I'm walking through Hong Kong right now which is virtually unrecognizable
compared to how things were just a few months ago. Nearly everyone I see is
wearing a face mask, to get into most stores and restaurants, you have to have
your temperature checked. From McDonald's to Starbucks and even local eateries
these measures have been put in place nearly everywhere you look.
What I'm seeing could provide a glimpse of daily life and business for the foreseeable future.
As many countries reopen parts of their economies gradually, how will our
routines change in the short and long term? I'm talking to business owners here
and in Shanghai to see what life looks like after lockdown.
Hong Kong has been dealing with the corona virus outbreak since January 22nd. Hong Kong is a dense
city with more than 7 million people and it has managed to get the situation here
largely under control. At the entrance of this grocery store I'm required to have
my temperature checked. Even though I've ordered my coffee to go, businesses here
will still take my temperature as a precaution. Now face masks are not
mandatory here the way they've been mandated in places like Singapore, but it
is quite rare to see someone who's not wearing one. While restaurants in Hong
Kong have remained open for business, even dine-in services, they've been
required to cut their seating capacity in half. This makes it difficult for some
restaurants especially those operating in small spaces to turn a profit.
In recent weeks I've been to a number of restaurants that have physical dividers
inside in an effort to reduce physical distance and exposure between customers.
As economies reopen in phases, it is a survival of the fittest for businesses.
There were over 15,000 restaurants in Hong Kong last summer.
By the end of this summer, I anticipate they'll be less than 10,000.
That's Asim. He's the co-founder of Black Sheep Restaurants which employs about 1,000
people at 24 trendy eateries around Hong Kong.
Physical distancing is here to stay till there is a vaccine,
I feel that we will need to exist within some framework of physical distancing.
In his restaurants customers are screened for their recent travel history in the past 14 days and their
temperatures get checked. Meanwhile, hand sanitizers and face masks are everywhere you look.
There's a risk of keeping the restaurant open and having our people in
the front lines. But, closing down will almost certainly will lead to economic failure.
Five demands, not one less!
Even before the outbreak businesses here were affected by the
social unrest in Hong Kong in 2019. Asim now sees this as the new normal.
Restaurants are the last non-digital frontier. The importance of these
brick-and-mortar spaces is not going to dwindle. I would argue that it would
become even more important.
Here in Hong Kong, gyms bars and spas have all closed
at some point but restaurants here have remained open even for dine-in service
and it's really one of the only major cities in the world in which restaurants
have been allowed to operate.
I was getting kind of depressed in February because it's my first time opening a restaurant.
Luca is an Italian living in Shanghai.
He just opened his new restaurant and lounge, Sakemate at the end of 2019.
Just weeks after opening his Japanese and Peruvian inspired fusion restaurant in the heart
of the city's nightlife and tourism district, he had to completely shut down for nearly a month.
I have to say that there was one of their most difficult
professional moments of my life.
When he reopened in March he admits things were quiet but in
recent weeks business is picking up steam.
There are amazing vibes, even people going around without the masks in the street.
People are feeling much, much more safe. We're enjoying life, it looks like everything is back to normal.
Meanwhile with many people working from home, the way we interact and conduct
business has changed. So, will we see a return to the traditional office life?
Morale really took a hit for the two months Shanghai was under lockdown,
it was tough for the team.
That's William. Based in Shanghai, he's an investor and
Managing Partner of one of the biggest venture capital firms in China, SOSV.
Lockdown and creativity oftentimes don't go together,
you don't get that serendipity you know, when you're grabbing a couple beers with your team at
the end of the Friday. Usually a lot of our team members are traveling all over
the world. I travel 30 to 40 percent of the time. Having everybody in the office
together all the time is actually a lot of fun.
since their return to the office, William said he's enjoying making up for lost time by scheduling social events
with his team, such as barbecues and happy hour drinks.
He's even seen workflows shifting at some of his portfolio companies.
W have companies that are going 50% working from home, 50% working in the office and
they're basically coming to the conclusion that having everybody
at home or having everybody in the office is the preferred way to go.
How we conduct business post pandemic could certainly look different according to a
survey of 317 chief financial officers, nearly 3 in 4 expect to move at least 5%
of their on-site employees into remote positions after the pandemic.
As more businesses consider shifting parts of their workforce away from the office, the
long term impact remains to be seen. In a separate survey, 41% of executives
said they are concerned about productivity levels decreasing. However, a
nine-month remote working experiment by China's largest travel agency, C-Trip
in 2010 showed that productivity levels improved while employee quit-rates fell.
After a few weeks I've become used to seeing face masks and temperature checks
everywhere I go and there's no telling how long these measures will be intact
here in Hong Kong but we have gotten used to them as the new normal.
Hey guys, it's Uptin. Thanks for watching! Check out more of our videos and let us know in
the comments, what do you think will be the new normal? While you're at it
subscribe to our channel and I'll see you next time!