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He believed that the best way to survive in retail was to focus on top line growth. And lots of inventory.
But…the winds of competition blew his store away.
He believed that the way to prosper was to focus on high initial mark-up, skimping on operating expenses.
So…the winds of competition blew his store away too.
She decided the best approach was to manage the inventory more expertly than her competition. “Earn ‘n turn!” was her motto.
The winds of competition could not blow her store away!! So she “brought home the bacon!”
And today, given the imposition of tariffs and the ensuing trade war, the degree of difficulty of achieving that balance has been heightened.
To better withstand the ever-changing winds of the economy, be like that third little pig; the one with the store built of bricks and her “Earn ‘n turn!” motto.
Use GMROI and focus on improving the "return on investment" of your largest investment, your inventory.
Find out how in GMROI: The #1 Measure Of Inventory Productivity in The ROI's Library For Owners.
So, say you have re-opened your stores. Then what? Did the customers come back? Or, were many of those who did show up just there to say "Hello!" And "We missed you!", but not to buy? Sigh. We are not surprised. And here's why.
Ahh yes, yet another flexibility test. The first quarter of 2023 was full of some major events, nationally and internationally, that disrupted many business plans. As you contemplate where you are now with your retail operation, compared to where you intended to be, don't despair! Even more important, just like you do with the GPS system in your car, disregard "returning to the prescribed route." This is retail, after all. Change is the name of the game!
As we emerge from the pandemics, many retailers are eager to grow. (How's that for an understatement?!)
Trade shows are opening up with great success and eager buyers. Landlords are eager to fill vacancies, and in many instances, to cut deals. Vendors are eager to quit thinking about supply chain problems and start selling their merchandise, especially at trade shows. Plus, the continued growth and expansion of online wholesale marketplaces makes far more product available to retailers. Then there is the access to capital. Lots of money is floating around out there All in all, it creates an environment of exuberance. "Seize the opportunity" is the rallying cry. Indeed, for some retailers, FOMO – that Fear Of Missing Out – is pushing them to make some major decisions.
As the second quarter of the year begins, many of us are experiencing what that fellow in the cartoon is feeling. We are not where we expected to be (and maybe not even where we thought we were!) Ahh yes, yet another flexibility test. The first quarter of 2022 was full of some major events, nationally and internationally, that disrupted many plans. As you contemplate where you are now, compared to where you thought you were, and especially, where you intended to be, don't despair! Even more important, just like you do with the GPS system in your car, disregard"returning to the prescribed route."
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.
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