Adapting to the New Economy

The past several weeks, we have seen incredible resilience, perseverance and generosity from all corners of our community, despite these unsettling times.

The Irvine Company appreciates the hardworking, dedicated people who keep essential businesses open at our 38 neighborhood shopping centers and three regional centers — The Market Place, Irvine Spectrum Center and Fashion Island.

We remain inspired by the small businesses who are tirelessly giving back to the community. The owners of The Lime Truck (TLT) opened their first brick-and-mortar restaurant in Irvine Spectrum Center after operating a successful food truck for years. When the health crisis hit, Chef/Owner Daniel Shemtob, along with members of his staff, worked around the clock to prepare and donate over 1,500 hot meals to hospital staff and local groups in need during the pandemic.

Many businesses have reinvented their operating systems to quickly adapt during physical distancing. As an example, Mathis Brothers is meeting its customers’ needs by adding new store-occupancy management technology, contactless payments plus curbside and home deliveries.

As our Southern California region experiences a time of slower demand, we will continue to see businesses contract to prepare for the new economic realities. It is unlikely every business will be able to return, and that would be a loss to our community.

Times like now require creativity, discipline, and above all else, planning ahead. This future planning may involve more repositioning and reimagining of how we work, shop and play. Historically, some of the biggest innovations have been born during challenging times. That’s the kind of thinking we all need right now moving forward to prepare for the future.