How the COVID-19 (Coronavirus) Has Impacted the Retail Industry
Posted in Retail Spaces,Industry News,Company News
The coronavirus pandemic has affected the entire world, and President Trump declared it a national emergency last week.
According to CNBC, the large family of viruses has the potential to cause illness in animals or humans and include other severe diseases from the past like MERS and SARS. COVID-19 is the coronavirus discovered most recently and has been associated with a seafood and live animal market in Wuhan, China, where it was first found late in 2019.
Since then, China has taken drastic measures to contain the virus, like shutting down entire cities, quickly constructing hospitals and indefinitely closing factories and stores for weeks. Over the past few days, it appears likely that similar precautions will be across the United States.
Still, though, despite the tough times our nation has encountered, retail stores have remained open and faced a unique set of challenges: materials typically obtained from Chinese manufacturers have not been able to be shipped, leaving brick and mortar locations with a large need. Brands have struggled with inventory levels, and where to put them since suppliers rely on materials from China.
In fact, what’s happening in the world right now is so rare and times are so dire, that there’s no comparable situation, according to experts. The only time retailers face circumstances even remotely similar to this is during the Chinese New Year, when all manufacturing from China is shut down. During those times and during these unique times, IDD is able to fill emergency needs. The coronavirus is impacting suppliers and how they get their materials; it’s affecting brands that get displays from overseas. IDD is proud to be a temporary teammate for companies in need. If your establishment is seeing a direct impact from the coronavirus and what it has done as it has spread around the world, IDD will be able to ship the displays you need in a timely fashion.
It’s important for companies to at least know how to leverage domestic manufacturing when the occasion arises. It’s no secret that, right now, times are challenging. IDD is proud to be a temporary resource so that you’re not risking a lack of displays.
In the words of an executive from IDD, “we’re on deck and ready to go,” simply because IDD can make stuff, like acrylic or plastic fabrication. IDD is ready to go because we’ve got the material and the tools that we need to execute projects.
It’s not a matter of ramping up material inventory. It’s on an as-needed basis.
What’s most important on both the company level and the individual level right now is that everyone stays safe. If the need arises, know that your brand can turn to IDD.
If you are need of support, click here to schedule a consultation.