Retail is on the rise, with an expected 5% year-over-year (YoY) growth rate globally in 2022. However, retail sales won't be felt equally across all regions, as some commercial areas hardest hit during the pandemic won't rebound as easily.
While it's positive news that the retail industry anticipates growth in the year ahead, commercial property owners and business owners might want to go the extra mile to ensure that they too are part of this rising tide. Whether you own commercial real estate for sale or operate a retail storefront, there are solutions available to improve your bottom line.
Enter the Ritual app and, more specifically, Ritual for Companies. As a social food ordering app, it's probably not the first solution you had in mind for revitalizing your business or improving foot traffic to your commercial outlet—but looks can be deceiving. In this article, we’ll show you how this simple solution can benefit you and revitalize areas where commercial real estate has struggled in recent years.
Ritual for Companies provides teams and offices with delicious food from local eateries, cafes, and participating food vendors. It's a key team-oriented product powered by the Ritual app, which is available for free on both iOS and Android devices.
Businesses that sign up for Ritual for Companies can offer their employees daily credits to local restaurants. These credits can be redeemed every day to pick up meals and snacks from participating merchants within a given geographical zone.
In short, Ritual for Companies is a complement to your company's employee incentive package. Ritual for Companies enables teams to share meal credits for local use. As such, they are encouraged to come back to the office for in-person work, share food with their colleagues, and bond over special moments spent out at local restaurants and food vendors.
It's no secret that the retail industry was hit hard by the pandemic and the wave of storefront closures that affected nearly all parts of the world. However, as the global public health response has mitigated the threat of COVID-19, more than half of all North American companies want their employees back in the office on a full-time basis.
In 2022, more and more offices are filling up as employees head back to work on a full-time or hybrid model. Unfortunately, not everyone prefers to work in an office. That's the key benefit of Ritual for Companies since it incentivizes the return to the office with delicious meal rewards. The secondary benefit is increased foot traffic in commercial areas which, in turn, will likely result in increased business for the retail vendors that operate in the area.
You can think of an investment in Ritual for Companies as a sort of community revitalization fund. As more employees are incentivized to return to work in commercial and retail-dominant areas, economic stimulation and social circulation will bring new life and opportunity to the businesses and community members in these regions.
For business owners, the benefits are many. For one, Ritual for Companies can be added to an employee's compensation package to improve workplace morale, lower the risk of burnout, and improve engagement on the job. But it also allows team members to bond with one another over delicious food, get outside for some fresh air, and generally enjoy more of their day at the office. As they say, a happy employee is a productive one.
Put simply, Ritual works by depositing daily (or weekly, twice-weekly, etc.) meal credits automatically into a team member's Ritual account. The business owner can then choose whether these credits are set to expire at the end of the day, or whether they roll over into the next. Credits with daily expiration dates provide a greater incentive to come into the office every day than evergreen, non-expirable credits.
The company can choose the exact dollar amount to be credited to their employees’ accounts. They can also choose the geographical zone or radius within which their employees can redeem their credits.
For example, a company may decide to credit $15 to their employees’ Ritual accounts on a daily basis at 9 a.m., with a 6 p.m. daily expiry time. They also set their geographical radius to 500m, thereby allowing their employees to redeem their $15 in meal credits at any of the Ritual-partnered vendors within this geographical space.
Ritual for Companies provides multi-faceted benefits for employees, employers, property owners, and one's local community.
What's there not to love? With Ritual, everyone wins.
Food is a powerful connector. It brings us together and holds the potential to unlock new perspectives in each of us. As food lovers ourselves, we at Ritual are dedicated to bringing people together over delicious meals and snacks, and doing social good in the process.
Communities have been hit hard in recent years. Amid a sustained decline in brick-and-mortar retail activity, Ritual for Companies can stimulate growth in local economies and bring value to commercial real estate owners.