What’s going on guys?
In this video we’re going to be looking at what businesses are being affected the most and how businesses would suffer if the virus continues to spread and the measures businesses are taking to prevent the spread of the virus if any.
We all know with a contagious virus like covid-19 to wash our hands with soap, cover our cough and sneeze and to avoid large gatherings. With the spread of covid19 businesses are starting to replace board room meetings with conference calls.
Cruise lines, airlines, car rentals and the dining industry are being affected the most. The dining industry in particular is being threatened as more people decide to eat out less often. Plus the need to handle food and money making it impossible for workers to work from home.
Restaurants in China Town are reporting that sales are down as much as 50%.
Lets take a look at how some of the biggest companies are adapting:
McDonald’s set up a seperate email for real time response for questions sent to them in regards to COVID 19.
Uber has stepped up by offering to compensate their drivers up to 14 days if theyre placed into quarantine.
Tim Hortons won’t be doing its annual Roll up the rim with the traditional coffee cups but instead will replace it with an automated gift rather than passing used coffee cups to prevent the spread of Covid 19.
In similar fashion, Starbucks will no longer be refilling reusable mugs. Fun fact, at Starbucks in the states are wiping down their busiest stores every eight minutes.
Both Costco and Wal mart claims to be working closely with their vendors for items in high demand such as sanitizers and non-perishable goods. Wal mart is restricting travel to non-essential business operations such as conferences and trade shows.
And with travel concerns growing, Air Canada is offering free flight changes and full refunds to places such as China, Northern Italy and South Korea. However regular cancellation fees apply to other destinations.
So cruise line and airline companies are being scrutinized for not refunding tickets to other destinations unless the tickets are backed up by an insurance policy.
Toronto’s tourism sector are also taking a hit as tourists. As 60% of tourists come from the states, 7% from China and they’re both
Businesses selling hand santiziers and masks saw a boom in sales but always looking for quick bucks can backfire like when Canadian Tire advertised the wrong masks
Costco and Walmart both saw an increase in their sales as people stock up and domestic manufacturers are also seeing an increase in sales.
In conclusion, businesses in travel, food, and businesses operating in China town seem to be hurt the most due to covid-19 while those selling hand-santiziers and non perishable goods are seeing profits. As covid19 continues to spread I personally don’t see restaurants and airlines making a comeback but let me know what you guys think.
Make sure to subscribe for weekly updates!