Perspectives

From The Co-Founders

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Strategic insights and commentary from The ROI Co-Founders, Pat Johnson and Dick Outcalt
Outcalt & Johnson: Retail Strategists LLC; Retail Turnaround Experts


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Spring Has Sprung! And so has a new crop of retail startups

Have you noticed? From the growing Shopify online businesses, to an array of pop-up shops, mobile "fashion trucks," or newly-repurposed spaces in neighborhood shopping districts, there are many new retail operations emerging. They're actually springing up!

Plus, there are the established retailers who, having shed many legacy features, are re-imagining their place in the ("Coming soon!") post-pandemic environment.  
 

And why not? Shoppers are certainly eager for whatever is new and fresh. And they are more willing than ever to adopt new ways of shopping. 

We know. There are those "experts" who see all these new retail startups simply as store closings waiting to happen. They are quick to cite statistics that 20% of new businesses fail in the first year, and just over 70% are no longer alive beyond year 10. Ignore them! (We do wonder how many of these "experts" have more than 10 years experience...but we digress.)

Meanwhile, back to the real world of risk-taking entrepreneurs. Some may have been one of those statistics, but are now back with a new strategy and new resolve.

These are the folks to pay attention to. We sure are. 

  • For instance, watch how they seize upon the flexibility to modify their store hours, and everything else. 
  • They are creatively balancing their desired target market and best customers with their key staff, their locations, online capabilities, social media, appointment shopping, etc to find a new combination ("business model") that works best for them.

Those same options are available to all independent retailers. This is the time to dream and scheme, and then invent your own new ways of doing things.

Sure, it is still very early in March. There will be blustery days, maybe even some snow in places. And certainly a lot of rain. 

But, spring has sprung! And so too has your chance to bring forth bright, exciting, innovative retail "blossoms." Go for it!



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