<aside> 2️⃣ This is the second guide from Uppercase COVID19 Retail Guide for Founders

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COVID-19 has thrown the retail landscape into unprecedented waters, and taking the wrong actions can be the difference between treading water, and sinking. Here's what we've been working on with our clients. If you haven't already, we highly suggest doing the following.

Table of Contents

<aside> 📩 Email us at [email protected] — We are here to help.

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Cover your bases

• Let your customers know the status of your business: Take advantage of all of your commteunication verticals to let your audience and customer base know how best to interact and shop with you during the shut-down. You should be providing your audience with monthly updates as to the status of your store and business as COVID 19 progresses.

• Lease review & discussion: If you haven't already, it's time to open discussions with your landlord around future rent. Angle the discussion as a cooperative venture, and understand your landlord might not be receiving relief for their mortgage or property taxes. For a comprehensive guide, check out our article here, or reach out to our team directly here.

  Managing Your Lease in a Pandemic (last updated: May 10, 2020)

• Insurance: Most insurance firms offer business interruption insurance, although the clause typically doesn't include global pandemics. One of your first touch points should be with your insurance agent, to cover off exactly what is, and what isn't covered in your plan.

• Financial runway: Checking how long you can survive operating in your current state is a natural first response. If you've got a short run-way, there are support options available to help keep the lights on in the short term. Refer to our guides for what steps are available for both Canadian, and American small businesses (coming soon).

• Inventory and supply chain: In the unlikely event that your supply chain has a COVID-19 outbreak, how long can you still fulfill your orders? Diversity in options for your manufacturing facility, or a rainy day inventory can keep you on your feet if the situation gets worse.

• Secure your Store:

  • Security system: If you don't already have a security system installed, it isn't too late to still do this. This means strong deadbolt door locks, a door/window alarm, and considering a security curtain installation. Larger metropolises such as New York City have already seen a number of break-ins and robberies, don't let your business be one of them.
  • Glass frontage protection: Building on protecting against unwanted break-ins, if you're in a vulnerable neighborhood consider boarding up your windows with plywood. This will help protect your glass from being shattered, and work as an additional deterrent against the idea of breaking into your store.

Reduce retail overhead

• POS systems: Contact your POS provider to see what kind of relief is being offered if your business is shut down. Depending on the type of contract, you may be able to pause your transaction services, and save yourself on the minimum required transaction fee. Ask your provider if you're able to pause any rental or lease payments.
  • Uppercase Insight: Providers frequently increase their fees, and tack in unnecessary junk fees. Consult with an expert to review your current contract, and see where you're overpaying, and how you can improve your current services.
• Extend payables with suppliers: Extending the due date on any current payments provides additional financial runway.
• Take advantage of wage subsidies: The government is providing a variety of relief, and subsidies for retailers that include wage subsidies and rent relief. Refer to our guide here for reference as to what's available in your country.

Maximize the value of your retail assets

• Marketing:
  • Your retail frontage, windows, and sign are still all valuable assets. Although many people are avoiding going out, there are still those who are out for walks, runs, and bike rides. Additionally, essential workers are still commuting to their places of work and could be walking by your storefront. It's important to ensure you make use of your retail frontage to market your brand well. If you have an e-commerce channel or are running online sales, you may be able utilize your windows or signage to advertise this.