Category: Strategic Opportunities

Artful Idea for Retention Bonus

8/8/2022

When asked "How many people work for you these days?", one owner we know responded, "Oh, about half of them."

Hopefully you don't share that same lament.

But, most retailers know all too well the challenges and high costs of competing for talented employees.

And, keeping staff – versus dealing with constant turnover – is even more important. Especially to your bottom line.

So we were intrigued by this report in CNN Travel*:

Germany's Ruby Hotels, which has 16 properties across Europe, is offering new recruits up to €500 ($511) to get a new tattoo, piercing or haircut once they reach six months of employment.

Getting in Shape for Musical Chairs?

5/23/2022

The playing field has shifted dramatically under the feet of retailers.

Merchandise orders placed months ago are now proving to be "too much stuff that consumers no longer want so much of," as was reported rather colloquially just 3 days ago. All this was summed up this way: "Retailers with slower inventory turns might find current conditions especially difficult to navigate." *

Now, look at the chart at the top of the page. Without being dramatic, it may be a lifesaver for your business this year.

In Pursuit of the Wily Customer

5/16/2022

photo: Greg Gilbert/Seattle Times

Recently we read of a "bookshop on wheels" launched by a college English instructor. While certainly not the first retail variation on a food truck, this one has gained praise for its authenticity.

"What’s most surprising when you walk into Blue Kettle Books for the first time is how cozy and, well, bookstore-ish the tiny space feels."*

The Owner's Trifecta: What's Yours?

5/9/2022

You may be one of the many retail owners who share our vision of why to own your own business: “Making money. Having fun. Doing good.”

You see, we believe that Owners do not have to choose just one goal for defining "success" in their business. Goals do not have to be mutually exclusive; they can converge. Just like in a Venn diagram.

Here's a fun exercise. Make your own Venn diagram for your own business. Start now to make that convergence come to life.

Explaining Trends by Lifestages. You Can!

4/18/2022

Just this morning we saw yet another article speculating about the staying power of online shopping, in this instance, grocery shopping.

"Right now, the direction is … unclear," admitted the reporter.* "I have been scouring data on online grocery shopping in the U.S., and I will be humble and say that I don’t have a clear picture."
"My wishy-washy analysis is that Americans haven’t fallen head over heels for buying bananas over the internet, but we aren’t rejecting it, either."

Of course, it's not just media pundits who are looking for answers to this question about online versus in-store shopping. Retailers are living with this issue, and they have to make decisions.

Silent – yet engaging – addition to your sales team?

3/14/2022

Ready to add a bit more fun to your store, AND generate incremental sales? Consider this friendly Tortoise, a "tap to pay mobile smart store."

Here's how it works. You choose items to sell that can be boxed, and held at room temperature. Maybe it's a dozen cookies. Or a book. Coffee mugs? Mobile phone rechargers. Whatever makes sense for your store. (And apparently, higher priced goods do especially well.)

Increased Consumer Spending. By Whom? For What??

3/7/2022

Spring is in the air. More places are lifting Covid restrictions. Daylight savings time starts this coming Sunday, extending the evening hours.

And, for the first time in years, we can expect to celebrate Easter, Mother's Day, Father's Day, graduations, weddings with few restrictions. All promise a renewed air of celebration!

There is widespread anticipation that consumer spending will be very strong. But...spending on what? Before you place all those merchandise orders, consider this.

We expect that the second quarter burst of consumer spending will be weighted towards services more than consumer goods. A big surprise for many.

The Fatigue of Uncertainty

2/22/2022

Have you noticed? That persisting Plague of Uncertainty that keeps hanging around?

The troubling issues in Ukraine and the potential repercussions.
Inflation now includes an even greater hike in oil and gasoline prices because of the Ukraine situation.
Unresolved supply chain issues, particularly impacting smaller businesses with less clout.
Employee unrest, union organizing, the "Great Resignation."
Stock market declines, which seem to foster even more talk of unrest and uncertainty.
Not to mention the oft-extended Farewell Tour of Covid and The Variants.

And amidst all this relentless uncertainty, you still have a business to run, employees to motivate, customers to satisfy, vendors to deal with, creditors to pay, etc, etc.

Here are some ideas on how to approach that.

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Tips, Tactics & Insights from Retail Strategists