How the Pandemic is Impacting Business Location Selection
No Longer “Business Location As Usual”
The COVID-19 pandemic has impacted every part of daily life – and for companies, this includes the decision-making process for new business locations. But beyond the obvious changes (less travel, virtual instead of physical site visits, virtual meetings and presentations) the pandemic has also influenced the importance of information in the location decision process.
Two core selection factors that rise to the top are supply chain diversification and risk mitigation.
“Diversification of supply chain to mitigate risk, tax environment, quality of talent and incentives have become more important in the current environment,” says Larry Gigerich, executive managing director at site consultancy Ginovus. As companies reevaluate business models and reassess operations in light of the pandemic, increasing importance is given to mitigating future risk—whether that’s through lower operating costs, a more secure supply chain, or seeking a more business-friendly tax and regulatory environment.
Read the rest of the article with highlights covering:
- Two core site selection factors
- Mitigating future risk
- States doing risk assessments of existing operations to prepare for future pandemics
- Ginovus project feature in the area
- Full Q&A with Larry Gigerich at the end
Access the full story on the Orlando Economic Partnership here: https://news.orlando.org/blog/how-the-pandemic-is-impacting-business-location-selection/