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