WEBVTT 1 00:00:04.713 --> 00:00:06.548 - Retailers are in a wait-and-see mode, 2 00:00:06.548 --> 00:00:09.217 wanting to see what kind of downturn materializes 3 00:00:09.217 --> 00:00:10.802 or how holiday sales come in. 4 00:00:10.802 --> 00:00:12.762 But they need to act now, 5 00:00:12.762 --> 00:00:15.348 and the key is to steer clear of quick fixes. 6 00:00:15.348 --> 00:00:16.891 Instead, retailers should be working 7 00:00:16.891 --> 00:00:18.476 to build structural advantage. 8 00:00:18.476 --> 00:00:20.937 For example, that could be strategic investments 9 00:00:20.937 --> 00:00:22.063 and digital capabilities 10 00:00:22.063 --> 00:00:24.524 that help retailers optimize supply chain assets 11 00:00:24.524 --> 00:00:26.985 and inventory placement to create an agile network. 12 00:00:26.985 --> 00:00:29.362 Or it could be improving their employee value proposition 13 00:00:29.362 --> 00:00:30.572 to potential workers 14 00:00:30.572 --> 00:00:32.991 to help solve the issue of ongoing churn in the workforce. 15 00:00:32.991 --> 00:00:35.326 Employees today care more than they did in the past 16 00:00:35.326 --> 00:00:37.495 about factors such as flexible scheduling 17 00:00:37.495 --> 00:00:39.164 and a convenient work location. 18 00:00:39.164 --> 00:00:41.416 Companies that took these sort of structural actions 19 00:00:41.416 --> 00:00:44.753 during downturns in 2001 and 2008 weathered the storm 20 00:00:44.919 --> 00:00:47.756 and set themselves up for success over the next decade.