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Virginia business leaders share COVID challenges at 2020 VA Economic Summit

The summit touched on economic growth, global trade, and economic resiliency

NORFOLK, Va. — At the 11th Virginia Economic Summit, one thing was made clear: businesses are still doing their best to navigate through the COVID-19 pandemic. 

"The easier answer is: 'What hasn’t been impacted?'" Warren Thompson, panelist and President of Thompson Hospitality Industry said. 

Held virtually this year, CEOs and business leaders from the Commonwealth shared personal insight on how the pandemic has affected their companies and industries. 

Some of those most impacted are the hospitality and service industries. 

Thompson expects that for as long as what could be the next three years, restaurants could still be reducing their capacity by 40-50 percent, which is why technological advances have never been more important to accommodate for the rising need for takeout and delivery. 

“That’s going to have tremendous ramifications in the retail rate side of the business. Landlords will have to change the configurations of their developments. There’s going to be a long rippling effect," Thompson said. 

COVID-19 also played a major role in the "International Trade: Why, Where and How in a COVID-19 World" panel discussion. 

"One country in the Middle East, their government basically shut down for 90 days," David Klain, Senior Principal and Vice President of Dynamis said. 

Travel restrictions -- on top of accommodating for global time differences and language barriers -- have taken its toll on international business.

“Technology is amazing, but it does not replace the power and importance of face-to-face learning," Tricia Downie, Manager of Marketing and Communications of TMEIC said. 

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