Great article by Steve Braude at Alix Partners. Travel has certainly been hit harder than most industry verticals, but it has always shown itself to be a resilient sector. It’s often the case in business that being big is an advantage, but perhaps this is a scenario where having less physical assets and more agility is more of a benefit. Travel businesses with the ability to flex and adapt will surely prosper. The other angle here is the emergence of new start-ups and entrepreneurs. These businesses will have the advantage of no debt and avoiding costly redundancy programmes. Travel will prosper again, but it will certainly look different and some of the structural changes that would have happened will transform more rapidly, with the emphasis on more digitally enabled businesses.