Also, the health related ramifications of this horrible pandemic, the need for public health reasons to shut down the economy, to preserve and save lives, etc., has created a wide variety of other challenges, etc. One of the most serious are the existing and potential economic ramifications, in the short, medium and long term. who will be with us, in the future! While many factors are involved and there is no simple answer/solution,5 the economic challenges and longer lasting impacts need to be addressed, sooner rather than later. With that in mind, this article will briefly attempt to consider, examine, review, and discuss these. and why, must be considered and addressed.
1. What businesses will fail?: We have already witnessed several of the largest retail companies in this nation file for bankruptcy in an attempt to reorganize and/or go out of business altogether. In the short term entertainment venues/arenas etc, airlines, hotels and hospitality related businesses have taken a beating. Restaurants, and especially bars, have lost significant revenue, and many will probably not survive! Gyms, health clubs, spas, etc., are economic losers, under these conditions. Mass transit systems, the economies of many cities, etc., are experiencing significant shortfalls, which will likely result in service outages, etc. Business experts predict that more than a third of neighborhood retail businesses will close permanently. What will happen to larger office spaces, as many companies have found that they can get by, at a lower cost, by having a percentage of their employees, telework?
2. Best Chance to Survive: While many components have been damaged, either temporarily or permanently etc., few have benefited. Plexiglas manufacturers cannot keep up with the demand. Businesses related to cleaning and sanitation are considered much more important today. Digital and web-based businesses have benefited! What, we mean, like, e-businessThey may be the biggest beneficiaries. As is often the case, it will be companies, evolving, adapting and thinking ahead, that are likely to come out of this better off.
3. Industries to consider: We have learned the dangers of not being prepared in many areas. One of these is what is called, such as, PPE, o Personal protective equipment, such as masks, medical gloves, face shields, etc. It is easy to imagine, the air conditioning and filtration of the future will have more effective filters, etc. We will probably, at least for some time, pay more attention to sanitation, including, hand Sanitizers, air filters, cleaning/disinfection products, ultraviolet lights, etc.
4. Office design/business model: Many believe that we will see far fewer larger offices, due to health-related reasons and fears, but also because many companies have found that they can get along and save a significant amount of money by having many employees working remotely. , etc. The open space model will probably be gone for some time!
5. Impacts on commercial, office and retail space: Retail and office space needs will be significantly affected by changing priorities, fears, and precautions! We can probably expect smaller offices, office building vacancies, and perhaps a permanent change in the way retail business is done!
While the health ramifications should be the top priority, we must also prepare for the economic impacts. Will we be prepared, with well-considered workable solutions, that address both immediate and longer-term challenges, or will we let public officials carry on with the same old, same old populism? ideas?
