Retail Drinks Australia Report

Future proofing retail in troubling times

IF ANYTHING HAS BEEN DEMONSTRATED OVER THE LAST FEW MONTHS, IT HAS BEEN THE NEED FOR RETAIL BUSINESS-OWNERS TO EXPECT THE UNEXPECTED AND BE AS PREPARED AS POSSIBLE FOR UNFORESEEN SCENARIOS. WHILST THE FULL IMPACT OF AUSTRALIA’S CATASTROPHIC BUSHFIRE SEASON AND THE EMERGENCE OF THE CORONAVIRUS WILL NOT BE KNOWN FOR SOME TIME, IT IS CLEAR THAT ITS EFFECTS ON BOTH THE RETAIL SECTOR AND AUSTRALIA’S ECONOMY IN GENERAL HAVE BEEN PROFOUND.

Words Julie Ryan, Chief Executive Officer of Retail Drinks Australia

These challenges have already had a significant impact on the retailing environment, with recently released data from the ABS showing retail turnover declining by 0.5 per cent last December. As such, there is a strong imperative for retailers to be reactive and agile in their response to minimise the effects on their businesses. For retailers who had already stocked up on their store inventory in anticipation of a bumper tourist season, make sure to get in touch with your suppliers to discuss whether you may be able to return this unused stock. If your cash flow is an issue, there may also be the possibility of securing extended credit terms with your supplier so make sure to ask this question as well.

Staffing arrangements are also an important part of how to respond to these challenging times. For retailers in areas that have had significant customer downturn, the need to adjust staffing levels and shifts is something that business-owners must manage both quickly and carefully. In doing so, retailers should be aware of their obligations in regards to staffing entitlements, particularly during times of natural disasters or other unforeseen events. Retail Drinks recently distributed a comprehensive fact sheet to all Members explaining how best to support and communicate with their employees and remind them of their various staff-related obligations.

For all retailers, there are also a wide variety of resources available at both a community and government-level designed to assist you in times of hardship. For instance, the NSW Government recently announced that licensees in bushfire-affected areas whose businesses have been destroyed or damaged are able to receive financial assistance. Similar offers of financial assistance for bushfire-affected businesses may also be available through their local council or the Federal government.

We would strongly implore all retail liquor business-owners to stay up to date with these offers and apply for financial assistance if you have been affected. Retail Drinks may also be able to help you with your business’ needs so make sure to ring our dedicated Member hotline on 1300 451 213 or email info@retaildrinks.org.au today.

These challenges have already had a significant impact on the retailing environment, with recently released data from the ABS showing retail turnover declining by 0.5 per cent last December.