Since we first established The Retail OWNERS Institute®, we have asserted that the greatest growth opportunity in retailing is between the ears of the owners. And nothing since then – not even (or maybe especially!) – a once-in-a-century pandemic has diminished our belief. Independent retailers and restauranteurs have been among the first business owners to pivot to a survival mode. Why? Because they have had plenty of practice!
"Retail Darwinism" has been thinning the herd of retailers for many years. Who has survived? Those who are most adaptable. And now. they have less competition.
As the Covid virus persists and resurges, retailers still are finding ways to survive. How? By keeping their connections with their customers.
The combination of enhanced online presence plus ready access to your knowledgeable staff people, carefully edited selections, a safe shopping environment, very sharp markdowns on clearance merchandise, an array of ways to get the merchandise to the customer, and as always a cheerful presence is especially welcome.
As we approach the Holiday shopping season, there will be differences in what people buy.
Less travel, fewer "experiences," smaller family mealtime gatherings suggest more money going toward home furniture, appliances and accessories, at-home apparel, or books, or specialty cookware, plus of course electronic devices.
But the overarching theme of this season will be ingenuity and community. Expect a marked increase in Holiday decorations. More community support and outreach. The warmth, genuine concern, and sense of fellowship of the Holiday season will be magnified this year. All to the good! The trio of pandemics have brought a new warmth and awareness for family and friends. And as always, retail is a mirror of society.
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.
By now, you have your year-end financials for 2021. Remember, it always comes with a Balance Sheet! Whether sales are up, down, or sideways, the financial strength – and staying power – of every business is shown on its Balance Sheet. And revealed by its Balance Sheet ratios.
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.
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.
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.
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