With the rapid development of the economy and changes in consumer demand, personalized consumption has gradually become popular. With the advancement of technology, the development of e-commerce is becoming increasingly significant, while also squeezing out some markets in the retail industry, which makes the development of the retail industry more difficult and competition more intense. For the complicated environment and market change, retail industry is experiencing a big revolution. In this case, it is easy to have financial risks, and it is particularly important to evaluate and prevent the financial risks. This paper takes Zhongbai Group as an example to conduct financial risk research, especially with regards to the impact of COVID-19. Based on the actual situation of the group in the past 5 years, the author can make reasonable predictions for the future of Zhongbai. The author also sums up the experience of other outstanding companies and then make a progress on it, which will also boost domestic retail industry development.