Category: Strategic Opportunities

Important: Look Behind top Line Sales Numbers

11/7/2022

Consider this retailer, whose sales over the last 4 weeks are down 12% compared to last year.

Some retailers in this situation essentially freak out.

But others know to keep asking questions. Before they decide what to do next to fix lagging sales, they want to know "Why?"

So, here is one way to get to the numbers behind the numbers; to begin to know the "why" of your sales trends.

All it takes is tapping into the data that's already in your POS system, and putting together a little summary tally sheet. Here's one example.

Good Help Hard to Find? Take the Hint!

10/24/2022

As the Holiday Season approaches, finding good help promises to be especially challenging for retailers this year.

Then, we read "10 Things to Know to Get And Keep Retail Jobs," a to-the-point commentary from Bob Phibbs*, who specializes in retail sales training.

Here are his Top Ten recommendations for prospective retail employees:

"Performance is Key"
"Treat Customers with Respect"
"Go the Extra Yard"
"Be on Time"
"Don't Gripe About the Hours"
"Be Flexible"
"Don't Be a Drag"
"Be a Team Player"
"Respect the Rules"
"A Cut in Hours is a Sign"

What a Great Time to Be a Merchant

10/17/2022

You've seen all the headlines. Worldwide inflation. Dire warnings of a coming recession. Big time discounts at retailers due to boatloads of inventory. Amazon doubling down on their Prime Day(s) sales. Shoppers shopping early in anticipation of rising prices.

Shaping up to be yet another "unprecedented" Holiday season for retailers, isn't it?

And a wonderful opportunity for all merchants!

How best to start? Set the boundaries.

First, specify how much inventory, in total, you want as of December 31.
How much by department?
Category?

Next, establish clear routines for monitoring inventory levels.

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:

Get Ready. A New, Upbeat Era is Coming!

8/29/2022

As the final third of the year approaches, there's a "new era" afoot. There is optimism in the air.

Optimism? Really?

Yes! And it could catch a lot of folks by surprise.

Consider these "early warning signs" of approaching good news:

Those surveys of "consumer attitudes" indicate that folks do reflect the news headlines regarding the economy – that is, respondents are pessimistic about "the economy." But when asked about their own financial situation, the responses were very positive; people feel good about their personal financial situation.

Which Retailers Are Best for the "Never Normal"?

8/22/2022

You've no doubt seen the headlines and the commentary:

"Retailers Stumble Adjusting to More Selective Shoppers" *
"Consumers Uneven Spending Fuels Caution Among Retailers" **

Consumer spending is up, but not on what was expected, especially those publicly-traded chains that must report quarterly.

"As people watched the prices of food and gas rise, their spending became more selective, leaving retailers with shelves of inventory they couldn’t get rid of." *
"Although some consumers are cutting spending on goods, it is being accompanied by increased spending on services," according to Mark Zandi, chief economist of Moody's Analytics. **

Making a List, Checking It Twice

8/15/2022

It doesn't make any difference if you're selling tires, turbans or tuxedoes.

Poor prior planning produces pitifully poor profits.
(You can take that to the bank!)

We came across an article on this checklist theme for the rapidly approaching fall/Holiday season.

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