What are the OWNER-ONLY responsibilities?
SURVIVAL of the business
Define COMPETITIVE EDGE
ASSET Management (Yes, all three kinds of assets!)
see more in The HUB and the "What COULD we do?" Owners Resource Collection.
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From the Co-Founders of The Retail Owners Institute.Tips | Tactics | Insights on the Business of Retailing.
In our experience, the Thanksgiving weekend - Thanksgiving Day, Black Friday, and Cyber Monday - also marks the beginning of a very pensive time for many retail owners.
While it is a very busy time in the stores, the owners are more like politicians on election night. All you can do is wait for the results to come in!
The same thing applies to your inventory.
Any "turkeys" in your inventory need to be gone by the end of the Thanksgiving weekend. No matter how low the price needs to be, there are 3 vital days to get non-sellers out of your inventory.
Remember, the week after Thanksgiving Weekend is the time to have NO "turkeys" in stock.
You've seen them, right? All the stories about how strong this year's Holiday sales are expected to be.
Meanwhile, the department stores – Kohl's, J.C.Penney, Macy's – keep reporting sales declines. And malls, seeing less foot traffic and fewer shoppers, are scrambling.
So, where will those robust retail sales come from?
The ROI NEWS asked retailers this question about the effectiveness of Social Media: “Does it raise sales?!”
We invited retailers to take a short, quick, 6-question survey about their use of promotional tools in general, and, in particular, “Social Media”: Facebook, Twitter, Pinterest, Instagram, LinkedIn, Other.
We asked, and you answered!
You quickly confirmed that “social media” is in fact a hot topic among retailers!
And, you are willing to share your experience with it with others, and for that we say, Thank You!!
The NRF – previously known as the National Retail Federation – describes itself as "the world's largest retail trade association."
And indeed, it has expanded well beyond a "national" focus. Its far-reaching international focus matches that of its large enterprise members.
A data analytics firm has identified four types of holiday shoppers, and advises marketers to have an appropriate strategy for each one.
Well, of course, none of this is news to retailers! But we think it could make a good topic for your next manager’s meeting. (And, it might be news to some of them!)
We have a mental image of a wide-open plain with hundreds of prairie dogs, cautiously poking their heads above ground. Looking around, they slowly realize they can actually venture out into the world once again.
And venture forth they do. One by one at first, then more and more. Enthusiastically. Energetically. Excitedly bounding about, encouraging others to share their sense of adventure and fun.
And that’s what we imagine is next for independent retailers. Here’s why.
The forecasts for Holiday Sales are coming out. And they are very upbeat!
Sales increases of 4.5 percent are forecast, versus last year's 3.6 percent. Meanwhile, holiday e-commerce sales are projected to grow 18-21%.
"With disposable personal income climbing and consumer confidence staying elevated across the U.S., the holiday shopping season could bring healthier sales for retailers," stated Rod Sides, the head of Deloitte's Retail Practice.
"The good news is retail is thriving, with a proliferation of new, niche retailers."
Aren't we all sick and tired of the perception that retailing is terminally ill?
While it’s tempting to simply paraphrase Mark Twain – “The news of the death of retailing has been greatly exaggerated.” – when dismissing the doom-and-gloomers, we think that Dave Gilboa, Co-Founder of Warby Parker, the eyewear retailer, summarized it more accurately in an interview last week on PBS:
“We don’t think retail’s dead.
We think mediocre retail is dead.”
Pat Johnson and Dick Outcalt, The Co-Founders of The Retail Owners Institute®, have been called "The Zen masters of retail finance!"
Since 1999, they have been assembling their proprietary content into a unique self-help website. The Retail Owners Institute is an unmatched resource that assists retailers worldwide with basic financial training, assistance and easy-to-use tools.
Their engaging and empowering how-to resources about the financial levers in retailing are informative, fun(!), and retailer-friendly. Their promise: "Everyone will 'get it'!"
Pat and Dick are recognized experts in strategic retailing. Working only as a team – Outcalt & Johnson: Retail Strategists, LLC – they have been consulting, publishing, and speaking professionally throughout North America since 1990.
They focus exclusively on retail, or wherever retail is involved. They work with CEOs, CFOs, boards and owners of retail operations, as well as manufacturers or wholesalers expanding into retail. And they also are Retail Turnaround Experts.
There's lots more for retailers to see and use! Available nowhere else.
Since 1999, empowering retailers and store owners to "Turn on your financial headlights!"
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