Except for the lingering sugar high, Halloween is soon to be behind us. Retailers know what that means: on to the Holiday Season! Of course, for most retailers that brings a major focus on sales. But, savvy retailers are focused especially on the targeted ending inventory on December 31. Those retailers are carefully watching sales reports, and are poised for action.
This is a great technique to add some fun for your staff – and some teamwork – to help move out that merchandise you really don't want around come the New Year. And depending on how many items you have targeted, the total cost of the spiff money is likely less than a steeper markdown would have been. And this way, that money goes to your employees! Sweet! Time to start identifying those merchandise items that will be on the spiff list. Let their Farewell Tours begin!
There's little that any of us can do to address the public health crisis of the pandemic. Its impact on people and businesses is a widespread and major jolt, akin to the shocks of 9/11 and the 2008-09 economic meltdown. Even as painful and disruptive as the pandemic is at this moment, we must remind ourselves that it will subside. It's not whether it will subside, just when. But all of us are going to have to deal with the ensuing economic situation, and its effects on our sales, our customers, our employees. These are difficult times for us all. Retailing in particular is under enormous stress. Many feel like there are no good choices. But, there are good decisions. And The ROI is dedicated to helping you be able to make those good decisions for yourself.
As your stores are able to re-open after the coronavirus shutdowns, how they look tells a powerful story. And for you, a great opportunity. This is no time to try to go back to normal, back to business-as-usual. Nor to simply have all kinds of protective shields in your store. While necessary, how welcoming is that? Instead, this actually IS a second chance to make a good first impression! Take full advantage!
Each of us, our households, businesses and communities are in different stages of shutdown due to the coronavirus. While we cannot speak to when this will end, we do have some ideas for dealing with the "fog of uncertainty" that hangs over us all.
The Retail Owners Institute® has developed a retail strategy for "Inventory Management Going Forward." As we often do, it was recapped as an unassuming chart (see above) identifying the Five Stages of Merchandise Mix Management, from "Before COVID-19" to the "New Normal?"
The COVID-19 pandemic has certainly gained the respect of the general public.
Surveys continue to show that, while folks are eager to be able to resume moving about, they do not expect to resume their pre-pandemic discretionary shopping and dining activities anytime soon. They are awaiting effective treatments or, even better, a vaccine. Main Street restauranteurs and retailers understand that, according to survey results reported April 27.* In fact, these owners anticipate it could take another eight months – that is, most of the year – for consumer demand to reach the so-called "New Normal."
There’s an awareness, an “Oh wow!” sweeping around the commercial world. It’s stated in a variety of ways, but it’s the same surprise.
Indeed, some respected urban thinkers are suggesting that 50% of the traditional commuters may want to and will be encouraged to continue to work remotely. 50%?! Yikes. That’s quite a redirection of the parade!
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