Proposed Model of Business Retail Continuity Process during Pandemic Covid-19 Based on Risk identification and Response

Abstract

Recognizing competitive strategies, the retail industry must anticipate business risks. Business risk is related to managerial risk, and it depends on its ability to adapt its policies to unforeseen events and changes. Currently, the whole world is facing the Covid-19 outbreak. In facing the challenges and risks from Covid-19, retail businesses must manage and respond to these risks so that their business can recover and business continuity is realized. This study seeks to identify the risks experienced by retail businesses in Indonesia during the COVID-19 pandemic and what risk management strategies are appropriate for business continuity and retail business recovery. Previous studies have explained the impact of Covid-19 on the retail industry. However, there is still a lack of research that tries to identify the risks and how to overcome them. This research will try to fill that gap. Semi-systematic or narrative review techniques were conducted in this study. The study’s result is a framework related to risk management in retail industries. This study contributes to knowledge and practical implication regarding the risk that the retail industry is experiencing during the COVID-19 pandemic.