The COVID-19 pandemic completely changed the whole paradigm of the retail industry. Since there was no playbook, many businesses struggled to survive especially when lockdowns were imposed. Businesses that provide essential goods and/or services are the only ones open.
But since most of the people are at home, many find themselves fixing a thing or two in their houses, making them want to buy a product for home improvement. It was then Wilcon Depot realized that there’s an opportunity in the midst of crisis.
Although they are on the non-essential category, the biggest home improvement retail store was able to capitalize and operate even during the lockdowns to provide goods and services to those who wanted to upgrade the interior of a house, fix light bulbs, buy appliances etc.
When asked during the Let’s Talk Retail interview about his learnings from the crisis, Mr. William Belo, Founder and Chairman Emeritus of Wilcon Depot said that there is a need to learn how to adjust to what is being required and know how to do it. He also emphasized that “we should always have a contingency plan in case something happens.”
On another note, Ms. Lorraine Belo-Cincochan, President and CEO of Wilcon Depot stated that in managing a crisis, we should take one step at a time. It is imperative to check all the facets in business, be it with the suppliers, operations and employees and come up with the best solution that can help sustain the business as well as the people.
Don’t miss the joint interview of Mr. Belo and Ms. Belo-Cincochan on episode 13 of Let’s Talk Retail which will premiere on Tuesday, February 16.
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