PANDEMIC EFFECTS ON BRICK-AND-MORTAR SELLERS

The effects of COVID-19 on the U.S. economy are far-reaching. Jobs were lost, businesses went under, entire industries were shaken to their cores.

One of the most pronounced effects of COVID-19 has been the push to move processes to the digital space. As a result, people are working from home, online shopping has skyrocketed, and physical retail spaces have been hurting.

So just what have been the effects of COVID-19 on brick and mortar antiques retailers? Well, it's a mixed bag of the good, the bad, and the ugly.

The Good

Perhaps the most significant change for antique retailers is an increase in thrifting and antiquing by younger generations.

Millennials and younger are well-equipped for the world of digital shopping. As antique retailers shifted toward selling online, they discovered an untapped wealth of ready-to-buy young customers.

Younger generations have always been known for thrifting. A study conducted by Piper Sandler found that 51% of teens had purchased secondhand clothing, so they are familiar with the process. The new emphasis retailers have placed on online selling has been a boon, sometimes exceeding their numbers pre-COVID.

But it's not just young folk doing all the heavy lifting. As more people work from home, they are starting or finishing long-overdue projects. Maybe they're tired of the particle-board coffee table they've had since college. Perhaps they're ready to go out to look for that one piece that will really tie a room together.

Regardless, people are spending time at home and are tired of looking at their stuff. As a result, many antique stores have reported a sharp uptick in the amount of furniture they're moving. Practical pieces, such as desks and end tables, have been flying off the shelves as traditional furniture retailers have struggled.

The Bad

COVID-19 has leveled many small, institutional businesses across America. This was particularly true in the early days of the pandemic, when companies faced unexpected, extended shutdowns.

Many small antique retailers already had thin profits, but they were sufficient to stay afloat. However, they were unprepared for months-long shutdowns, and these restrictions ended up killing their businesses. Suddenly cut off from customers and revenue, small retailers across the country closed their doors permanently or temporarily in the wake of pandemic regulations.

The nature of antiques retailing is what made so many of them vulnerable. Antiques retailers are, by definition, unessential businesses. They sell discretionary items, many of which have little functional application. On top of this, many small retailers didn't have the number of employees required to apply for government subsidy programs.

Essentially, they fell through the bureaucratic cracks and were left mainly to their own devices.

But online shopping is still an option, right? So why didn't they make the switch to a digital platform like so many other retailers did?

Well, not everyone is equipped to sell in the digital space efficiently. For example, a mom-and-pop retailer may not have the knowledge or resources required to set up an online store. If they can accomplish that, they must generate interest, market their inventory, handle online sales, ship to various locations, and still turn a profit. Such businesses were already hurting, and shifting to online selling would tax their thin resources even further. Those few months of less-than-normal sales alone could be enough to kill off a business.

To read the complete article, see:
THE EFFECTS OF COVID-19 ON BRICK AND MORTAR ANTIQUES RETAILERS (https://www.worthpoint.com/articles/business/the-effects-of-covid-19-on-brick-and-mortar-antiques-retailers)

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