This is, after all, The Retail OWNERS Institute. We long have specialized in alerting, coaxing, and applauding retail owners worldwide.
Today's message is a major heads-up.
Keeping pace with the relentless changes in retailing has never been easy. Retailers know that constant adjustments are demanded.
Then, the three pandemics of 2020 happened: COVID; the economic meltdown; the social unrest. And life changed modestly or enormously for almost everyone, including owners of retail businesses.
But get this. As David Brooks observed, "The American Renaissance Has Begun."*
Here is our point: You've coped with and survived the pandemics. But, isn't the point of owning your own business to make the business work for you?
Think about your personal life right now. Start with what changes have occurred since you started your business? (Other than you've aged!) Then, more specifically, how much has 2020, covid, etcetera affected your answers to all these questions?
These are real-life issues, magnified by the worldwide pandemic.
It not only is perfectly okay for owners to ask themselves those questions, it is imperative. And, you must give yourselves permission to find some new answers. You must be ready for the coming renaissance.
We would add, Get cracking!
* David Brooks, The American Renaissance Has Begun, New York Times, June 17. 2021.
Let's assume your stores have been closed for weeks now.
We recognize how conscientious you are. So, after paying what you can to your employees (and yourself), the next most-worrisome dilemma is your rent.
As you likely have discovered, a common choice for many landlords is to offer to defer your payments. But that means taking on more debt, as those payments are only being postponed to a later point in time.
You need a better solution than that.
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!
There's a very important annual job for you, the owner, and all of your senior staff. It's vital, and it involves your presence.
The pressures are mounting on your stores, and in particular, your front line staff.
What is the definition of "value" for customers? Pretty straightforward, actually.
Wait. What? "Benefits received?" "Burdens endured?"
Turns out, the only single answer to "What is value?" is, "It depends."
Don't just roll your eyes. What constitutes value for your customers increasingly is a make-or-break part of retailing.
The Retail Owners Institute® makes it easy for you to get a quick financial health assessment of your own stores, as well as the retail industry, and every vertical within it.
From farm stores to apparel stores, wine stores to tire dealers, gift shops to convenience stores; all 45 verticals.
Here's how to get started.
Quite a picture, isn't it? Which ratios are trending up? Down? Any suggest some shaky times ahead? Any surprises? But most importantly, how will yours compare?
No, Not About People This Time
While we typically think of people as recipients of recognition – and we trust you already are doing that, right? – this is a different challenge.
Ready? Here we go! Of your merchandise, which products are Award Winners?!
Still less than $1 a day! 👀