Usually at this time of year, we would be encouraging you to remember that "the lull" is about to arrive. That is, that time span from Black Friday/Cyber Monday through early December is typically much slower for retailers. And then, come December 10th or so, the Christmas sprint begins! Ahh yes. That was then. And this is, well, 2020.
New ways of doing things and new time patterns are still being demanded of us all. But as always, retail IS a mirror of society. And independent retailers mirror the very best parts of that. Stay strong! You are needed 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.
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.
Some thoughts from Nordstrom leadership that are spot on!
That's what Nordstrom President and Chief Brand Officer Pete Nordstrom told Puget Sound Business Journal columnist Patti Payne on April 23, 2020. And what he succinctly stated is exactly the challenge – and opportunity – that is confronting all retail owners. In order to answer whether you should re-open once you can, you first must be very confident in WHAT kind of retail operation you will be re-opening. The only certainty of the aftermath of the pandemic is that everything will be different. Given that, what better time to re-imagine your business?
The constant challenge for retailers is to anticipate what their customers really want. And this year, there seem to be plenty of choices available.
It is all part of the on-going challenge of retail; the art and craft of being a merchant. Then there are the customers who are reacting to the constant drumbeat of news about supply chain issues, merchandise shortages, and looming price increases by starting their shopping early.
Adding to this stampede, some major chains were launching their Black Friday specials before Halloween!
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.
Throughout the pandemics, many independent retailers successfully shed their "technology laggards" label, as they pivoted to embrace an array of digital tools. Yet going forward, it is well to keep in mind what really matters to the customers. And it may not be more technology. A recent survey* of more than 2,000 customers provides some interesting insights as to who shops where, why, when and how. It especially highlighted the differences between "large stores" and "smaller stores" (or as we view them, "specialty stores.")
Hmm. This suggests to us that shoppers essentially are treating large stores the same way they treat the internet:
Incredible value! 👀
Start NOW!