The question concerning how digital consumption demand has been adapted and how matching business models have been built has become an important practical problem in the digital development of the retail industry. Considering the effects of COVID-19, whether new retail enterprises can maintain adequate competitiveness and risk resilience in the post-pandemic era deserves in-depth study. In comparing the development of traditional retail and new retail enterprises, we extracted and evaluated key factors of enterprise operating efficiency. Then, we measured the transformation efficiency of 65 enterprises in China listed in 2016 and 2020 by establishing a DEA model and the Malmquist index method. Finally, based on an empirical analysis demonstrating the necessity of traditional retail transformation, we analyzed retail enterprises’ efficiency and dynamic efficiency changes. The results show that the operating efficiency of enterprises using the new retail model was higher than those using the traditional retail model. The technical efficiency and total factor productivity were significantly improved after the new retail model was applied. Both technological progress and improved technological efficiency contributed to the improvement in total factor productivity during the COVID-19 pandemic.

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