The consumer & retail industry is facing serious financial and operational pressures, similar to nearly all businesses in this time of uncertainty. However, this sector is particularly interesting because there is a clear bifurcation in the different segments: Most restaurants and retail stores are closed, but the demand for food and household products is rising. “Shelter-in-place” orders have caused many safety product manufacturers to add extra lines for production and yet they still can’t keep up with demand. Impacts to brands, products, channels, and geographies are all over the map.
Mark Schmeling, National Sector and Advisory Consumer & Retail Industry Leader, discusses diverse challenges in the consumer & retail industry due to COVID-19.
Topics addressed include:
- the importance of staying close to your customers to truly understand what’s happening in their respective businesses as that will impact your operating model
- the need to focus on cost containment and preserving cash flow over the next 30, 60, and 90-days
- how the pandemic may accelerate the evolution from brick-and-mortar to digital, and the long term impact on retailers
- why in a virtual environment, it’s doubly critical to keep building valued relationships with employees, customers, and suppliers.