Get 100% of The ROI! Unlimited Access SUBSCRIBE Now!
As more stores are able to reopen, and more shoppers are willing to emerge, what will they encounter?
Not only are stores chocked full of merchandise that needs to be liquidated, but so it is with their wholesalers and vendors.
Meanwhile, of course, the prevalence of store-closing sales only compounds the volume of discounted merchandise that will be available as shoppers begin to return to stores. It only adds to the glut.
And now, CNBC reports that Amazon is planning to host a "Fashion Summer Sale Event" starting June 22, "expected to run anywhere from seven to 10 days long."** Amazon stated that this event "will include seasonally-relevant deals from both established and smaller fashion brands." Participating merchants –"by invitation only" – must offer items "with a discount of at least 30%."
Whether you sell apparel, or hard goods, or tires, or whatever, this summer will be a fire sale like never before. In this environment, markdowns aren't enough. In addition to your markdowns,your "theatre of retail" skills are needed. Here are a few ideas.
Do whatever it takes to make it fun! Make it special! Turn your glut inventory into cash asap. -- * "Shoppers Can Expect a Season of Store Sales", Aisha Al-Muslim, The Wall Street Journal, June 2, 2020. ** "Amazon plans summer sale for June 22 to 'jumpstart sales' after coronavirus crunch." Annie Palmer, CNBC, June 2, 2020. *** Demand for Tents Expands, Julie Wernau, The Wall Street Journal, June 8, 2020.
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.
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.
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.
The Retail Owners Institute® makes it easy for you to get a quick financial health assessment of your own stores, as well as the retail industry, and every vertical within it. From farm stores to apparel stores, wine stores to tire dealers, gift shops to convenience stores; all 45 verticals. Here's how to get started.
Quite a picture, isn't it? Which ratios are trending up? Down? Any suggest some shaky times ahead? Any surprises? But most importantly, how will yours compare?
Incredible value! 👀
Start NOW!