Xpresspa's Repositioning Has An Important Lesson For Your Business
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While many retailers have decided to change their business models, far fewer have been forced to change their business models because of a pandemic.
Xpresspa, an airport based spa company, found itself completely shut down when the coronavirus epidemic brought air travel to a halt.
While the management of the company could have easily decided to declare bankruptcy, the executives running the company had a very different plan.
The executives of Xpresspa decided to turn their locations into Covid-19 testing sites. The company has recently signed an agreement with New York's JFK airport. Xpresspa will now be setting up testing sites at JFK, and perhaps in the future in other airports.
The development of testing sites can also bode well for airlines such as Delta, Continental, JetBlue, and American Airlines. The safer air travel becomes, the more people will be willing to take to the skies.
The lesson that retailers can absorb, is that even in very difficult circumstances, a new business model can be developed that utilizes an existing business's assets.