Indian retail industry has emerged as one of the most dynamic and fast-paced industries due to the entry of several new players. It accounts for over 10% of the country’s gross domestic product (GDP) and around eight% of the employment. India is the world’s fifth-largest global destination in the retail space. Retail has become part of our lives by fulfilling our needs and demands at the right time and right place with quick access for consumption. This sector operates as a gateway to consumers from upstream sectors as it provides an opportunity to consumers to purchase goods and services for their professional and personal use. The COVID-19 pandemic struck India at a time when its economy was already suffering from muted growth due to sluggish demand in the domestic market. The immediate impact of the outbreak included sudden surges in demand for essential goods and services, a heightening of the healthcare and the financial crisis, reduced employment opportunities, and a steep decline in demand for non-essential goods and services. With governments strict imposition of lockdown economy has further worsened causing major turbulences to small and unorganized retailers. This comprehensive research paper focuses upon challenges faced by the retail industry during this pandemic and innovative ideas and strategies required for its revival. This paper attempts to analyse new retails facets entering the market, recognizing various confronts that retail sector is facing, identifying and discussing various strategies that have been and could be implemented for attracting future business opportunities. Its findings implies on leveraging digital technologies right from managing supply chain, logistics to delivery of products and services to customers for smooth flow of business in a future period In this conceptual research paper, researcher has dealt with various dimensions of retailing through existing literature reviews, journals, books, magazines, working papers, internet sites etc., and it has been reflected as reference in the end.