Perspectives

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  Enough already with the "Covid Fatigue"

  Have you noticed? "Covid fatigue" has been spreading lately. It seems to be almost as contagious as the virus itself. Ugh!
  
  And small wonder. Even as parts of the economy strive to re-open, they only remind us of how different everything is.

  • Major League Baseball played in stadiums of cardboard cutouts of fans. The U.S. Open Golf Tournament with no spectators. Professional basketball teams in "the bubble" at Disney World. 
  • And some colleges preparing to resume fall classes have been described as "a cross between a seminary and a minimum-security prison."

  Meanwhile, the U.S. Congress cannot agree on what should be done next. A nasty election campaign season looms. Protests are still happening in many locations. 
  
  Remember this: all these things that contribute to our Covid fatigue, what we have called the "Pandemic Trifecta of 2020" – the virus, the economic meltdown, the national protests – all of these are uncontrollables. We all are victims of all three pandemics. 
  
  But, you CAN control what you choose to do with your business going forward. Will you choose Door A, Door B or Door C? 
• 

  Get Your Tents and Sidewalks Ready!

  As more stores are able to reopen, and more shoppers are willing to emerge, what will they encounter?

  • "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.
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  Ready for the Post-COVID Customers?

  Believe it! A second chance to make a good first impression!

  
  Yes, the shoppers WILL be returning. But boy, have they learned a lot during these pandemic times. 
  
  They are far more comfortable with online shopping, and in many cases, eager to continue that. And the convenience of "contactless" features like curbside pickup and BOPIS (Buy Online, Pickup In Store) are welcomed.
  
  In fact, an extensive survey from McKinsey & Company* provides considerable detail about the newly-learned online shopping behaviors of customers, and their expectations of continuing to use these new-found skills. 

  Particular changes with presumed staying power: 

  • More online shopping
  • Less brand loyalty
  • Need for "hygiene transparency"
  • Back to basics & value
  • Rise of the homebody economy

  But hold it. Wait just a minute. Our countervailing view is that the "homebody economy" will wear thin. And while customers do care even more about basics and value, especially when it comes to Holiday shopping, they will want "special." 

• 

  Ready to Seize This Opportunity?

  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. 

  • The loss of milestone celebrations of weddings, graduations, reunions, birthdays; anniversaries;
  • Lost access to theaters, museums, libraries, sporting events;
  • Loss of the sense of community that comes from going to work, or worship services, book clubs, or the local coffee shop; 
  • Loss of income, job losses;
  •  Or, sadly, the loss of loved ones. 

  Few have been spared. 

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  Okay, we're ready. So...where are the customers?!

  So, say you have re-opened your stores. Then what? Did the customers come back? 
  
  Or, were many of those who did show up just there to say "Hello!" And "We missed you!", but not to buy? Sigh.
  
  We are not surprised. And here's why.
   

• 

  Ready or Not, New Retail Clock Is Here

  As the global efforts to "flatten the curve" of the coronavirus pandemic continue, there is another curve that is being flattened. That would be the seasonality of retail sales. 
  
  And this may prove to be what really defines the New Normal for retailers. 
  
  The customary peaks of retail spending have been flattened.