South Africa, July 6 -- Retail was in trouble long before Covid-19 hit. The past five years saw daily reports of store closures and retailer bankruptcies. The growth of online commerce eroded many retailers' top-line revenues, forcing them into an ongoing cycle of discounts and promotions just to keep up.

But even amid this debacle, direct-to-consumer brands increasingly expanded their physical presence. Warby Parker, the online eyewear provider, currently operates 65 outlets and Away, the luggage company, recently raised $100m to open 50 stores.

But when Covid-19 brutally put a stop to physical retail, many strained small- and medium-sized businesses quickly moved their business online, as shown by Shopify's 47% revenue growth in this ...