the lingering impact of lehman brothers’ bankruptcy
Hospitality was one sector that saw a significant impact from 2020’s economic collapse. Pandemic caused severe damage to hotels and restaurants as well as other businesses that relied on human interaction and consumer spending. Many managers needed to adjust their strategies quickly in order to continue to be profitable, despite the difficult economic conditions. While some implemented cost-cutting measures, such as cutting staff hours and salaries, others focused on increasing revenue via creative marketing or offering alternative options such as virtual experiences to guests. Many hotels have also revamped their operation to make sure guests and staff are safe. They implemented stricter cleaning policies and contactless checkin.
Some restaurants also offered outdoor and delivery options to make up the lost sales due to indoor seats being shut down for health reasons. Some hospitality companies even discovered new business opportunities as people started taking longer vacations and stayingcations. This led to many local managers shifting towards providing more personal experiences for guests in these difficult times. All these responses demonstrate how managers within the hospitality industry successfully adapted their strategies in order survive economically during the pandemic’s worst moments all while still providing quality service throughout it all.