Hi everybody, and welcome to Location Is Everything. I’m Bart Waldeck, Chief Marketing Officer and Senior Vice President of Product Strategy here at Tango. I’ll be your host for this journey. I am really excited to launch Location Is Everything, which is Tango’s podcast series about the store life cycle management. Obviously it’s an interesting time for us to launch a podcast as it is right now with the pandemic going on, everybody’s lives are impacted including the retail industry, and we’re going through some difficult times and things are changing as to how we live and how we shop. So that’s where we’re going to really start is by exploring the changing role of the store or the restaurant in an omni-channel world.
And I think the journey is going to be an interesting one, 2020 was quite a year as a pandemic kind of came upon us last March and forced retail and restaurant owners to actually close and shift to 100% delivery or pickup model. And boom, we fast forward to February of 2021 and we’re still fighting through the pandemic almost a year later with many restaurants closed for dine-in or having limited dine-in capacity and retailers still under different pandemic protocols and restrictions. The good news is we’re in the process of rolling out some vaccines and there’s some light at the end of the tunnel, but it’s clear that when we come out of this, when we emerge out of the pandemic and this kind of unthinkable scenario we’re in, the world’s not going to be the same.
It won’t be its former self by any stretch. And almost every facet of life has been impacted and retail is fundamentally no different. So what does the future hold for the retail and restaurant industry? That’s what we’re here to discuss with a specific focus on the brick and mortar side of the business, i.e. the location. So the pandemic has pressed the fast forward button on the evolution of the store and successful retailers are already rethinking the role of the store, which is more important than ever as you’ll see when we get into this in an omni-channel world.
In each episode of Location Is Everything, we’ll dive into topics relating to this transformation and bring a diverse array of guests to the table to cover different areas of the life cycle, whether it’s real estate, design, construction, facilities, maintenance, lease administration and accounting, you name it. We’re going to dive into each of those.
So joining me today as our first guest is Pranav Tyagi, Tango’s President and CEO, and I’ve asked Pranav to come here today to help set the stage for Location Is Everything. We’re going to do this in two parts, part one, we’re going to really focus on what the impact of COVID-19 has been on retail and restaurants. And from there we’ll pivot into the changing consumer and ultimately what the store of the future will be and how retailers can kind of go through a three-stage process to recovery. One is going to be reorient around a new omni-channel customer. Two is going to be recalibrate your sales forecasting models, your market optimization routines, and ultimately your location strategy, and finally reposition that portfolio over time to kind of optimize omni-channel itself.
So Pranav, without further ado, welcome to Location Is Everything. Thanks for joining me on episode one.