Nearly 90% of the company’s revenue has been lost. The company has $10 million worth of food inventory and few customers. The company is headquartered in the Bronx and has about 2,000 employees and 400 trucks. It quickly figured out a solution and started delivering food to people’s homes.
Ben Walker, Baldor’s vice president of sales and marketing, said: “To be honest, this is a matter of life and death.”
Mr. Walker said that the key to the company’s adaptability was the modernization of its online business a few years ago to allow restaurants and other food service customers to pay with credit cards. The website contains high-quality photos of fresh food, allowing Baldor to transition to retail customers relatively smoothly during the pandemic.
Walker said: “We use this method in restaurants and hotels.” “This is our goal.”
Economists say that when the after-effects of stimulus measures fade, the full impact of this form of closure on the consumer economy may not be felt until several months. The first to cut spending will be the unemployed. But even those who have jobs may start to lose confidence in the economy and stop buying too much.
Mr. Anderson of Western Bank said that many consumers have been buying large quantities of goods and renovating their houses, and may not be fully aware of the fragility of the economy, but they will inevitably be aware.
Anderson said: “I think it’s a deer head lamp phenomenon.” “People have trouble thinking about the degree of economic loss.”