PERSPECTIVES

What is the definition of "value" for customers? Pretty straightforward, actually.

• Value = benefits received for the burdens endured.

Wait. What? "Benefits received?" "Burdens endured?"

Turns out, the only single answer to "What is value?" is, "It depends." 

Don't just roll your eyes. What constitutes value for your customers increasingly is a make-or-break part of retailing. 

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. 

• Each week, they identify "What's not selling yet?" And they do something about it! Move it around on the floor? Display it differently? Pair it with merchandise that IS selling? Lots of choices. 

As the Holiday Season approaches, finding good help promises to be especially challenging for retailers this year. 

Then, we read "10 Things to Know to Get And Keep Retail Jobs," a to-the-point commentary from Bob Phibbs*, who specializes in retail sales training. 

Here are his Top Ten recommendations for prospective retail employees:  

• "Performance is Key"
• "Treat Customers with Respect"
• "Go the Extra Yard"
• "Be on Time"
• "Don't Gripe About the Hours"
• "Be Flexible"
• "Don't Be a Drag" 
• "Be a Team Player"
• "Respect the Rules"
• "A Cut in Hours is a Sign"

You've seen all the headlines. Worldwide inflation. Dire warnings of a coming recession. Big time discounts at retailers due to boatloads of inventory. Amazon doubling down on their Prime Day(s) sales. Shoppers shopping early in anticipation of rising prices. 

Shaping up to be yet another "unprecedented" Holiday season for retailers, isn't it?

And a wonderful opportunity for all merchants!

How best to start? Set the boundaries.

• First, specify how much inventory, in total, you want as of December 31. 
• How much by department?
• Category?

Next, establish clear routines for monitoring inventory levels.

Retailers are notable for their optimism and their resilience.

And the last couple of years have provided ample opportunities to showcase their ability to bounce back.

But now, it's 2022. Time for those customers to pick up the slack. And here's an idea for helping them get started. Without costing a penny in advertising!

Print up some "bag stuffers" (you know, conspicuous notes) inviting them to come back in November.

"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. 

More Spending on Necessities

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:

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.