Webinar Recap: Retail & Hospitality - Survive and Thrive in 2021

COVID-19 , Support Efforts , Industry News ,

Source: Aprio

GRA Allied Member Aprio hosted a webinar with their very own Tommy Lee and Lauren Fernandez of the Fernandez Company. They discussed a new plan that needs to be made in order to not only survive, but thrive in 2021.

Topics discussed were: 

  • Consumer behavior trends
    • Some restaurants projected to recover faster than others, but fine dining will be the last to recover as consumers will be more conscious of how/what they spend in the near future.
    • High level of consumer anxiety about dining indoors
  • Update on the latest PPP Round #2 relief
    • New round of PPP expected late January at the latest
    • Expected to be more focused on an industry/need basis
    • There are still municipal and state grants, but less than before.
  • Lasting impacts for owner and operator behavior:
    • Running lean. Cuts made to survive the pandemic may be permanent
    • Be “ruthlessly” cost efficient.
    • Less restaurants does not mean less competition
  • Lasting impacts for consumer behavior:
    • Sales more equal between dine-in, take-out, delivery and third-party delivery
    • Generating loyalty is more important than ever
    • Value is outweighing variety in menus
  • Alternative revenue streams strategy
    • Manufacture consumer packaged goods for take-away or even supermarkets/other retail (boost consumer loyalty and brand marketing outside the four walls of your establishment)
    • License your brand

Watch the full webinar at Aprio here.