The savvy retailers know that now is the time to be putting the finishing touches on – wait for it – being ready for December 26! Yes, this unique time period between December 26 and New Year's Day is a tremendous make-or-break opportunity. Indeed, many retailers find they net more from this time than any earlier stretch of 6-10 days!
First, the many opportunities to reduce expenses "back to normal". Less advertising cost. Less staff. Fewer hours.
For most retailers, especially this year, reducing inventory is priority #1. With talk of a 2023 recession still in the air, lingering inflation driving up costs, and rising interest rates, cash is definitely king this year. Time to revisit your year-end strategies for meeting your targeted ending inventory on December 31. If you are like many retailers this year, with plenty of merchandise in your stores, you know the challenge: how best to turn that inventory into cash? Quickly! Especially without looking like a distressed merchant.
Here's one answer for how to do that. Focus on improving the productivity of each shopper who comes to your store. That is, increase the IPTs (Items Per Transaction.) Make it easier, more compelling and more fun for them to buy more items from you.
Consider this retailer, whose sales over the last 4 weeks are down 12% compared to last year. Some retailers in this situation essentially freak out. But others know to keep asking questions. Before they decide what to do next to fix lagging sales, they want to know "Why?" So, here is one way to get to the numbers behind the numbers; to begin to know the "why" of your sales trends. All it takes is tapping into the data that's already in your POS system, and putting together a little summary tally sheet. Here's one example.
As the Holiday Season approaches, finding good help promises to be especially challenging for retailers this year. Then, we read "10 Things to Know to Get And Keep Retail Jobs," a to-the-point commentary from Bob Phibbs*, who specializes in retail sales training. Here are his Top Ten recommendations for prospective retail employees:
You've seen all the headlines. Worldwide inflation. Dire warnings of a coming recession. Big time discounts at retailers due to boatloads of inventory. Amazon doubling down on their Prime Day(s) sales. Shoppers shopping early in anticipation of rising prices. Shaping up to be yet another "unprecedented" Holiday season for retailers, isn't it? And a wonderful opportunity for all merchants! How best to start? Set the boundaries.
Next, establish clear routines for monitoring inventory levels.
Retailers are notable for their optimism and their resilience. And the last couple of years have provided ample opportunities to showcase their ability to bounce back. But now, it's 2022. Time for those customers to pick up the slack. And here's an idea for helping them get started. Without costing a penny in advertising! Print up some "bag stuffers" (you know, conspicuous notes) inviting them to come back in November.
We recently learned of a restaurant with 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?", often their answers can range from "I don't know" to "I don't care."
But at this restaurant, here is what each all-too-familiar answer brings to the table:
As the final third of the year approaches, there's a "new era" afoot. There is optimism in the air. Optimism? Really? Yes! And it could catch a lot of folks by surprise.
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