The coronavirus pandemic has closed many retail stores around the world. But as we wrestle control of Covid-19, we turn our heads to reopening stores. But there are many considerations to take into account which could easily become overwhelming. And perhaps most importantly, we need to consider if it’s event the right decision to reopen stores right.

Listen to the episode in full now to discover:

  • Why it could be bad to reopen your stores.
  • The 5 essential groups and important points in each to consider.
  • New elements to build into your operating model before reopening.

Should you reopen your physical stores?

With the coronavirus pandemic in full swing, and with many retail stores closed, many are so hopeful that there is an end in sight and are looking forward to reopening stores. But, what if that is the wrong decision? What if it’s the right call to keep them closed? And, have you even thought about the alternative to reopening?

As I’m sure you know, non-essential stores around the world have been closed by government regulations to help stop the spread of the coronavirus. Now, of course, we all want retail stores to start trading again. But, early indications from markets like China and Germany show that we should not expect an immediate return to pre-coronavirus trading. In fact, there could even be some negative sides to reopening stores in the short term.

So, it’s critical that you make a careful decision when deciding if you should reopen your physical stores. Don’t rush into the decision – it could be a costly one!

5 categories to consider when reopening stores after Covid-19

So, in podcast episode 80, we uncover the 5 categories that you must take into consideration when deciding whether to reopen your stores. They are:

  1. Consumers – there will be nervousness about returning to stores, but it’s not necessarily as simple as that!
  2. Safety – you’ll need to set up new social distancing policies for your team and customers.
  3. Team – are your team ready? And are you ready for them?
  4. Operations – new processes and checks that you need to add into your operating model.
  5. Finance – ultimately, will your stores be profitable or would it be financially beneficial to keep them closed at present.

5 sections to consider for reopening stores after Covid-19: Consumers, Safety, Team, Operations, Finance

In the podcast episode, we dive into each of these sections in more detail. But, to get a list of all of these and more, be sure to download the checklist of items to consider.

Further reading and watching

In the episode, there was a reference to sales decreasing to 30% of their usual levels. This has been seen in China as documented by Inside Retail Asia and forecast by the Financial Times and Forbes.

Plus, check out the panel that I hosted at Steve Dennis’s book launch celebration for Remarkable Retail. It’s all about winning and keeping customers in a post Covid-19 world.

OB&CO LTD | COPYRIGHT 2020 | BUILT WITH CARE BY NOËLLE STEEGS

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