2020 DC Retail Summit: Our Recovery

Written by on August 24, 2020

2020 Retail Summit

The 2020 DC Retail Summit: Our Recovery will bring together local retail & restaurant businesses, thought leaders from the private & public sectors, and community stakeholders.

Discussions will provide practical and solutions-based advice and resources to help entrepreneurs and local businesses adapt during COVID-19 and identify market opportunities in a changing economic landscape. All session videos can be found on WDCEP’s YouTube page.

DATES & TIMES:

HOSTED BY:

2020 Retail Summit Hosts

Day 1: Adapting to the New Normal

Session 1: The Future of Retail, Restaurants & Consumers

DATE: Tuesday, September 15
TIME: 9:00am – 10:15am EDT
Video Recording: Online

Retailers & restaurateurs have always had to adapt to new models, competition, and changing consumer preferences. However, COVID-19 has brought about seismic shifts forcing businesses to change operations and their customer’s shopping behavior and expectations. This session prepares for the business and consumer by exploring the changing landscape of the retail & restaurant experience, the availability of goods and services within the supply chain, change in consumer behavior, and the effect on the long-term brand health and sales growth.

Attendees will learn:

  • Proven and emerging strategies that have helped businesses survive during COVID-19
  • How consumer demand has shifted and how businesses can adapt
  • Shopping & dining experience trends during Phase 1 and Phase 2 and directives moving forward to Phase 3

Welcome Remarks

Panelists

To view the recording of this session, click here.

 

Session 2: Working with the Virtual Human Touch

DATE: Tuesday, September 15
TIME: 11:00am – 12:15pm EDT
Video Recording: Online

COVID-19 has accelerated many digital trends in the retail industry including an increased need for online and app-based shopping. Businesses limited ability to serve customers within their establishment during COVID-19 has led to alternative methods for B2C sales. This session will discuss the framework for developing an E-commerce ordering systems, fulfillment and consumer demand, best practices on successful implementation and execution, and how to measure sales and revenue.

Attendees will learn:

  • How to understand your customers and build a robust customer list (tools, tips, and software)
  • Outreach tactics that go beyond social media
  • Social media “must-dos” to drive sales to your website/app

Panelists

To view the recording of this session, click here.

 

Day 2: The Economic Recovery

Session 3: Building Financial Resiliency

DATE: Thursday, September 17
TIME: 9:00am – 10:15am EDT
Video Recording: Online

According to the JPMorgan Chase Institute, prior to the coronavirus crisis, the average retail and restaurant business has less than 20 days of cash in reserve. Even the toughest business owners are struggling right now. This session focuses on managing cash flow, sourcing the capital you need for new lending options, and government programs to non-traditional methods.

Attendees will learn:

  • Which sources of capital provide businesses with the most flexibility
  • How to take advantage of government financial relief programs
  • How to establish cash reserves as a business owner

Panelists

To view the recording of this session, click here.

 

Session 4: Paycheck Protection Program (PPP) Compliance

DATE: Thursday, September 17
TIME: 11:00am – 12:15pm EDT
Video Recording: Online

The PPP program has undergone numerous additions and guidance changes since it first passed as part of the CARES Act in March (with potentially more changes still to come). For example, the PPP Flexibility Act was signed into law on June 5th, 2020 and ensures full forgiveness for self-employed, freelancers, and independent contractors who took the maximum loan amount based on 2.5 times their 2019 monthly income. In addition, The Act reduced the amount that you needed to spend on payroll in order to obtain forgiveness from 75% to 60%. This session will provide up-to-date information on PPP compliance guidelines and extension and how-to tie-up loose ends to ensure full loan forgiveness requirements are met for a business’ loan.

Attendees will learn:

  • Impact of the PPP on Business /Personal Taxes
  • The do’s and don’ts of utilizing the PPP/EIDL Loan
  • Answers to frequently asked questions by borrowers when applying for loan forgiveness

Panelists

To view the recording of this session, click here.

 

Day 3: Navigating Your Reopening & Recovery

Session 5: Tenant & Landlord Relationships —Strategies for a Successful Outcome

DATE: Tuesday, September 22
TIME: 9:00am – 10:15am EDT
Video Recording: Online

Local retailers and restaurants have been forced to close or significantly reduce operations due to the health pandemic. Less revenue has resulted in reducing as many expenses as possible. However, certain obligations such as their real estate lease remain. Leases that were signed during an economic growth cycle which provided certainty have now become a liability. This session covers lease and payment options to help businesses remain in their space and how landlords engage with business tenants on lease extensions, termination, and remaining terms.

Attendees will learn:

  • Strategies on how to engage your landlord for rent relief
  • Commercial tenants’ rights and landlord obligations
  • What landlords & developers can do to support small & local business – aside from rent abatements

Panelists

To view the recording of this session, click here.

 

Session 6: Employer + Employee, Public Health and Safety

DATE: Tuesday, September 22
TIME: 11:00am – 12:15pm EDT
Video Recording: Online

During the District reopening strategy, safety is top of mind of the business community as well as customers. Providing a safe and welcoming environment is critical during a health epidemic. This session seeks to ensure preparedness of businesses reopening by outlining DC Government and the Center for Disease Control regulations and guidelines, operational changes to reduce risk and safety processes to employees, and compliance measures for public health safety.

Attendees will learn:

  • Best practices on keeping customers and employees safe
  • Latest government guidelines businesses and customers should follow
  • What the latest research tells us about the Coronavirus

Panelists

  • Aisha Addison BSN, MSN, CRNP, Founder & CEO, London Addison (Moderator)
    LinkedIn | Website
  • Erina Moriarty, HR Specialist, The George Washington University, Milken Institute School of Public Health
    LinkedIn | Twitter | Website
  • Dr. Reed Tuckson, Founder, Black Coalition Against COVID-19
    LinkedIn | Twitter | Website
  • Arian Gibson, Associate Director, DC Health, Office of Food, Drug and Community Hygiene
    LinkedIn | Twitter | Website
To view the recording of this session, click here.

 

Day 4: Diverse Businesses = Big Impact

Session 7: Minority Business Development in the District

DATE: Thursday, September 24
TIME: 9:00am – 10:15am EDT
Video Recording: Online

Nationally over the last 10 years, minority business enterprises accounted for more than 50 percent of the two million new businesses started in the United States and created 4.7 million jobs. There are now more than four million minority-owned companies in the United States, with annual sales totaling close to $700 billion. This session offers strategies on growing, scaling, and supporting Black, Latinx, Asian, and Indigenous business ownership in the retail & restaurant industry as the ecosystem landscape is forged.

Attendees will learn:

  • Resources and programs targeted to help grow minority businesses in DC
  • How to build a supportive community and business network
  • Best practices and success stories from local minority businesses

Panelists

To view the recording of this session, click here.

 

Session 8: Restoring the Creative & Gig Economy

DATE: Thursday, September 24
TIME: 11:00am – 12:15pm EDT
Video Recording: Online

The District is home to more than 61,000 entrepreneurs who participate in the “gig” economy representing more than $3 billion in annual sales. This critical sector provides the foundation for future business and employment growth. Many of these businesses are looking to grow into brick & mortar and e-commerce retail businesses while others are vital to the restaurant industry’s supply chain. This session will cover strategies and resources available to the creative & gig economy businesses as they recover from the impacts of COVID-19 and how creativity can help enable the shift to address consumer and business needs through the pandemic.

Attendees will learn:

  • How to adapt/shift to the new landscape as a Creative and Gig Economy Business
  • Social media “must-dos” to drive sales to your website and create sustainability
  • A “one person” business is a company. Finetune your back-office policy and procedures

Panelists

To view the recording of this session, click here.
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