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The savvy retailers know that now is the time to be putting the finishing touches on being ready for – wait for it – December 26!
This unique time period between December 26 and January 10th is a tremendous make-or-break opportunity. Indeed, many retailers find they net more from this time than any earlier stretch of 15 days!
First, the many opportunities to reduce expenses "back to normal." Less advertising cost. Less staff. Fewer hours.
Second, those people using Gift Certificates, making returns or exchanges are potential new customers. Likely, many of them haven't been in your store before. A great opportunity!
And third, the opportunity to clear out seasonal merchandise, generate cash, and move on to the New Year.
So, make your list and check it twice. Here's how to be sure to be ready.
Adjust your staffing and advertising schedules, so you are sure to realize the expense savings.
Set those special merchandise markdowns, in readiness for those After-Christmas Price Hounds. Make the savings significant.
Renew the emphasis on capturing customers' email addresses.
Provide special incentives to bring the customers back. Liberally give out coupons - bag stuffers! - such as "15% off February Purchases."
Before you lock the doors at closing time on Christmas Eve, be certain you have taken care of these 3 key things:
Change the music sound track! No more jingle all the way. Have some fresh, appealing and upbeat music to greet your shoppers on the 26th.
Be sure the replacement displays are staged and ready to quickly be put in place before you open on Thursday morning.
As soon as you can, get that new, full-margin merchandise out for this traffic to scoop up. And they will!
And one more key reminder:
Somehow, some way, you and your senior staff must be sure to express your appreciation – convincingly – to each of your front-line people. Their commitment and attitude is everything.
"It's not how you start; it's how you finish!" The post-Christmas time may determine the overall outcome of your entire 2024 Holiday Season!
Be ready. Make it very merry and bright!
This is, after all, The Retail OWNERS Institute. We long have specialized in alerting, coaxing, and applauding retail owners worldwide. Today's message is a major heads-up. Keeping pace with the relentless changes in retailing has never been easy. Retailers know that constant adjustments are demanded. Then, the three pandemics of 2020 happened: COVID; the economic meltdown; the social unrest. And life changed modestly or enormously for almost everyone, including owners of retail businesses.
YOUR GOAL: QUICKLY GET TO A FIRST DRAFT. Face it. Sales are dropping. By how much? For how long? Nobody knows for sure. But, you can make some assumptions, some educated guesses. Put those into the 3-in-1 Cash Flow Calculator.
These totally volatile times cause a lot of opinions and fears to be swirling around. Seeing "what if...?" can be very helpful. All in just minutes. On your own.
There's something in the air. And no, it is not smoke! We believe there is a profound feeling of "springtime." We know; spring officially is still two months away. But that springtime state of mind IS here. And we all should embrace the opportunities it may bring us. What's the source of this attitude change?
Except for the lingering sugar high, Halloween is soon to be behind us. Retailers know what that means: on to the Holiday Season! Of course, for most retailers that brings a major focus on sales. But, savvy retailers are focused especially on the targeted ending inventory on December 31. Those retailers are carefully watching sales reports, and are poised for action.
Christmas is two weeks away.
Time to focus on the “science” part, the numbers part, of “the art and science of inventory management.” The march has begun toward a vital, critical touchstone – your 12/31 targeted ending inventory level.
On that date, you must have appropriate inventory levels and mix for the months ahead – plus the cash to pay for it!
This is the moment an “ending inventory enforcer” must step up.
The Retail Owners Institute® has developed a retail strategy for "Inventory Management Going Forward." As we often do, it was recapped as an unassuming chart (see above) identifying the Five Stages of Merchandise Mix Management, from "Before COVID-19" to the "New Normal?"
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