Retailing is so great. Every retailer is an optimist, a people-person, and a bold risk taker. (We know; we were one.) Every retailer wants to get their stores re-opened, and their staff people re-employed.
Granted, there are many arguments, pro and con, about "Re-Opening the Economy." And in a number of communities in the U.S. and elsewhere, some re-opening of stores and restaurants is occurring.
Granted, there are many arguments, pro and con, about "Re-Opening the Economy." And in a number of communities in the U.S. and elsewhere, some re-opening of stores and restaurants is occurring.
The loud noise about re-opening has prompted us to anticipate questions from retailers coming our direction. To that end, we've developed our response (with built-in encouragement!)
When/if you can re-open your store(s)...
SHOULD YOU??!!
ENOUGH DEMAND?
FINANCIALLY CAPABLE?
OPERATIONALLY CAPABLE?
AND, OUR MAIN QUESTION
(IF THOSE ABOVE DIDN'T STUMP YOU)
Can you honestly say "Yes!" to all three of these questions about re-opening?
Yes to all three? Then GO FOR IT!!! We admire you more than ever!
When/if you can re-open your store(s)...
SHOULD YOU??!!
ENOUGH DEMAND?
- Do you have proprietary, exclusive merchandise?
- Is your website and social media effective now?
- Will you have a competitive edge?
- Will there be "vigor" around your store(s)?
- Are you truly a destination retailer? Or do you rely on others' traffic?
- How loyal is your customer base? And how large is it?
- Does your staff have a personal following?
- Will your customers be confident enough to resume buying from you?
FINANCIALLY CAPABLE?
- Can you personally fund the losses?
- How much and for how long?
- Is debt available? If so, how will you repay it?
- Leases and other contractual obligations?
- Have you thoroughly considered Chapter 7?
OPERATIONALLY CAPABLE?
- Will your staff have confidence in the safeguards you are providing in your stores?
- Do you have the appropriate technology to manage more online sales, in-store pickup, etc?
- What is the potential liability exposure, if any, if customers or staff become infected by the virus?
- Does your store radiate cleanliness and safety?
AND, OUR MAIN QUESTION
(IF THOSE ABOVE DIDN'T STUMP YOU)
Can you honestly say "Yes!" to all three of these questions about re-opening?
- Do you have the Capacity to re-open?
- Do you have the Appetite to re-open?
- And most important, do you still have the Stomach to re-open in these times?!
Yes to all three? Then GO FOR IT!!! We admire you more than ever!
