What will the transition from the pre-COVID world into the new normal look like – and how long will recovery take for the retail and restaurant industries? Retailers have already begun preparing for the new normal by bolstering in-store practices to ensure social distancing requirements. To keep consumers and employees safe, stores have implemented a wide range of safety precautions like social distancing markers inside and outside stores. Big box retail stores are keeping shoppers safe with a number of safety precautions like using floor markers to direct the flow of traffic, having special cleaning crews routinely sanitize surfaces, offering curbside pickup, and having all employees wear face masks during their shifts. Restaurants are shifting restaurant models towards a more takeout-friendly strategy and limiting the number of diners on the premises at a given time.
On a more macro view, COVID’s impact on consumers’ pocketbooks and how they spend their money will continue to have long-lasting effects on industries around the globe. While some have benefited from the pandemic, such as grocery stores and online retailers, many brick-and-mortar shops and restaurants felt the immediate shockwave when many were forced to close their doors.
Now, the world is slowly reopening and we are moving in the direction of the new normal. Some US states are allowing consumers to dine and shop at their favorite restaurants and retailers, as long as social distancing guidelines are enforced, like strict capacity limits. In fact, retailers are seeing such a demand from reopening that Tango-client Dunkin’ Brands just announced they will be hiring 25,000 new employees at stores across the nation. As retail and restaurant organizations recalibrate and reassess all the data inputs possible in preparation for the uncertain times ahead, experts believe the trajectory of recovery will take some time, which means organizations must strategize now. In the below video, Tango’s Senior Vice President of Analytics Devon Wolfe answers the critical questions organizations are asking: When will organizations know that we have reached the new normal? Will consumer shopping numbers be a little below pre-COVID numbers? Which stage of recovery are we currently experiencing?
Are you interested in learning about assessing the impact of changing consumer patterns on your sales to both survive now and thrive in the post-COVID world? Watch the entire webinar, Retail Location Strategy in a COVID-19 World.