Taking Stock of the #NewNormal
It’s September (insert ‘Say, What?’ meme here), and while the start of fall might not look like we expected when we started the year, the New Normal under COVID is taking shape. The situation, to say the least, is fluid, as businesses and people adapt to uncertain and rapidly changing circumstances:
Trade Shows: We’re trying to remember the last time we attended a physical trade show or conference. Those that haven’t been cancelled since mid-March have migrated to online platforms as virtual gatherings, including the Licensing Week Virtual in June and the upcoming Festival of Licensing next month. The last few weeks have brought news of two big 2021 fairs giving up on physical manifestations – CES and New York Toy Fair – but this year’s Frankfurt Buchmesse (Bookfair) and January’s Spielwarenmesse in Nuremberg, for example, plan to mount hybrid physical/online fairs.
Restaurants: It’s a sector in recovery. Setting up ad hoc venues for dining al fresco is fine during warmer weather, but winter is coming in the Northern Hemisphere, and many are struggling. Some have tried marketing branded meal kits and drink mixes, others have tried selling groceries. The British government has kicked in with a unique “Eat Out To Help Out” program that picks up half the check for restaurant diners.
Movies: Good News! Christopher Nolan’s Tenet – the first tentpole film this summer to make it onto big screens – did more than $53 million in ticket sales this weekend in 41 countries, including more than $7 million in the UK and $5 million in France; it debuts in the U.S. this week, though limited by the paucity of theaters open. And a question hangs over the theater industry in the U.S. – even if you open it, will they come?
Retail: As we reported last week, the holiday shopping season (for retailers, at least) is starting earlier than ever, and suppliers are feeling the heat, hampered by supply chain and shipping challenges. The chains themselves – many of which were on shaky ground even before the pandemic – are being reshuffled and winnowed. Last week, iconic department store Lord & Taylor announced it would liquidate, and talks for bankrupt JCPenney are said to be “on the brink of collapse.” Meanwhile, eCommerce continues to be a big winner.
Sports: The global sports world is a strange place at the moment, with many events staged in empty or sparsely populated stadiums. Broadcasters and league officials have made it an art form to present telecasts and matches with piped in background “crowd noise” in an effort to approximate a normal environment for competitors and homebound fans. The first U.S. college football game was played this past weekend, but uncertainty and season cancellations have had a profoundly negative affect on the licensing business.