Originally published on June 6, 2024, by Natalie Fidlow, CFA for NAIOP.
When a catastrophe hits an area, nearly one-third of local businesses fail within two years; another third fail after that.
Moderator Anne Strauss-Wieder, freight and public policy instructor at Rutger’s University, opened an expert panel discussion on why businesses and communities need supply chain resilience at the I.CON East conference this week in Jersey City, New Jersey. Fortifying the supply chain is essential to secure the long-term viability of a business and its surrounding community. Disruptions over the past few years like the COVID-19 pandemic, natural disasters, and cyberattacks have underscored the vulnerability of supply chains and the need for robust strategies to mitigate risks.
How should we approach disruption?
Disruption can have both short-term and long-term consequences for businesses. For instance, when Hurricane Irma swept through Florida in 2017, it decimated the Florida orange industry and put 45,000 people out of work. The area continues to rebuild but is still trying to regain market share after customers turned to other locations to supply oranges.