Question

The ready-to-wear sector is facing huge challenges and losses as a result of the Corona pandemic that has swept the world.

As you represent the Chairman of Western Point malls in the Kingdom of Saudi Arabia, he provided us with an integrated vision to deal with the repercussions of this problem (spoken at length).

Answer 1

Due to Covid-19, many industries cannot maximize their sales and earn profits like they used to. Many businesses have shut down due to a lack of customers. This pandemic has resulted in a decrease in GDP if many countries. But, gradually, we all can overcome the repercussions of this pandemic and start a new beginning together.

As you represent the Chairman of Western Point malls in the Kingdom of Saudi Arabia, I would suggest the following to deal with the repercussions of this problem.

1. Due to Covid-19, sales of the mall have decreased. This is because most people have lost their jobs and do not have enough money to buy goods and services. Analyzing this problem, I could lower the prices of goods in my mall so that they are affordable by all the people and they can buy it without any hesitation. As per the law of demand, we know that when prices of goods and services are low, people tend to buy more; as a result firm’s sales increase and profits get maximized. I could apply the same concept in order to increase sales of my mall. Lowering the prices will increase the demand for my products, and hence, I will be able to maximize sales and profits.
2. Another reason for low customer engagement in the mall could be fear of catching the virus. Due to this fear, customers are not getting out of their houses and going to the malls for shopping. Analyzing this problem brings me to another possible solution. I can contact online vendors like Amazon and Walmart and take my business online as well. Engaging with online shopping platforms will give my products a new exposure, and people who are afraid of stepping out of the houses can easily buy my products online on Amazon and Walmart. Selling my products online will increase the sale revenue, and I will be able to maximize my profits and sales.

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