Blog Posts

Every Retailer's Most Significant Valentine

2/6/2023

Just One Week Until Valentine's Day!

What better time to send a love note to ... your customers?!

Yes! That's right. A Valentine. Just a Valentine. No strings attached! Show your love!

No special discount coupon.
No "bounce back" offers ("come back by such-and-such-a-date to save $$$.")
No "sign up for our Insider's Club."
No "We want to know what you think about your most recent visit."
No expectation of them doing anything more for you!
No obligation.

Just an out-and-out thank you note. A love note for being your customer!

Answers to Those Top Two Buying Questions

1/30/2023

There is much enthusiasm coming out of the buying trade shows, and why not?

Attendance levels have been near to or better than 2019. Energy levels are high, and very contagious. A sense of urgency persists, due to past supply chain issues, emboldening the pressures from the vendors to "Buy now!"

Especially in today's environment, FOMO - the Fear Of Missing Out – can be a compelling sales pitch.

How to deal with this pressure, especially given all the headlines about a coming recession, or drops in consumer spending, or cautions about the need to control expenses, improve profits, maintain cash?

Here are two tactics to help you manage this. One helps monitor and control "How much to buy?" The other helps decide "What to buy?"

Recession? No Thanks, Not For Me!

1/23/2023

Try as we might, it seems that there will be no avoiding a recession in 2023. How deep it is, and how prolonged, still remains to be seen.

For retailers, it's not a matter of whether your business will be impacted, just how much. Alas, retail does not lend itself to being recession proof.

However, there are ways to make your business more recession resistant.

The place to start? First, find out what your Debt-to-Worth ratio is right now. That is the #1 measure of the financial strength of your business. It's a key indicator of your ability to weather an economic downturn.

Index of Retail Sales Potential

1/17/2023

Managing inventory – arguably the #1 responsibility of a retailer – has been beset by a host of new and sometimes daunting challenges since 2020.

The last few months of 2022 only made matters worse. As supply chain issues seemed to subside, foreboding talk of a recession dominated, dampening customer spending.

Many retailers are feeling a bit over-inventoried as a result. Similar to that sense of having a few added pounds after the holidays.

In other words, a situation that is crying out for perspective. And The Retail Owners Institute® has you covered on that!

Just a few more days until...the 26th!

12/19/2022

The savvy retailers know that now is the time to be putting the finishing touches on being ready for – wait for it – December 26!

Yes, this unique time period between December 26 and New Year's Day is a tremendous make-or-break opportunity. Indeed, many retailers find they net more from this time than any earlier stretch of 6-10 days!

Why? Three Main Reasons
First, the many opportunities to reduce expenses "back to normal". Less advertising cost. Less staff. Fewer hours.

Showing Up Matters (and Not Just for Show)

12/12/2022

There's a very important annual job for you, the owner, and all of your senior staff. It's vital, and it involves your presence.

The pressures are mounting on your stores, and in particular, your front line staff.

Noticed all the "help wanted" signs in stores, coffee shops, restaurants? It's not just you; lots of (other) businesses are having a tough time with finding and keeping good help.

In fact, a nearby McDonald's posted a notice on its front door acknowledging that they were understaffed due to no-shows, and encouraging (imploring?) customers to be considerate to the people behind the counter who are there to serve them.
Meanwhile, the deadlines for online orders to arrive before Christmas are fast approaching. This will lead to a surge in in-store shoppers. And more demands on your front-line staff.

Increase the "Productivity" of Your Customers

11/28/2022

For most retailers, especially this year, reducing inventory is priority #1. With talk of a 2023 recession still in the air, lingering inflation driving up costs, and rising interest rates, cash is definitely king this year.

Time to revisit your year-end strategies for meeting your targeted ending inventory on December 31. If you are like many retailers this year, with plenty of merchandise in your stores, you know the challenge: how best to turn that inventory into cash? Quickly! Especially without looking like a distressed merchant.

One answer? Focus on improving the productivity of each shopper who comes to your store. That is, increase the IPTs (Items Per Transaction.) That is, make it easier, more compelling and more fun for them to buy more items from you.

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