LETTER FROM PETER ROSENTHAL

It’s hard to believe Summer has finally arrived and we are now four months into this new and unusual way of life. Most of us have now settled into our remote working routines and are finding ways to enjoy the slower pace outside of work with our families and loved ones, especially now that the warmer weather is here.  

This has been a difficult few months for everyone. The pandemic wreaked havoc on the economy, significantly impacting the retail sector and disrupting many of our clients’ businesses. While we’re not quite back at last year’s levels, business has bounced back in May and June and we are in a strong position heading into the second half of 2020. It will be a slow recovery for sure, but I am cautiously optimistic about the current business climate and encouraged by what lies ahead with regard to new business opportunities. 

Our clients are incredibly resilient and have found ways to survive in this challenging environment. A number of them have pivoted their businesses to create different product mixes that better meet the needs of current consumer demands. Over the past few months, so many of our colleagues have worked tirelessly to find creative ways to continue serving our clients and pursuing new business opportunities. Your collective efforts and perseverance have helped Rosenthal adapt to this new normal, right alongside our clients. 

We are discussing and working on our return to office plans, whenever it is safe to do so. Our plan also involves adapting our space to provide the safest possible working environment, as well as thinking about important factors like commuting, events and business travel. Please know that all of these plans are driven by our most fundamental goal – to protect the health and safety of all of you and your families. 

Thank you all for your continued efforts on behalf of our clients, our firm and our family. 

--Peter

COVID-19 BY THE NUMBERS

Retail Sales Return to Pre-Crisis Levels For the First Time Since March

For week ending 6/20, total retail purchasing traffic (on-line and in-store transactions) hit the pre-crisis baseline for the first time since the COVID-19 crisis hit. 

Source: NPD’s Consumer Tracking Service, week ending 6/20/20

The Profile of the Online Shopper is Changing Quickly  

(hint: She’s an older, suburban woman)

Source: NPD’s Consumer Tracking Service, week ending 6/20/20

*47% of the country

now says they are comfortable going back into stores to shop

*31% of the country

says they will not return to a restaurant for the next six months

Source: Civic Science, week ending 6/27

BRIGHT SPOTS

The Bright Spots Remain Bright. Double Digit Growth vs LY for week ending 6/20 in:

LAGGING INDUSTRIES

These categories are still lagging:

Beauty - All categories -- skincare, fragrance and makeup -- are still down, but starting to see some improvement as stores re-open)

Apparel - Basics continue to perform better than other categories

Athletic Apparel - Some new athletic launches are giving category a boost

Source: NPD’s Consumer Tracking Service, week ending 6/20/20

It has been a busy and productive 2nd quarter at Rosenthal thanks to our stupendous business development officers, front office executives, credit teams and legal who, collectively have closed nearly $600MM in projected new business volume and nearly $40MM in loans since May!! Huge thanks to Michael Stanley, Rob Miller, Paul Schuldiner, Sydnee Breuer, Maria Contino, Leigh Lones, Brian Resutek, Al Foster, Shelly Head, Joe Pepe, Andrew Barone, Joel Wolitzer, Michael Cipriani, Rob Schnitzer, Rob Martucci, Heather Fidura, Steve Spagnuolo, Pamela Ramirez, Charlie Aiosa, Kristen Burch, Carolyn Camacho, Arianna Fragiacomo and Bianca Serraty.

Here are some of the deals they’ve worked so hard to close.

WELL DONE TEAM!

Service Anniversaries

• Connie Arteaga (Credit) – 35 years

• Odette Stuart (Collections) – 20 years

• Xiaowen (Wendy) Xu (International) – 15 years

• Samuel Ortiz (Office Services) – 10 years

• Elizabeth Lopez (Operations) – 10 years

Promotions

• Adam Brown to Vice President

• Kristen Burch to Vice President

• Connie Arteaga to Assistant Vice President

• Melinda Dejesus to Assistant Vice President

• Katie Norman to Assistant Vice President

THOUGHTS FROM HOME

#TEAMROSENTHAL

What’s the craziest thing you’ve bought during this stay-at-home period?

What’s a new hobby or interest you’ve taken up during the past few months?

Where is the first place you’ll go once things begin to reopen more?

With all the zooming and facetiming we’re doing these days, we’re all sick of seeing our own faces.  So, in this edition of the R&R Reporter, we’re thrilled to showcase your favorite office companions. Enjoy!