In the era of multiple systemic challenges affecting the world, the term ‘polycrisis’ has been repopularised by former European Commission president Jean-Claude Juncker and historian Adam Tooze. The utility of the term lies in mapping disparate shocks, that cannot be reduced to a single common denominator, interacting to create a shock more overwhelming than the sum of all individual shocks. In the wake of the COVID-19 pandemic and its long-lasting impacts, economic shocks around the world, Russia’s full-scale invasion of Ukraine, and the spiralling consequences of climate change, the diversity of problems is compounded by insufficient economic and social development for policy, business and individual decision-makers.

Given this context, the IADS undertook internal research to understand how department stores most severely affected by economic and geopolitical crises manage their operations. This exclusive combines the learnings of our exchanges with strategic teams responsible for guiding company activities. Despite the varying natures of crises, the IADS found that the priorities and critical goals for these department stores remain similar in contextually relevant manners. In one line, cash is king and the priority order is people, assets and operations.

IADS Exclusive – Survival first: how department stores tackle acute crises

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