Spare us these desperate measures

Struggling firms are trying to reinvent themselves. Some are going to have to get much more radical

People on a plane © Alamy
If only we could recreate this experience at home…
(Image credit: People on a plane ©)

Just about every company has had to tweak, adjust, or reimagine its business during lockdown. It is easier for some than others. Newspapers have pushed digital subscriptions as print sales collapse, and publishers are putting more effort into e-books as bookshops close. Supermarkets are beefing up home delivery as fewer of us venture out to their shops. Retailers have focused on online sales; restaurants and even pubs have started selling takeaways; a few hotels have been renting out rooms to home workers who need some peace and quiet away from their families or flat-mates.

The results have been mixed, at best. But most have managed to replace at least a percentage of the revenues they have lost. Using some imagination, and improvising, they have managed to create new products or new kinds of services, at lightning speed, and in many cases might well have come up with ideas that will endure. Free markets are good at adapting to change, as we have seen in real time over the last few months.

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Matthew Lynn

Matthew Lynn is a columnist for Bloomberg, and writes weekly commentary syndicated in papers such as the Daily Telegraph, Die Welt, the Sydney Morning Herald, the South China Morning Post and the Miami Herald. He is also an associate editor of Spectator Business, and a regular contributor to The Spectator. Before that, he worked for the business section of the Sunday Times for ten years. 

He has written books on finance and financial topics, including Bust: Greece, The Euro and The Sovereign Debt Crisis and The Long Depression: The Slump of 2008 to 2031. Matthew is also the author of the Death Force series of military thrillers and the founder of Lume Books, an independent publisher.