Stay Humble / Hustle Hard

The Economic Impact of The Expo West Cancellation

Economic Impact. Over the past few days we have seen these words come up a lot in the news we read. Coronavirus is having an economic impact on companies that cannot get product into the country from the places where it is made, the stock market is on a wild ride leaving everyone wondering where their investments are headed, Michael Bloomberg’s epic advertising spending is impacting the world of politics and travel companies (airlines and hotels) are being crushed by travel bans and consumer fears. To say things are a bit in flux these days is an understatement.

Somewhere in the minor headlines of industry related magazines and journals is another type of economic impact, the cancellation of industry meetings and trade events. One such example would be the cancellation of the Expo West show in Anaheim, California this week. When 85,000 people and over 3,600 brands and companies suddenly choose not to show up 2 days before a large international event is to occur, there is an impact. The local business community, travel companies, airlines, hotels, convention center employees, the show producers and every single company that planned to be there (or were already set up for the show) will feel the financial pain of the change in plans. For consumers the impact will be in products and brands that they can’t buy in the near future since the opportunity for retailers to see and assess these products is now delayed.

I had a chance yesterday to connect with a few entrepreneurs who lost a chance to launch new items and technology at the show. Besides disappointed at the lost opportunity for exposure and new business connections, they were left to think through how to offset the tens of thousands of dollars in show costs their businesses could not easily absorb. For small and entrepreneurial companies, the economic impact of their situations is not just the lost investment and travel costs, but the delay in the lifecycle of their products that will result in lost sales. For many the Expo West show is the last big chance for brands to create new product sales and profits in 2020. With retailer buying patterns and windows running 6 to 12 months in advance of when they will ship a product or reset a section, this show offered many their last big shot at adding revenue to their 2020 top and bottom lines. Having to adjust their thinking to scramble mode for this year or to find optimism in the potential for 2021 is not an easy thing to do. While there is a lot of energy in the social media world for creating avenues to help these type of companies create connections in the absence of the main event, making that happen will be a challenge for everyone in the industry.

For me, Expo West was a chance to connect with people and companies in the industry that had the potential to be new business partners or my next employer. I was eager to see the trends in the industry and to identify ways I could help to grow the businesses of the future. Missing out on the chance to connect with the people and retailers I know and the companies and private equity firms who could help impact my economic outlook is disappointing but opens the door to trying to connect with people who suddenly have some unplanned free time this week. It leads me to reflect on a recent email from my daughter’s dance studio I saw announcing an upcoming show theme called, Stay Humble / Hustle Hard. For many this week that theme will resonate. For anyone impacted by the loss of Expo West, Stay Humble, Hustle Hard and let me know how I can help you as you look to offset your economic impact.