PERSPECTIVES

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.  

Every day, there are all too many headlines of things outside our control. 

• The war in Ukraine. 
• The global energy crisis.Inflation. 
• Rising interest rates. 
• The falling stock market. 
• Wildfires. 
• Droughts. 
• Supply chain disruptions. 
• Rising costs. 
• Crime rates. 
• Social injustices. 
• The latest coronavirus variant.
• And...And...And...

The drumbeat of news about these events is relentless. And wearing. 

While retailers are notably resiliant and optimistic, there IS a limit to how much uncertainty one can continue to take.

Then we discovered that there is a name for all this: VUCA.

👀 New Respect for Brick-n-Mortar Retailers

Retail IS detail. And some of those pesky details are increasingly cropping up to torment online sellers. 

For example, there's the matter of managing returns. As Chris Jarvis wrote in DMM/ShoppingCenters.com*:

• "We return roughly 30% of all online purchases compared to only 10% from brick-and-mortar."
• "In 2021 retail returns jumped to an average of 16.6% versus 10.6% a year ago."
• "Research suggests that a single online return can cost two-thirds the original price to handle when we include labor, transportation, and warehousing costs." 

Meanwhile, the pure-play online retailers are confronting the ever-demanding customer expectations. 

Just this morning we saw yet another article speculating about the staying power of online shopping, in this instance, grocery shopping. 

• "Right now, the direction is … unclear," admitted the reporter.* "I have been scouring data on online grocery shopping in the U.S., and I will be humble and say that I don’t have a clear picture."
• "My wishy-washy analysis is that Americans haven’t fallen head over heels for buying bananas over the internet, but we aren’t rejecting it, either."

Of course, it's not just media pundits who are looking for answers to this question about online versus in-store shopping. Retailers are living with this issue, and they have to make 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."

ICYMI. You know, that's the shorthand for In Case You Missed It. And in fact, we had missed this.

"Consumer confidence rises for first time this year." 

As reported by Chain Store Age*, "The Conference Board’s Consumer Confidence Index rose slightly to 107.2 in March, up from 105.7 in February. It was the first time the metric has increased in three months."

Wow! Is that ever a stray ray of sunshine! We always look to Consumer Confidence levels as a leading indicator for retailers.

"Retail is a mirror of society."

"And the award goes to..."

No, Not About People This Time 
While we typically think of people as recipients of recognition – and we trust you already are doing that, right? –  this is a different challenge.

Ready? Here we go! Of your merchandise, which products are Award Winners?!