From the Co-Founders of The Retail Owners Institute.Tips | Tactics | Insights on the Business of Retailing.
You’ve heard about the robust sales numbers on Thanksgiving Day and Black Friday, right? Now ICSC – the International Council of Shopping Centers – has sponsored a research survey about Thanksgiving Day and Black Friday to delve into them a bit more.
And what they found sure surprised us.
For example, who were the biggest fans of physical retail and shopping centers?
Yep, those "digital natives", folks ages 18 – 36 chose to make their purchases from physical retailers (or through websites operated by physical retailers) rather than shopping pure online retailers such as Amazon.
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.
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!"