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Tips| Tactics | Insights from The Retail Owners Institute(R) • RetailOwner.com
Friday, August 17, 2018

From The Co-Founders

Finding opportunity – on the Kids Menu?! 

We recently learned of a pizza parlor in North Carolina that has 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?", here is what each answer gets them.
  • "I don't know" = baked ziti
  • "I don't care" = chicken tenders and fries
  • "I'm not hungry" = baked cheese ravioli
  • "I don't want that" = lasagna
  • '"I'm tired" = choice of pasta, choice of sauce
  • "NOOOOOOOOO!" = ham and cheese pita with fries
  • "Fine!!!" -- personal pizza
(Where was this idea when we each were raising our kids?) 

This "Menu Per Bambini" of Mama's Pizza and Pasta speaks volumes, doesn't it? It says to its customers, the parents, "We get it!" 

What a powerful connection with the customer. And a wonderful differentiation from other family restaurants. Not to mention a great word-of-mouth opportunity for attracting even more families. 

In fact, shouldn't they have a similar menu for Millennials? Or for weary business travelers? Or any number of folks suffering decision fatigue?

Moreover, we see it as a real inspiration. How might you and your stores be able to make this same kind of "We get it!" connection with your customers? 
  • People prefer stores that are upbeat, that provide solutions, that make the experience worthwhile, even fun.
  • It's time to unleash your store's personality, and let your likability come out. 
  • Ask your staff to think about stores where they shop: "What might improve your experience there?" Then, ask them that same question about your store. 

Getting Through the Retail Maze with GMROI

Gross Margin Return on Inventory Investment

Since 60% – 80% of a typical retailer’s total assets are in inventory, it is essential that retailers know how their inventory investment is performing. 

What is the "return on investment" of a retailer's largest investment? The GMROI calculation is the tool for the job!

In fact, The ROI calls GMROI "the #1 measure of inventory productivity."

Take advantage of this article from The ROI's Library for Owners to find out more about putting this powerful tool to work in your retail operation. 
The Power of GMROI

OWNERS Center: Choices

One of the more popular sections of The ROI's special OWNERS Center is the Discover Choices section. 

It is packed with self-serve, retailer-specific info and tools to help you:
  • Explore "Well, what could we do?"
  • Get perspective on "Where are we now?"
  • Discover "Where do we want to go?"
  • Evaluate "How are we going to get there?" 
Plus, as is true in all parts of the OWNERS Center, there is also the free OWNERS HOTLINE.

Be sure to take advantage of these one-of-a-kind resources for retail owners and decision-makers. Available only at The ROI.
Go to the OWNERS CENTER
Remember: All ROI Members have unlimited access to this unique OWNERS Center

(Not yet a Member? Really? Go here to sign up now! Less than a dollar a day!)

Monthly RETAIL SALES Trends

 
Get perspective on your sales results. 

July 2018 figures just released on August 15. The ROI compares the trailing 6 months of sales results to the same months the prior year. 

Quickly compare your sales trends to your retail sector. 
Monthly Retail Sales Trends vs Last Year

Smarter Markdowns. Made Smartly!
Friday August 17 – Thursday, August 23

Markdowns are a strategy that the savviest retailers use proactively to their advantage to achieve their overall financial goals.

This lively TOPICAL TUESDAY Webinar of the Week, by Pat Johnson and Dick Outcalt, Co-Founders of The Retail Owners Institute®, is packed with valuable know-how and strategies about the art and the science of markdown management.

This is an explanatory and informative session. Powerful and eye-opening for buyers and sales managers alike.

Free online, on-demand access for an entire week.



go here to see a short preview

 
 

 
TOPICAL TUESDAYS Webinar of the Week
Friday August 17 - Thursday, August 23
ROI NEWS subscribers enjoy free access all week
Start NOW Free Access

Retail Business Insights

Keep Looking Ahead
You wouldn't drive at night with your headlights out, right? Even though the car still goes, plenty fast! But, you know you need to be able to see the twists and turns in the road ahead.

For the same reasons, you don't want to be "driving" your store without its headlights on. Which is why to use the online projecting resources of The ROI. To see ahead, and make those needed adjustments to stay on the road.

"Turn on your financial headlights!!"

What is The Retail Owners Institute?
Empowering!

Since 1999, enabling retailers worldwide to
"Turn on their financial headlights!"
 

Know anyone who should know about these?


For BUYERS 
The Open-to-Buy Center 

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The PROFITS Center at SmallBizRetailer.com

For OWNERS, Presidents, Decision-Makers
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