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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.
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!
Maybe you are aware of this. We sure are! Way too many retailers are just fumbling along, paying everybody else but not themselves. Worse yet, way too many retailers are failing, going bankrupt, even in these "good" times for the economy.
And when a retail business fails, it affects a host of people and entities. Not only do employees lose their jobs, and landlords lose a tenant, and suppliers lose a customer, and a community loses a retailer...the owner(s) oftentimes lose their house, car, savings, everything.
Failure is sickening.
For retailers there are two very strong trends happening now through the Holiday Season. And they are remarkably divergent.
What a scenario. Shoppers buying vigorously, retailers joyously raising sales expectations, and many more anxious lenders offering "cash in 24 hours!" to business owners. Wow! Are these the good times, or what? Forgive us, but today we're focusing on the "or what?" aspect.
The season of ghosts and goblins and things that go bump in the night is upon us. While Halloween comes and goes, there may be another very unhappy monster haunting retailers this Holiday season. And it is spooky! What is this monster? It is an unintended consequence of the good faith efforts of many retailers to provide "excellent customer service." Customer expectations have been raised to heights that may not be fulfilled this year. A grim reality is setting in.
It has begun; the 4th quarter of the year. But sadly, Covid-19, the Delta variant, and now the Alpha variant will have huge influence. Meanwhile, there is no shortage of opinions and predictions about the economy, whether from Wall Street, the Fed, Capitol Hill, or your buying group or retail trade association. Amidst all this, we were intrigued by a report that could be of far more value to retailers: results of a monthly survey of consumer concerns.* After all, for retailers, the shopper matters much more than the pundits on the business pages.
Incredible value! 👀
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