- "A glut of pent-up inventory is waiting to be dumped on consumers this summer as retail stores reopen in the U.S., and shoppers for everything from shoes to sofas should be able to find major bargains," reported the Wall Street Journal* on June 2.
As more stores are able to reopen, and more shoppers are willing to emerge, what will they encounter?
YOU are the leader we need now!
Most of the people who receive our weekly newsletter from The Retail Owners Institute® are either owners of stores (duh...) or work with retail owners, not only in America but around the world.
When you think about it, owners and senior management of retail businesses are looked upon as leaders everyday, by employees, by suppliers, by customers, by their families and often by the media.. You are community builders.
Amidst this pandemic, your leadership is more vital than ever.
Like every natural disaster, whether a massive storm, earthquake, wildfire, we all are victims of COVID-19.
Not all of us have suffered being infected by the virus. But, essentially everybody has suffered losses.
A few years ago, during a planning session in our office, we drew a quick diagram on a whiteboard. It showed three shapes.
That picture keeps coming to mind as the COVID-19 shutdown orders on retailers of "non-essential" goods are starting to be lifted.
Independent retailers are renowned for being "technology laggards." Those days have to end!
As you wait and worry about re-opening your stores, the state of the economy, the health and safety of your family and friends and employees, here is an idea of what you might do with some of your found time.
When you do re-open, be sure that you are actually in the 21st Century!
That is, put your energy, your resilience, and your flexibility to use, focusing on improving your IT.
There’s an awareness, an “Oh wow!” sweeping around the commercial world. It’s stated in a variety of ways, but it’s the same surprise.
The COVID-19 pandemic has certainly gained the respect of the general public. Surveys continue to show that, while folks are eager to be able to resume moving about, they do not expect to resume their pre-pandemic discretionary shopping and dining activities anytime soon. They are awaiting effective treatments or, even better, a vaccine.
Main Street restauranteurs and retailers understand that, according to survey results reported April 27.* In fact, these owners anticipate it could take another eight months – that is, most of the year – for consumer demand to reach the so-called "New Normal."
Some thoughts from Nordstrom leadership that are spot on!
And what he succinctly stated is exactly the challenge – and opportunity – that is confronting all retail owners.
In order to answer whether you should re-open once you can, you first must be very confident in WHAT kind of retail operation you will be re-opening.
The only certainty of the aftermath of the pandemic is that everything will be different. Given that, what better time to re-imagine your business?