'Leisurée' brand Lively is among the direct-to-consumer retailers currently facing new challenges as a result of COVID-19. Founder Michelle Cordeiro Grant offers these 7 tips for fellow retailers:
For us, that means every Monday the entire team holds a kickoff meeting at 10 a.m. — this has been an initiative since the company started. We're continuing this even while working from home. We have a Zoom call with 30 faces, and we all share our “Lively moment,” as usual. Mine this week was building a seesaw for my kids over the weekend.
This is especially important in real estate and physical retail. With the current climate of rent, we really need to understand our P&L in order to be able to know the potential of what we can pay. We should take the time to understand our leases and try to get creative with negotiating ways to alleviate payments according to what we can afford.
We also have over 100,000 ambassadors that are an extension of our team, which we worked really hard to cultivate. We can quickly ask what they need and what they're interested in, to help us adapt. For example, we can send out a survey in the afternoon and get 1,000 responses by the morning — this has helped indicate what we should be focusing on.For us, our number one asset is our team. Your first instinct is most likely going to be to cut payroll expenses.
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