Keeping Perspective

Is there a more difficult everyday challenge?

As owners of businesses, we've got all of the issues of the times right on our plates. Think about it:

• Every family has ups and downs. In fact, every person does.
• And it seems that all of our constituencies – family, friends, neighbors, customers, employees, landlords, lenders, vendors – look to us for answers, for leadership. "Well, after all, you are the owner!"
• Meanwhile, the covid turbulence has magnified the fact that there's really no how-to manual for dealing with a wily once-in-a-century pandemic.

Is there a more difficult every day challenge than maintaining perspective? We don't think so.

As we get ready for the New Year, and the post-Holiday season slowdown settles in, here's a positive way for retailers to re-energize and re-focus their entire organization, whether one store or even a hundred. 

We learned this from one of our clients with nearly 50 stores widely scattered over 6 states. Each day, without fail, they would take time for what they called the "Corporate Cheer." 

You will see how it can be a fun addition to any retail business, no matter the size.

The definition of a good coach is “That person who makes you do the things you don’t want to do, to become the person you want to be.”

Given that, we would suggest that the pandemic proved to be a great coach for many retailers. So much so, "Coach P" really deserves being recognized as the Coach of the Year!

Think about it. The pandemic forced retailers to do things they had long evaded or delayed (remember “technology laggards?”) 

In most years, this is the week that is typically a bit of a lull. The first wave of shoppers – Thanksgiving, Black Friday, Shop Local Saturday, Cyber Monday – has crested; the final wave doesn't begin in earnest until this coming weekend.

But this year IS different. Shoppers began shopping in earnest much earlier. And they use the internet to do their browsing, and then have an array of choices for receiving their purchases, from delivery to curbside pickup to in-store pickup.

So, what better time than this to revisit your returns policy?!
 

The #1 responsibility of every retailer is to manage and control the inventory. By doing that, you are managing margin, profit, cash flow...also known as success!

Managing inventory demands a merger of art – the selection of merchandise – and science – the quantity of merchandise at any given time. 

And here is a formula that makes the science part accessible for every retailer. All you need is a pencil to do this (remember those?) And it can and should be embraced by every retailer!

Thanksgiving time in the U.S. is not a good time to be a turkey. 

And, the week after Thanksgiving is obviously not a good time to try to be selling turkeys, or turkey dinners. Especially at full price.

The same thing applies to your inventory! Especially with all the challenges and distractions surrounding supply chain issues, there could be lots of "turkeys" languishing in the inventory in your stores. You know; non-selling, distressed, old, unappealing leftovers among your merchandise.

We are entering an exceptionally exciting time for retailing. 

Nationwide, the U.S. is experiencing an entrepreneurial surge not seen since the tech boom of the 1990s, said Kenan Fikri, research director for the Economic Innovation Group in Washington, D.C. 

According to an analysis of Census data by EIG, "Through September, Americans have filed a record 1.4 million applications to start new businesses – the most through the third quarter of any year on record."*

Experts suggest it’s being fueled by rising household wealth and shifting life priorities, after millions of Americans were tossed from their jobs during the pandemic. 

The constant challenge for retailers is to anticipate what their customers really want.  And this year, there seem to be plenty of choices available.

• A "frictionless" checkout procedure? 
• One hour delivery? 
• Buy Now, Pay Later?
• "This particular item in this particular color and size. Right now!?"
• Etcetera

It is all part of the on-going challenge of retail; the art and craft of being a merchant. 

Then there are the customers who are reacting to the constant drumbeat of news about supply chain issues, merchandise shortages, and looming price increases by starting their shopping early. 

Adding to this stampede, some major chains were launching their Black Friday specials before Halloween!