Is there a more difficult everyday challenge? As owners of businesses, we've got all of the issues of the times right on our plates. Think about it:
Is there a more difficult every day challenge than maintaining perspective? We don't think so.
Amidst all this, we were struck by a tweet* that was posted mid-afternoon New Years Eve:
Indeed. As 2022 begins, most retailers can say "we ain't what we was." In fact, most retailers are better now! Want proof? Take a look at the Key Retail Benchmarks on The ROI site.** Just look at the trend charts for each benchmark ratio. While there are exceptions, we believe that these latest Benchmark numbers show the most extensive and significant financial improvement since we have been tracking these numbers for you. More important, get perspective for yourself. See your own ratios (there's a free online calculator that makes it easy), and compare to your own last year. And the year before. Very likely you too can say...
Yep, we're better now. Ahh, perspective. Onward to 2022! --- * @MaraGay, New York Times editorial board. Dec 31, 2021, 3:08pm
** Key Retail Benchmarks, Five Year Trend Charts
According to the calendar, as of March 21, it officially is springtime. No matter what the weather is doing. Well, it's time to bring the calendar to real life! Spring is really a state of mind! The dark winter has passed. Even the rain is warmer in the spring. And new growth is beginning to sprout; leaves are coming out. It's a wonderful, fresh outlook. And that of course means it is a wonderful opportunity for retailers to refresh and reenergize their stores. No matter what merchandise you sell - whether it's tires, apparel, books, housewares, office supplies, whatever - every retailer is in the fashion business. And that means that your customers are wanting what is new and fresh.You know; "in fashion."
photo: Greg Gilbert/Seattle Times
Recently we read of a "bookshop on wheels" launched by a college English instructor. While certainly not the first retail variation on a food truck, this one has gained praise for its authenticity. "What’s most surprising when you walk into Blue Kettle Books for the first time is how cozy and, well, bookstore-ish the tiny space feels."*
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 Amazon Prime Day approaches – it is June 21 and 22 this year, the earliest ever for this 48-hour promotional event – retailers from all segments are wondering (or being asked): "So, how do you compete with Amazon?" Our response? You don't, at least not directly. Yet independent retailers do have many strategic advantages over Amazon. But you must recognize them, and enhance them at every opportunity. Here are some ideas that you may want to consider.
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