Convenience Retailers Prepare for Unexpected Disruptions
AUSTIN, Texas — Convenience store operators can benefit from preparing for evolving challenges and sharing best practices with each other to help adapt to unforeseen circumstances, according to the latest Vision Report from the Convenience Leaders Vision Group (CLVG).
The report, "Expecting the Unexpected: Foreseeing Potential Disruptions," drew from CLVG's quarterly discussion — facilitated by Myra Kressner, Vision Group Network co-founder and president of Kressner Strategy Group — where members covered a range of potential challenges facing the industry ranging from emergency and cyber preparedness to societal issues such as unrest and healthcare.
Members stressed how critical it is to keep these potential disruptions front and center for the industry, including embracing a proactive mindset and fostering continuous learning.
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The discussion also focused on topics such as:
- Emergency preparedness, including having an established emergency action plan for businesses facing the realities of natural disasters. Suggested strategies for minimizing damage and maintaining operational continuity included employee training and the installation of emergency generators.
- Cybersecurity preparedness, especially in the wake of the recent worldwide CrowdStrike IT system outages. Retailers of all sizes should implement business continuity plans and preventative measures like multifactor authentication to mitigate risks.
- The possibility for social unrest, which presents numerous safety challenges. Suggested strategies included employee training in de-escalation techniques and crisis management, alongside proactive communication and listening to frontline staff.
- The next pandemic or supply chain disruption, especially in light of recent driver shortages and logistical bottlenecks. Most members agreed that the unpredictable nature of future threats makes comprehensive preparation difficult, but lessons learned from COVID-19 should be applied.
"There were some key learnings for us in COVID, and I think some of those things we would fall right back into immediately," said Kevin Smartt, CEO of TXB Stores. "We were talking about this just the other day, not thinking about preparing for it, but just thinking about the uncertainty when the pandemic started... But I think having good preparedness plans, like we started off talking about in case of a disaster, I think is really critical. And probably brushing off and keeping those up-to-date would be important."
Members also examined the role less expansive crises may play in shifting consumer behavior, such as the introduction of new appetite suppressant drugs and how they may alter eating habits and disrupt traditional consumption patterns.
The full Vision Report, including a meeting transcript, can be found here.
The Convenience Leaders Vision Group brings together convenience retail icons and trailblazers through quarterly virtual meetings. During these sessions, members identify trends, challenges and disruptions in retail as well as possible solutions and opportunities. CLVG operates under the Vision Group Network, which gathers the collective knowledge and ideas of its members to create a legacy of sharing within the retail community.