business owners, providing us with real-time insights into the
challenges retail businesses are facing and the emerging trends.
They are as follows:
