At best, the COVID 19 was a trigger for the problems at Future group. The actual problems had started long back and had been worsening over the years. Let me highlight three areas where things went badly wrong for the group. Firstly, the original strategy of setting up stores in glitzy malls to attract footfalls wasn’t working. It had some novelty value in the beginning but little else. Rental costs were just adding up. It was D-Mart that was making rapid strides by opening its owned stores in residential areas. Secondly, Future group underestimated the potential of ecommerce to disrupt their business model. Flipkart and Amazon sank billions of dollars into ecommerce and the glitzy mall model was looking more unviable by the day. The rapidly rising and powerful young population prefers most purchases online. Finally, a sharp spike in debt burden of the group came back to roost as defaults quickly dried up the funding sources for the group. COVID-19 was just the last straw on the camel’s back. When COVID-19 happened, not only the malls were emptied but it is doubtful if the crowds will really come back to malls post-COVID. To that extent, COVID-19 was the big trigger.