Since March 2, 2020, The ROI's Co-Founders have been offering insights, strategic approaches, and online resources for independent retailers affected by the COVID-19 crisis.
These appeared first in The ROI NEWS.
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.
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)...
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!
Some thoughts from Nordstrom leadership that are spot on!
That's what Nordstrom President and Chief Brand Officer Pete Nordstrom told Puget Sound Business Journal columnist Patti Payne on April 23, 2020.
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?
A few years ago, during a planning session in our office, we drew a quick diagram on a whiteboard. It showed three shapes.
Out of all of the potential things we could do, which ones truly warrant our time, energy, and resources?
That picture keeps coming to mind as the COVID-19 shutdown orders on retailers of "non-essential" goods are starting to be lifted.
We believe there are not one, but three(!) pandemics occurring simultaneously right now. Of course, the COVID-19 virus elevated the word "pandemic" to a status that identifies even a generation of babies.
But the other two pandemics are equally paralyzing: the nationwide (even worldwide) protests of racial injustice, and the severe unemployment from the economic collapse.
Indeed, three concurrent, worldwide sinkholes. We call it the "pandemic trifecta of 2020."
So, what's an intelligent retailer to think now?!
Here's one idea that we believe can help you have more confidence in your immediate decisions. Think beyond this week and this month.
Alas, there is really no way to avoid discussing COVID-19, the coronavirus that began in China last month, and now continues to spread throughout the world.
No matter whether or when it is officially declared a "pandemic," the uncertainty and angst that it is generating have troubling implications for retailers.
YOUR GOAL: QUICKLY GET TO A FIRST DRAFT.
Face it. Sales are dropping. By how much? For how long? Nobody knows for sure.
But, you can make some assumptions, some educated guesses. Put those into the 3-in-1 Cash Flow Calculator.
These totally volatile times cause a lot of opinions and fears to be swirling around. Seeing "what if...?" can be very helpful.
All in just minutes. On your own.
Since 1999, empowering retailers and store owners to "Turn on your financial headlights!"