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Industry Leaders Host Informative Webinar Revolving Around COVID-19 Crisis
GHTA Vice President, John Toler, and Faire Founder and CEO, Max Rhodes, recently held a webinar discussing how the industry is faring in the COVID-19 crisis.
In the webinar “Coronavirus: A Discussion of Industry Impact and Immediate Next Steps with GHTA Vice President John Toler & Faire Founder and CEO, Max Rhodes,” Max Rhodes shared industry insights, recommendations and resources. He reviewed data and discussed advice and resources Faire has been sharing in response to COVID-19. The goal of the webinar was to help the community navigate current events and position themselves to rebound on the other side.
“We've been talking to larger retailers, we have board members that are working with dozens of portfolio companies, we've been studying about what happened in China,” Rhodes said during the webinar. “We've been setting past pandemics – 1918, 1958, 1968, SARS.”
As the pandemic is complex, it remains to be seen how the end result will ultimately play out, but Rhodes said the goal is to provide as much as information as possible to ensure retailers and those in the industry make good decisions during the crisis.
“Some of our findings on the retailer side [indicate] 75 % of independent stores have had to shut down,” he shared. “To comply with social distancing policies, a few have been able to stay open. Some online businesses have stayed open, some essential stories have stayed open, but the majority of stores are being forced to close the doors.”
He went on to say that 70% of retailers are reporting that they do not have enough capital to handle this particular type of crisis. But 63% of retailers have also tried to see the positive side, and have started reducing their inventory purchases.
“We are actually encouraging retailers to slow down ordering, because if retailers go out and buy a bunch of stuff and then they can't sell it, that may put them more at a risk of bankruptcy,” Rhodes added.
He went on to say that the impact on retailers is having a huge impact on makers and brands as well, with 48 percent of Faire's makers reporting they don't have enough capital to make it through the crisis and in need of government assistance.
Some tips he shared were as follows:
- Prioritize health – As a true public health crisis, it's scary. Everyone is encouraged to take the processes they need to protect themselves and stay healthy through the pandemic
- Reduce costs. Assess your own financial picture and understand the impact it's going to have on your business. Plan for the worst, and try to make sure the capital that you do have goes as long as possible
- Reduce any sort of marketing spend, such as inventory spending, software costs – wherever you can find ways to reduce spend if you end up having to make difficult decisions about your staff
- Remember the government is providing amazing unemployment benefits
- Seek financial relief from your state
- Find ways to increase your revenue
- Make sure customers understand your fulfillment expectations
All the information Faire created about COVID-19 can be found on Faire's Facebook forums. There's also a digest that summarizes federal, state and private loan options. The company also created essential selections, where they gathered all the products that may qualify as essential to help people stay in business and meet the needs of customers throughout the Faire marketplace.
“I am really optimistic and I don't want to come across as you know, thinking this is some sort of doomsday scenario,” Rhodes said at the conclusion of the webinar. “I continue to really believe in this market and in the retailers, brands and makers behind it. We will get through this. And I think we're going to come out stronger on the other side.”
To access the full webinar, which includes discussion on numerous topics not mentioned above, click on
this link
.
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Douglas Baby Continues to Soothe
Douglas Company continues to grow its Baby Ensemble collections. When it comes to baby comfort, Douglas has its finger on the pulse on how to soothe. Douglas will add seven new pieces to their popular and award-winning baby ensemble collections including four new Sshlumpies, two new snugglers and one new teether. These include the Princess Noa Sschlumpie, the Rainbow Unicorn Sschlumpie, the Rainbow Snuggler and the Pink Sloth.
Douglas's newest Baby Gift Ensemble pieces will hit stores this spring. Douglas products are sold at specialty gift and toy stores in the USA and Canada.
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Forty One Madison Introduces Social Showcase
Forty One Madison is pleased to introduce
#TableTogether
, a social showcase of gatherings with loved ones at the table, whether it’s online or at-home. For every photo posted on Instagram tagged
#TableTogether
in the month of April, Forty One Madison will purchase a gift card from a neighborhood restaurants in the Flatiron district that can be claimed by each person who posts, registers and attends the next New York Tabletop Market. Details on how to redeem gift cards will be announced at the end of April.
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Upcoming 2020 Gift & Home Markets
- High Point Market, April 25-29 - POSTPONED
- Denver Apparel & Accessory Market, May 31-June 1
- Rocky Mountain Gift Show and Denver Apparel & Accessory Market, Aug. 28-30
- Denver Apparel and Accessory Market, Oct. 11-13
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Participation Fee Discounted for All Overseas Exhibitors with HKTDC
The Hong Kong Government has announced it will subsidize 50% of the participation fee to all overseas exhibitors exhibiting at trade fairs orgainzed by HKTDC in Hong Kong. An Exclusive online promotion package is available at on
HKTDC.com
sourcing platform, so you can continue to reach out to buyers around the world while staying at home. Any company – local or overseas, large or small – will enjoy 50% off the participation fee at each exhibition organized by the Hong Kong Trade Development Council. This subsidy is capped at HKD10,000 (approx. USD $1,282) and will be valid until March 2021. Also join the
HKTDC.com
“
Work@Home
Program” for the Twin Jewelry
Shows. You can feature up to 20 products on the
HKTDC.com
Sourcing Platform and get direct inquiries from buyers around the world.
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Tool for Organizing Your Gift Store During the COVID-19 Crisis
Courtesy of RizePoint
The need to clean, sanitize and manage safety has never been as critical as it is today, due to the COVID-19 pandemic. RizePoint, an industry leader in the food/safety/quality/technology/sustainability space, is now offering complimentary access to COVID-19 related forms, reports and auditing tools to all food, retail and hospitality organizations.
RizePoint’s free COVID-19 Response Solution, available now through March 2021, can help. It includes:
- Access to mobile auditor for COVID-19 response, with no limit to the number of audits or locations.
- Forms and virus feedback reports unique to coronavirus.
- Information on cleaning, sanitization, safety and training protocols, as they relate to this pandemic.
- A RizePoint COVID-19 Resource Center, where information is regularly updated.
RizePoint
, headquartered in Salt Lake City, UT, offers a quality management software solution that helps companies keep brand promises through their quality, safety, and compliance efforts. Customers gather better data, see necessary actions earlier, and act faster to correct issues before they become costly liabilities.
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Kind + Jugend 2020 Celebrates Anniversary & New Features
For 60 years, Kind + Jugend has been a successful market presence with a continuous establishment of the brand as a leading international trade fair platform, a central trading venue for internationally successful products, a driver of innovation and simultaneously a mirror of trends for the industry. Due to regular adaptation of the trade fair concept to the requirements of the market, Kind + Jugend has remained successful as a trade fair, a hub of information and a showcase for new products for decades. The application numbers for the coming Kind + Jugend from Sept. 17 to 20, 2020 is proof of its success. Seventy percent of around 1,200 expected companies have already announced their participation, including many leading companies and brands.
The response to the new hall planning of the trade fair has also been predominantly positive. Kind + Jugend is undertaking another adjustment on the occasion of the 60
th
anniversary. Instead of the previous hall 4.1, the trade fair will take place in halls 3 and 2 on the Cologne fair grounds. The previously used hall 11.3 will also be incorporated into the new constellation, offering exhibitors further optimized visitor guidance and even more attractive presentation possibilities. As a result of the incorporation of halls 2 and 3, the previous entrances East and West can also be used with the corresponding facilities.
The new hall allocation for 2020 aims at providing a better overview, clearer attribution, shorter routes and an optimized quality of stay. Other planning is also progressing – the event program for the trade fair is already taking shape and the invitation to participate in the renowned Innovation Award has been sent on its way, as has that for the Kids Design Award. The first applications have been received for both competitions.
The event program of Kind + Jugend once again includes the state of the Trend Forum in 2020. Here, not only will the Innovation Awards and the Kids Design Award be presented on the first day of the trade fair, there will also be lectures and presentations on current trend themes revolving around baby and toddler outfitting in various international markets, product marketing, target groups and other trade themes. Additionally, in honor of the 60
th
anniversary, there will be a special exhibition with photo material and outfitting objects depicting Kind + Jugend as a reflection of a new generation of parents and children, and of a dedicated and creative industry that has accompanied them through the decades with innovative ideas on safety, aesthetics and fashion.
Should the event be postponed or canceled due to COVID-19, Koelnmesse will refund visitor tickets already purchased, and payments already made will be reimbursed to exhibitors who do not wish to take part on a possible revised date.
The new hall plan, as well as further information revolving around Kind + Jugend, can be found on the
website
.
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Kurt S. Adler Comments About Pandemic
Jamie Adler of Kurt S. Adler Inc. recently shared insight into how the Kurt Adler Company is dealing with the COVID-19 crisis.
“The safety of employees is top priority,” she said. “We are pretty much fully functional, with our employees working remotely from their homes and our warehouse continuing to operate. Our showrooms are, for the most part, closed based on local ordinances.”
Adler said that though buyers and retailers are in a very difficult period, she believes they need to keep communicating with their customers and putting their name in front of the consumer.
“One way to do this is to be active on social media,” she shared. “Retailers can give updates, post positive content and make their customers feel as though they are part of their community. Retailers can also offer their products online, or provide incentives for returning to the store when it opens.”
When it comes to the future of gift trade shows, she said that Kurt Adler Company is positive. “Overtime, gift trade shows will reopen and return to normal,” Adler said. “There is no substitute for touching and feeling the merchandise, and networking with peers in the industry. However, due to COVID-19, we are actively working on showcasing our catalog on several different websites and creating virtual showrooms,” she continued. “This will enable buyers to place orders from any location at any time, regardless if there is a show or not. I think this will be a big trend in the industry as more and more companies increase their digital presence.”
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Kurt S. Adler New Product: Nutcrackers
Designed by renowned artist Holly Adler, Nutcrackers is a whimsical collection of nutcracker created exclusively for Kurt S. Adler, Inc., and features a variety of designs including Christmas, fantasy and everyday nutcrackers. This 17-inch assortment of shelf sitter nutcrackers features a red, white and green color scheme. Included in this assortment is a snowman hat, a decorated gift hat and a Christmas tree hat nutcracker. Each of these nutcrackers features a shelf sitter style to allow for easy decorating.
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Benefits for Small Businesses During Pandemic
Keeping a small business afloat during a viral pandemic can be stressful. Here are some things now you can do to ease some of the stress:
- If your business is formed as an S-Corporation or C-Corporation and you've been running payroll for yourself, know that if push comes to shove, you could collect unemployment if you are out of work. Yes, as an employee of your corporation, you have the same rights as any other employee
- Look into paid family leave. If you are an owner of an S or C corporation and work or live in a state that has paid family leave benefits and have coverage in place, you could file for benefits if you are unable to work because you have to take care of a sick relative
- The House recently passed a bill that offers paid time off and expanded unemployment benefits, among other features. This bill still needs to be approved by the Senate, but it will likely pass. The benefits in this bill will not only support small businesses with employees, but also provided assistance to those who are part of the gig-economy. So if you are self-employed but not on payroll under your business, or don't have a formal business set-up, you would still be able to receive benefits
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Business Assistance Links for Retailers
Courtesy of ABC Expo
U.S. Chamber of Commerce
– This link provides information on SBA coronavirus emergency loans and federal stimulus aid programs. It is updated regularly.
KIVA
– Provides financial assistance by making 0% interest loans to entrepreneurs in the U.S. on Kiva.org.
The GoFundMe.org Small Business Relief Fund
– The Small Business Relief Fund will provide one-time matching grants to qualifying small businesses to help alleviate the financial burdens caused by Covid-19. To qualify, the GoFundMe fundraiser must raise at least $500 and verifiy the small business has been negatively impacted by government mandates during the pandemic. Further conditions apply.
Forbes
– Offering national and state-specific funds, grants and resources for business owners.
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GHTA Expands Educational Membership Format for 2020 Digitally
The Gift and Home Trade Association is excited to introduce an expanded educational membership format for 2020. The GHTA annual conference will take place Nov. 11-13 in digital form. Modest time blocks of live presentations over the three-day period will be provided. Details regarding content and registration will be announced in the coming weeks, for both members and non-members.
Leading up to the conference, GHTA will host digital events for current members, from June through September. The events will cover timely topics, critical needs and will include Q & A sessions. Details will be made available closer to scheduled events. For the next two months, GHTA will also offer free webinars to the entire gift and home community.
With the changes in the approach to education for 2020, and the desire to accommodate varying financial positions, GHTA has restructured memberships into two tiers, effective immediately.
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