Category: Leadership

It's Not Just the Clocks That Changed...

3/28/2022

"Retail is a mirror of society."

Yes, Daylight Savings began a couple weeks ago. But it's not just the time on the clocks that changed; the times themselves have substantially changed.

Followers of The ROI has heard us assert many times that "Retail is a mirror of society." As we reflect on the first quarter of 2022, we are struck by how much has changed in just those three months. And retailers must adapt – yes, again! – to this rapidly changing environment.

Think about it. Consider the assumptions you made just a few months ago, in late December and early January about 2022.

Time for New Answers to Old Questions

1/10/2022

See the forest, not just the trees
Now that we've put a wrap on 2021, and before we really dive into 2022, it's time to catch your breath and reflect on where we are after 2021.

Perhaps like us you believe that fundamental and enduring changes have occurred; no one can operate on "auto-pilot" anymore. All of us have to learn new processes, and form new habits. What's it called? Oh yes; "embracing change." Lots of it.

That's why it is a very opportune time, particularly for owners, to have a very active Q&A session with themselves.

Find the Reasons to Celebrate

12/27/2021

As we get ready for the New Year, and the post-Holiday season slowdown settles in, here's a positive way for retailers to re-energize and re-focus their entire organization, whether one store or even a hundred.

We learned this from one of our clients with nearly 50 stores widely scattered over 6 states. Each day, without fail, they would take time for what they called the "Corporate Cheer."

You will see how it can be a fun addition to any retail business, no matter the size.

What? Many Happy Returns?

12/6/2021

In most years, this is the week that is typically a bit of a lull. The first wave of shoppers – Thanksgiving, Black Friday, Shop Local Saturday, Cyber Monday – has crested; the final wave doesn't begin in earnest until this coming weekend.

But this year IS different. Shoppers began shopping in earnest much earlier. And they use the internet to do their browsing, and then have an array of choices for receiving their purchases, from delivery to curbside pickup to in-store pickup.

So, what better time than this to revisit your returns policy?!

Yes, returns (and exchanges.) That longtime bugaboo of retailers is a potential competitive edge.

"Bifurcation" – Maybe Your Strategy?

10/25/2021

For retailers there are two very strong trends happening now through the Holiday Season. And they are remarkably divergent.

One that is getting a lot of publicity is how Target, WalMart, etc. are promoting their “Black Friday “ specials four weeks before Thanksgiving.

Sounds desperate to us, but it is a sign of the times.

Heightened Expectations of Shoppers

10/4/2021

It has begun; the 4th quarter of the year. But sadly, Covid-19, the Delta variant, and now the Alpha variant will have huge influence.

Meanwhile, there is no shortage of opinions and predictions about the economy, whether from Wall Street, the Fed, Capitol Hill, or your buying group or retail trade association.

Amidst all this, we were intrigued by a report that could be of far more value to retailers: results of a monthly survey of consumer concerns.* After all, for retailers, the shopper matters much more than the pundits on the business pages.

Winning Out Over Uncertainty

9/27/2021

Just when it seems we can get to the "New Normal" or the "Next Normal," another disruption comes along.

"There still is so much uncertainty" is the lament, often accompanied by a sigh of weariness. Or resignation. Trying to plan for the Holiday season, or looking ahead to 2022, can seem especially daunting right now.

Occasionally, all of our businesses need to hit "pause;" this is one of those times.

Recognize that thanks to the pandemics, most everything about running your business has changed. Your merchandise mix; your customers; your staff; your competitors; your suppliers; your landlord; your technology; etcetera. Everything!

Shoppers Want to Know You Better

8/30/2021

We hear it over and over. "Good business citizenship" matters to shoppers. Might Labor Day weekend be a good time to start getting the word out about your citizenship contributions?

Customers vote with their feet, their wallets, and their hearts, and increasingly choose those retailers who "do the right thing", whether it's how they source product, hire and pay employees, reduce environmental impacts, etc.

There are things that independent retailers do day in and day out, without perhaps even realizing how special they are!

Most retailers we know are "aw shucks" type people. It's charming, but, especially in today's world, your leadership can be a competitive edge! So, why keep it a secret?

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