Blog Archives

Now who's the "technology laggard?"

6/28/2021

For some time, conventional wisdom has characterized independent retailers as "technology laggards."

Not that they are Luddites; it's just that they regarded retail technology as a major expense, especially in human capital. They often were cautious, even skeptical, about the promises of new technology being pitched to them.

When the pandemics arrived, many retailers responded rapidly and smartly. In scramble mode, some crammed five years of technology adoption into five months!

Now, as the lockdown restrictions recede, the conventional wisdom eagerly suggests that consumers of all ages will continue to rely on online shopping and other technology.

Hmm. Let's consider that "conventional wisdom" a bit more closely.

Owners: Has Your Renaissance Begun?

6/21/2021

As Co-Founders of The Retail OWNERS Institute, we long have specialized in alerting, coaxing, and applauding retail owners worldwide.

Today's message is a major heads-up.

Keeping pace with the relentless changes in retailing has never been easy. Retailers know that constant adjustments are demanded.

Then, the three pandemics of 2020 happened: COVID; the economic meltdown; the social unrest. And life changed modestly or enormously for almost everyone, including owners of retail businesses.

Say "Yes!" to Growth? Maybe...

6/14/2021

As we emerge from the pandemics, many retailers are eager to grow. (How's that for an understatement?!)

For some, that simply means having a better year than 2019 (because 2020 was such a disaster), and they relish having survived.
Others are looking to expand by adding locations, whether by acquisition of existing stores, or taking advantage of vacated retail sites.
Still others are focused on expanding their newly-established e-commerce capabilities.
And, for some, still other imaginative ways.

Trade shows are opening up with great success and eager buyers. Landlords are eager to fill vacancies, and in many instances, to cut deals. Vendors are eager to quit thinking about supply chain problems and start selling their merchandise, especially at trade shows. Plus, the continued growth and expansion of online wholesale marketplaces makes far more product available to retailers.

Then there is the access to capital. Lots of money is floating around out there

All in all, it creates an environment of exuberance. "Seize the opportunity" is the rallying cry. Indeed, for some retailers, FOMO – that Fear Of Missing Out – is pushing them to make some major decisions.

How to Compete with Amazon? You Don't!

6/7/2021

As Amazon Prime Day approaches – it is June 21 and 22 this year, the earliest ever for this 48-hour promotional event – retailers from all segments are wondering (or being asked): "So, how do you compete with Amazon?"

Our response? You don't, at least not directly.

Yet, independent retailers do have many strategic advantages over Amazon. But you must recognize them, and enhance them at every opportunity. Here are some ideas that you may want to consider.

Where Are 2021's Good Employees?

6/1/2021

Another real challenge of 2021 is rearing its head: Whatever you used to do in terms of managing your staff likely will not work this year.

Not only are the owners exhausted from dealing with 2020, but so too are your employees.
What took the greatest toll? All the uncertainty for everybody.
Plus, many folks are revisiting their priorities: what is it really worth to them to work in retail? Especially given other choices they have become aware of.

In the aftermath of the pandemics, lockdowns, stimulus payments, low unemployment, and minimum wage increases, finding and keeping good employees is even more daunting for independent retailers.

Now who's the "technology laggard?"

Owners: Has Your Renaissance Begun?

Say "Yes!" to Growth? Maybe...

How to Compete with Amazon? You Don't!

Where Are 2021's Good Employees?

Tips, Tactics & Insights from Retail Strategists