We work with independent retailers every day. We know that some of you are
worried about Amazon and online competition. You're worried about competing
against larger competitors.
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.
Retail Smart Guys
- posted 3 years ago