There is an answer.
Sure, we're seeing lots of store closures around the country. But look at who is closing. They are retailers who still use extremely antiquated methods of running their stores, and have done nothing to compete. To them, every day was "business as usual." Well, it's not.
When I spoke at Magic this year, I said that we have to be NIMBLE. Yes, I do mean the traditional definition, but I also broke it down as follows:
N – New products all the time. I – Inventory that is fresh, relevant, and constantly changing M – Marketing that is based upon new product and excitement, not price. B – Better planning and forecasting, ensuring great cash flow L – Looking ahead to what is next, being more relevant than competitors E – Exit brands before they go to Amazon or Big Boxes.
If you are worrying about the future of your store(s), and wondering how to survive, then right now is the time to change. The opportunities are endless.
Dan Jablons Retail Smart Guys email@example.com cell: 818-720-2585