Once we realized how pervasive the impact would be, we quickly executed a 180-degree pivot for the magazine and set about examining the effect the novel coronavirus is having on retail. The high-level headline news, of course, is that COVID-19 has completely upended the sector as stores across the US shut down. Furthermore, it is unclear when or whether shoppers will feel safe enough to venture into a physical store.
Going behind the headline news reveals a slightly more positive picture. Retail technology could go a long way in making consumers feel protected as they go back to their old routines. Also, retail in general had been in the midst of significant change even before the coronavirus reared its ugly head. Some, but hardly all, of the mall landlords had been nimbly adjusting to these changes. While the coronavirus represents a change never seen before or anticipated, these companies do have previous change management experience they can tap as they scramble to survive.
This issue also has one of our influencer series, for retail. As always, we didn’t automatically look for the largest company or the team with the most sales. Rather, we asked ourselves as we made our selections, ‘which individual, team or company has had the greatest impact on the retail space?’
This was the one section of the issue that we started well before the coronavirus began to infiltrate the US economy. But we feel this list takes on a special meaning in the midst of the pandemic. With retail struggling to maintain a footing right now, the industry will need the best and the brightest to lead the way.
The coronavirus also hit the hotel pretty hard. We examine this sector in this issue as well. Here too, it may at first seem hard to delve behind the dismal headline news, but we do provide some tips on how the sector can reposition itself in our article, Reversal of Fortune.
In fact, that was our overriding goal for the entire issue. Namely, we wanted to clearly report what is happening, while also trying to find solutions for our industry which is now under siege.
Erika Morphy Managing Editor