Re-Inventing Retail

From the Co-Founders of The Retail Owners Institute.
Tips | Tactics | Insights on the Business of Retailing.

No Room for Mediocrity Bookmark

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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.”


In fact, in our view, mediocre retailing should be dead! 

What a disservice mediocre retailing represents. It’s a lack of respect – for the customers, the merchandise, the employees, the communities, and on and on.


What's the alternative to being mediocre? Having a competitive edge. 

But here’s the challenge: that can be ephemeral. It often doesn't last. And it never can be taken for granted.

Whether your competitive edge is your location, knowledgeable staff, competitive prices, convenience, merchandise exclusivity, etc, it is subject to a constantly-changing competitive environment.

It therefore can be eroded very quickly.

How to stay ahead of that erosion? Always be looking for the next competitive edge. 

How? By constantly being focused on your most profitable customers. And be prepared to adjust and adapt. 

Whew! That’s a task perfectly suited for those drawn to the dynamics of independent retail in the first place! The pros will survive and thrive.

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About The Co-Founders

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.

Since 1999, empowering retailers and store owners to "Turn on your financial headlights!"