Now, Lenders Compete(!) to Lend to Retailers

Is there any opportunity for a responsible retailer to get reasonable financing?! 

Our quest to find a positive answer for that question has gone on for years.

That's why we have developed a new service: Banks4Retailers.com.  

Now retailers can do their own comparison shopping - for lenders!

Here is the concept behind this new website:

• Retailer Track Provide the tools for a retailer to put together a responsible, substantive loan proposal.
• Lender Track Find lenders who are able to evaluate a retail business on its merits, not just its industry label. 
• Reviews by Retailers  We are providing a platform for retailers to share their experience with these lenders:
  • Were you treated with respect?
  • Would you refer other retailers to them?

The 5 very different organizations on the Find Lenders page provide access to over 2,500 sources of financing, from traditional banks to "alternative lenders" to investment funds. They offer streamlined matching services between a retailer's financing request and willing lenders. All online, in retail time. 

Is this what they call "disruptive lending"? 

We sure hope so! 

But, like everything else in retailing this is an on-going experiment! 

• We make no guarantees that any retailer can obtain financing. 
• We are not recommending one lender over another, nor does any lender's appearance on the site constitute our endorsement of them.

Our goal is simple: provide a free service to retailers – a no-cost, no obligation service – where lenders compete for your business.

Please go check it out. And let us know what you think. Even better, add your comments on the Review page for Banks4Retailers; share your thoughts with other retailers.

Thanksgiving Day Store Openings...Really?!

The announcements of retailers with plans to open on Thanksgiving Day just keep coming. We have a few thoughts about the disintegration of the sanctity of Thanksgiving Day. But first, some background.  

Every retailer is keenly aware of the slow-to-revive national and international economy. Currently, as we all are probably aware, the results for retailers are decidedly bifurcated.

• The deep-discount, low-cost operators are generally doing okay;
• the high-end luxury retailers are getting considerable publicity as they continue to out-perform the economy.   
• But where and why is the crunch?

The big picture looms up: mid-priced retailers (a very vague description, granted) are stepping all over each other.

There is an abundance of excess product available, a general lack of specialness, and with an all-time high of 23.1 square feet of retail space per capita (highest in the world, by far), the crunch on the mid-range retailers has become an ugly sight.

So, what does that have to do with Thanksgiving Day store openings? Our sense is that the retailers who have announced Thanksgiving Day openings are the most crunched.

They are seeking any potential advantage that they can. We don't blame them for it, but it is a sad and telling sign.

Moreover, they are chasing market share (a bit like chasing a mirage.) "If we aren't open, we will lose volume to our competitors."  But at what cost?

Our message to you won't be a surprise: Keep the perspective! How to do that?

Your retail operation should always be observing your surroundings and competition. But, never get caught up in the media hype or the herd mentality ("Everybody else will be open.")

Instead, keep your focus on your very best customer. Ask yourself, "Would they really care whether or not we are open on Thanksgiving?" (Our guess in most cases: Probably not.)

Meanwhile - sigh - will store openings on Christmas Day be next??

How to "See" Your In-Store Traffic Patterns - Free!

Yep, there's an app for that! 

Here's an FYI for you: we recently discovered a "time lapse" app to use with the camera of a smart phone.

• With your camera phone set to video mode, it automatically snaps the shutter at whatever time interval you set.
• Then, when you watch the video, it has condensed the action that occurred over hours into minutes.
• And best of all, it can be FREE!  Just search for "time lapse" on your app store. 

We can think of lots of ways for retailers to take advantage of this "in-store traffic copter".

• Which way do people turn when they come into our store?  
• Do folks hesitate once inside, not knowing where to go? 
• Which displays attract customers?
• Which ones do they seem to disregard?
• How many shoppers actually get to the back of our store?
• And, this one is fun: how often do we see our sales staff actually moving away from the cash wrap??

Pictures ARE worth a thousand words  

These time lapse sequences can highlight all kinds of opportunities in your store. Plus, they can help yourecognize any trouble spots.  

Then, after you've made some adjustments, do another time lapse study to see whether that helped!  

It's free (well, some apps are free.) It's fun. And it's a great way to involve your staff as well.  Just check on any of the app stores for "time lapse".