YOU are the leader we need now!
Most of the people who receive our weekly newsletter from The Retail Owners Institute® are either owners of stores (duh...) or work with retail owners, not only in America but around the world.
When you think about it, owners and senior management of retail businesses are looked upon as leaders everyday, by employees, by suppliers, by customers, by their families and often by the media. You are community builders.
Amidst this pandemic, your leadership is more vital than ever.
By leadership, we mean your calm, your upbeat attitude, your perseverance, and the character we know you possess.
But here's the deal: there are three concurrent pandemics, not just one:
Each one of these pandemics demands informed responses and good judgment. The concurrence of all three threatens to overwhelm us all.
The magnitude of the situation represents – loudly – the need for YOU.
As a retailer, be a leader. Your community needs you now more than ever.
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.
A little chaotic, isn't it?
You likely have experienced some of these dilemmas from the customer side. So you know how annoying or unsatisfactory it can be.
But you also are living that dilemma from the retailer's side.
You may be one of the many retail owners who share our vision of why to own your own business: “Making money. Having fun. Doing good.”
You see, we believe that Owners do not have to choose just one goal for defining "success" in their business. Goals do not have to be mutually exclusive; they can converge. Just like in a Venn diagram.
Here's a fun exercise. Make your own Venn diagram for your own business. Start now to make that convergence come to life.
The definition of a good coach is “That person who makes you do the things you don’t want to do, to become the person you want to be.”
Given that, we would suggest that the pandemic proved to be a great coach for many retailers. So much so, "Coach P" really deserves being recognized as the Coach of the Year!
Think about it. The pandemic forced retailers to do things they had long evaded or delayed (remember “technology laggards?”)
That headline from Chain Store Age* brings smiles to retailers.
Consumer confidence is a key indicator of retail sales, and this increasing confidence as we head into the holiday season is very welcome indeed.
But of course, there is no one-size-fits-all upside here.
That message is emblazoned – in sunshine colors - in the windows of Nordstrom's flagship store in downtown Seattle. And yes, on a drizzly January day in Seattle, it was a welcome sight this morning. A nice pep talk for us all.
And a fitting message to follow our reflections on the year we just experienced.
Since March 2 of 2020, our From The Co-Founders commentary has been focused on the pandemics. Revisiting those was quite the "year in review" experience.*
Still less than $1 a day! 👀