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Owner's opportunity (and responsibility!) | To the rescue: GMROI | Retailer's Best Friend: 3-in-1 Cash Flow Calculator 
Wednesday, May 27, 2020

From The Co-Founders

Patricia M. Johnson & Richard F. Outcalt
Outcalt & Johnson: Retail Strategists, LLC  •  Retail Turnaround Experts

Will you seize the opportunity?!


Like every natural disaster, whether a massive storm, earthquake, wildfire, we all are victims of COVID-19. 

Not all of us have suffered being infected by the virus. But, essentially everybody has suffered losses. 
  • The loss of milestone celebrations of weddings, graduations, reunions, birthdays; anniversaries;
  • Lost access to theaters, museums, libraries, sporting events;
  • Loss of the sense of community that comes from going to work, or worship services, book clubs, or the local coffee shop; 
  • Loss of income, job losses;
  •  Or, sadly, the loss of loved ones. 
Few have been spared. 
 

Here's what we see about the so-called "New Normal":

  • It won’t be “normal” for anybody;

  • It will be “new” for everybody

And that means Owners of retail operations have the opportunity to shape their own business for the New Normal! 

Here are some reminders to keep in mind as you map out your store's future.

In retailing, it always starts with the customer. Consumers will be more cautious, discretionary consumer spending will be subdued

All age groups have been impacted; no one has been spared.
  • Retirees likely saw their retirement balances drop;
  • Millennials are living through a second economic crisis during their relatively short careers;
  • Generation Z is entering a job market at an unprecedented time.
Discretionary spending, will be diminished. Merchandise mixes must reflect this reality; more basics, never-outs. 

As shoppers become more purposeful, the transaction will be more important. 
  • What constitutes "convenience" will be expanded beyond location.
  • Shoppers' focus will be on the ease and convenience of the transaction (think e-commerce, curbside pickup, curbside returns, personal shoppers, etc)
In this environment, retailers who are whiners will be toast. Count on it! But, those retailers who seize the opportunity to experiment can create a terrific, viable business that could thrive. 

Retailing is coming back. Will you?
 

Have Questions? Get Answers. Direct from the Co-Founders!

  • Worried about what's next, after COVID-19? 
  • Uncertain about the best "survival strategy" for your business? 
  • Have some ideas for how to re-invent your stores, but...?
Time to take advantage of a free Q&A session with Pat & Dick!

Reserve Q&A sessionThe Co-Founders of The ROI, Retail Strategists Pat Johnson and Dick Outcalt, are available to "talk shop" with you! 

Go here to choose a day and time that works for you. It's free!
 

Time to Mix It Up!


For those retailers who survive...we have been anticipating a swoosh-shaped recovery.
  • Whether the shape of the swoosh is shallow or steep depends on the length of time of the “recovery” phase. And that of course will vary by market, retail segment, and much more. 
As we see it, no matter how much time the recovery will take,  successfully managing the mix of inventory in your stores will be especially crucial.

Go here to see our thoughts on the stages of recovery, both for the customers and for retailers. 
 
Inventory MIX Management

Using the Power of GMROI

Ahh, productivity!


All retailers want to increase productivity – of their stores, their employees, their advertising, their technology, etcetera.

But, how about increasing the productivity of your largest asset? You know, your inventory! 

"How?", you ask. By using GMROI to help guide your decisions.

The ROI regards GMROI - Gross Margin Return on Inventory Investment - as the #1 Inventory Productivity Tool.

To learn more about why and how to use GMROI in your retail operation, be sure to take advantage of this lively – and free – TOPICAL TUESDAYS Webinar of the Week.
 
Free Access • Webinar of the Week
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Retailing's Resilience! | Weathering a Crisis Resources | Retailer's Best Friend: 3-in-1 Cash Flow Calculator
Monday, May 18, 2020

From The Co-Founders

Patricia M. Johnson & Richard F. Outcalt
Outcalt & Johnson: Retail Strategists, LLC  •  Retail Turnaround Experts

"Flexibility Test???"

No Problem for Resilient Retailers!


Talked to any retailers lately?

We have. And wow, has that been fun!

Sure, when they call, they have some real questions and concerns. Landlords, PPP funds, vendors, insurance companies. Worries about their employees. And their customers. 

But what do we also hear, after we've helped answer their questions? Not "woe is me." Or finger-pointing or blame game. Never!

Instead, we hear resilience. Imagination. Problem-solving. Do-what-you-can-with-what-you-got. From Ohio, West Virginia, New Jersey, Colorado, Oregon. And tomorrow, Mumbai, India.

The Big Guys might call this "pivoting to a new business model."

We call it, retailers doing what retailers do every day. Passing the flexibility test. Pursuing an array of new ways to survive. Maybe it's...
  • Dealing with the immediate, like negotiating (significant!) discounts from vendors ("We're all in the same boat; we all need to make it through the storm.")
  • Considering new channels, like selling uniquely-sourced lines to other retailers;
  • Converting their format, maybe to more of a showroom, by-appointment-only;
  • Exploring subscription models, or gift baskets;
  • Launching a separate discount/clearance website, apart from your main store (different shoppers!)
  • A restaurant adding well-dressed mannequins to represent the ambiance of being full;
  • And much more! So impressive!
Retail has always had that kind of serendipity to it. Dealing with whatever situation comes up, whenever it does. (And faster than any algorithm, for sure!)
  • We'd love to hear from you, too. If you have questions, concerns, or just want some objectivity about some ideas you're considering, just schedule a call. Remember, it's free. And it's fun. 
Meanwhile, keep positive, upbeat, and flexible!
 

Have Questions? Get Answers. Direct from the Co-Founders!

  • Worried about what's next, after COVID-19? 
  • Uncertain about the best "survival strategy" for your business? 
  • Have some ideas for how to re-invent your stores, but...?
Time to take advantage of a free Q&A session with Pat & Dick!

Reserve Q&A sessionThe Co-Founders of The ROI, Retail Strategists Pat Johnson and Dick Outcalt, are available to "talk shop" with you! 

Go here to choose a day and time that works for you. It's free!
 

Unlimited free access for everybody!


The ROI has self-serve resources and tools available precisely for uncertain times. And since early March, we have opened up access to even more. 

The entire Weathering a Crisis section of the OWNERS Center: Crisis Ahead: Use the Lead Time is available for free, 24/7.

Go check it out for yourself. (Be sure to click SHOW ALL button.)
  • Webinars (on survival, cash flow, bank negotiations)
  • How-to articles (inventory turns, survival plans, stress management!)
  • Retailer-friendly cash flow calculators for "What if...?" planning
  • Retail assessment tools
Crisis Management

The Retail STRATA:G® Wheel

(That's "strategy." Every retailer needs one!)

Who will continue to thrive going forward? Those retailers who know and focus on their most profitable customers!

And you can identify your own "most profitable customers" – for FREE! Meet the cause-effect power of The ROI's proprietary Retail STRATA:G® Wheel

Watch this lively, informative, and empowering TOPICAL TUESDAYS Webinar of the Week, from Pat Johnson and Dick Outcalt, Co-Founders of The Retail Owners Institute®. 

Packed with practical tips and useful approaches you can use to your own store's advantage right now. 

Just when it's needed, now more than ever. 
 
Free Access • Webinar of the Week
Sharing is good!
Let others who care about retailing know about The ROI. 
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