Category: General

Really, What Is Knowledge?

2/21/2023

People don't go into retailing to be financiers.

They love the merchandise they sell, and/or they love the people who buy the merchandise. (Think book stores, sporting goods stores, gift shops, etc.)
Others love the "theater", the excitement of retailing.
Still others want to be their own boss.

But few are attracted to the financial part.

Which is exactly why The Retail Owners Institute website has been built!

Given our years of experience consulting with retailers, especially in turnaround situations, our speaking at conferences and publishing in trade publications, we wanted to "level the playing field" for retailers.

What Is "Value" for YOur Customers? Really?

11/14/2022

What is the definition of "value" for customers? Pretty straightforward, actually.

Value = benefits received for the burdens endured.

Wait. What? "Benefits received?" "Burdens endured?"

Turns out, the only single answer to "What is value?" is, "It depends."

Don't just roll your eyes. What constitutes value for your customers increasingly is a make-or-break part of retailing.

Time for the Shoppers to Bounce Back

10/10/2022

Retailers are notable for their optimism and their resilience.

And the last couple of years have provided ample opportunities to showcase their ability to bounce back.

But now, it's 2022. Time for those customers to pick up the slack. And here's an idea for helping them get started. Without costing a penny in advertising!

Print up some "bag stuffers" (you know, conspicuous notes) inviting them to come back in November.

As you add it to their bag following their purchase this month, point out that when they "bounce back" to your store in November,they will save 20% off one item.

Finding Inspiration – On the Kids' Menu??

9/26/2022

We recently learned of a restaurant with a kids menu which is quite unusual.

Of course, having a kids menu is not unique. But here's what IS unusual about this one.

When kids are asked "What would you like to eat?", often their answers can range from "I don't know" to "I don't care."

But at this restaurant, here is what each all-too-familiar answer brings to the table:

Expecting Judgment from Computer Forecasts? Really?

6/27/2022

"How are sales?" is essentially the international greeting between retailers.

And because of the seasonality of retail sales, most retailers will respond by explaining whether sales this month are up or down versus the same month last year, not just the previous month.

All this is well and fine in a normal year. But, since 2020, retailers have not been experiencing anything close to normal. And boy, does that show up in the 6-month retail sales trend charts that The ROI posts each month.

In sector after sector, December, January & February sales versus the prior year are markedly different than the March-April-May results. In some cases, these are quite dramatic.

Your results are likely to be consistent with these patterns.

"So, how was your first quarter?"

4/11/2022

As the second quarter of the year begins, many of us are experiencing what that fellow in the cartoon is feeling. We are not where we expected to be (and maybe not even where we thought we were!)

Ahh yes, yet another flexibility test. The first quarter of 2022 was full of some major events, nationally and internationally, that disrupted many plans.

As you contemplate where you are now, compared to where you thought you were, and especially, where you intended to be, don't despair! Even more important, just like you do with the GPS system in your car, disregard "returning to the prescribed route."

Wait! Who Knew This Good News?

4/4/2022

ICYMI. You know, that's the shorthand for In Case You Missed It. And in fact, we had missed this.

"Consumer confidence rises for first time this year."

As reported by Chain Store Age*, "The Conference Board’s Consumer Confidence Index rose slightly to 107.2 in March, up from 105.7 in February. It was the first time the metric has increased in three months."

Wow! Is that ever a stray ray of sunshine! We always look to Consumer Confidence levels as a leading indicator for retailers.

Have Retailers Created a Monster?

10/11/2021

The season of ghosts and goblins and things that go bump in the night is upon us. While Halloween comes and goes, there may be another very unhappy monster haunting retailers this Holiday season. And it is spooky!

What is this monster? It is an unintended consequence of the good faith efforts of many retailers to provide "excellent customer service."

Customer expectations have been raised to heights that may not be fulfilled this year. A grim reality is setting in.

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