Blog Posts

What to Expect This Holiday Season...and From Whom?

10/3/2022

"Consumer confidence rises to five month high."
That headline from Chain Store Age* brings smiles to retailers.

Consumer confidence is a key indicator of retail sales, and this increasing confidence as we head into the holiday season is very welcome indeed.

“Concerns about inflation dissipated further in September—prompted largely by declining prices at the gas pump—and are now at their lowest level since the start of the year,” according to Lynn Franco, senior director of economic indicators at The Conference Board.
"Looking ahead, the improvement in confidence may bode well for consumer spending in the final months of 2022," added Franco.

But of course, there is no one-size-fits-all upside here.

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:

Patagonia Brings a New Answer

9/19/2022

In the free enterprise system, owners are free to succeed. And free to fail.

That's why The Retail Owners Institute has defined the #1 responsibility of the Owner as the survival of the business.

But then, the owner must define "Why?" Why are we doing this, anyway? Why are we working so hard for this business to survive and thrive?

There are many good answers. To be the biggest? The fastest growing? A way of life? Something to pass on to the next generation? To create wealth? To support a cause?
It all depends on the owner, and what she or he decides. Then, that answer must be communicated: to staff, customers, family, the community, competitors, everyone.

That brings us to an event that captured a great deal of attention in the business world last week.

Spoken Like a Retailer, But...

9/12/2022

It's back-to-school season!

We were struck by comments from folks for whom "back-to-school" is more than just a season.

Look what a state superintendent of public instruction* had to say about the upcoming school year.

"The sheer burnout of the last two years caught up with everybody."
"But out of that came a genuine assessment of what matters most."

Lots of retailers can identify with those comments, don't you agree?

Or, these observations about the disruptions and uncertainties of the pandemic:

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.

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.

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