With the easing of measures against Covid-19 came a market recovery.
The third quarter of 2020 was affected by the pandemic situation of COVID-19, but not as massively as in previous quarters. According to the Czech Statistical Office retail sales grew by 0.6% y-o-y during the first eight months of 2020. The highest increase by 18.9% y-o-y in July and 14.0% y-o-y in August was recorded in sales via internet. Despite strong online shopping growth customers remained loyal to brick-and-mortar stores which resulted into satisfactory sales growth during the summer holiday. Footfall in the shopping centres was lower by approximately 10% y-o-y compared to previous year still during the holiday but returned to similar level as in 2019 by the end of August. Subsequently it again decreased, by ca. 20% in September, due to relatively mild introduced measures (e.g. compulsory mask wearing).
Oxford Economics’ retail spending outlook for 2020 has been revised with a more optimistic view. Oxford Economics forecast a drop of retail spend by -1.2% y-o-y in September from an originally forecasted -5% y-o-y in June.