Success in retailing demands a competitive edge, and there are many ways to do that: product selection; pricing; customer service; location; instore "experience"; services; etcetera; etcetera.
But, retailers fail for only one reason: financial.
For eleven years, The Retail Owners Institute has been dedicated to providing any retailer, anywhere, with financial management know-how to avert financial failure.
And now, that effort continues in yet another way. We are launching a series of TOPICAL TUESDAYS webinars for retailers. Led by Pat Johnson and Dick Outcalt, Co-Founders of The Retail Owners Institute, these are timely and interactive. And FREE!
Free Registration is Now Open
Here are the upcoming topics. Register now for as many as you wish. Let your friends and colleagues know about them. And be sure to bring your questions!
"Make More with Less! The Power of GMROI"
Tuesday, September 13 10 a.m. Pacific Time/ 1 p.m. Eastern Time/ 6 p.m. in London
click here for details & free registration
"Is My Store Failing, Or Am I Failing My Store?"
Tuesday, September 20 10 a.m. Pacific Time/ 1 p.m. Eastern Time/ 6 p.m. in London
click here for details & free registration
"The BASICS of Open-to-Buy"
Tuesday, September 27 10 a.m. Pacific Time/ 1 p.m. Eastern Time/ 6 p.m. in London
click here for details & free registration
"Will you have a profit…or a loss?! How to Know"
Tuesday, October 4 10 a.m. Pacific Time/ 1 p.m. Eastern Time/ 6 p.m. in London
click here for details & free registration
Timing Is Everything!
The current economic meltdown, while fearful, is beautifully timed for retailers!
Sure, consumer confidence is down. Businesses aren't hiring. Nobody is lending money. But so what?!
The first ten days of August - unless you sell beer - are the absolute dog days of the retail year. As long as world leaders are getting their abrupt comeuppance regarding their fiscal irresponsibility, the timing for retailers is perfect.
Consumer confidence, although presently in the tank, is fickle. In six weeks, or by the holiday selling season, it could be at the highest in years. This kind of crisis brings leaders worldwide to a new sense of urgency. And we have high hopes that they all have gotten the message.
Retailers - be grateful for this timing. And reassure others to do likewise.
Sure, consumer confidence is down. Businesses aren't hiring. Nobody is lending money. But so what?!
The first ten days of August - unless you sell beer - are the absolute dog days of the retail year. As long as world leaders are getting their abrupt comeuppance regarding their fiscal irresponsibility, the timing for retailers is perfect.
Consumer confidence, although presently in the tank, is fickle. In six weeks, or by the holiday selling season, it could be at the highest in years. This kind of crisis brings leaders worldwide to a new sense of urgency. And we have high hopes that they all have gotten the message.
Retailers - be grateful for this timing. And reassure others to do likewise.
The Internet for Retailers: "The Arab Spring of the Commercial World"
There's a major sea change affecting retailing right now, whether we're ready for it or not.
Sea changes have hit retailing in the past, of course.
All those things that specialty retailers prided themselves on delivering in-store, in-person, are now available on-demand, 24/7 to the shopper via their smartphones.
No matter which consumer segment you target, they are increasingly web-reliant. They depend on the web to give them product information, shopping recommendations, price comparisons, store reviews, and more.
For hints of the future, watch the Millennial Generation. Yes, the "Digital Natives". The ones we know only from the tops of their heads, as they are busily texting.
That group now is larger and more influential than the storied Baby Boom generation that drove so many adjustments during the last 50 years. Watch every shopping decision they make: how, where, when and what they shop.
But don't stop there. All other consumer segments are being affected by the sea change as well. Grandmas buying off tablets? Baby Boomers checking prices from INSIDE a store on their smart phone?!
In fact, the fastest growing group of Facebook users is now the over-50 age group. So much so, that the teenagers are deciding to move away from Facebook. Where will they land?
So, which will it be for you?
There are three kinds of retailers:
Sea changes have hit retailing in the past, of course.
- Department stores once ruled retailing. Ah, but they didn't die. Instead, they went horizontal. They became known as Wal-Mart, Costco, Target, etc.
- Then "big box" stores, like Circuit City, Borders, Toys R Us, etcetera, stole the thunder from malls.
- In fact, there was a time when malls essentially had no vacancies. Now, they are being "re-purposed". Retirement homes, anyone? Charter schools?
All those things that specialty retailers prided themselves on delivering in-store, in-person, are now available on-demand, 24/7 to the shopper via their smartphones.
No matter which consumer segment you target, they are increasingly web-reliant. They depend on the web to give them product information, shopping recommendations, price comparisons, store reviews, and more.
For hints of the future, watch the Millennial Generation. Yes, the "Digital Natives". The ones we know only from the tops of their heads, as they are busily texting.
That group now is larger and more influential than the storied Baby Boom generation that drove so many adjustments during the last 50 years. Watch every shopping decision they make: how, where, when and what they shop.
But don't stop there. All other consumer segments are being affected by the sea change as well. Grandmas buying off tablets? Baby Boomers checking prices from INSIDE a store on their smart phone?!
In fact, the fastest growing group of Facebook users is now the over-50 age group. So much so, that the teenagers are deciding to move away from Facebook. Where will they land?
So, which will it be for you?
There are three kinds of retailers:
- Those who make things happen.
- Those who watch things happen.
- And those who say, "Uhh, what happened?!?"
The 5 (only!) essential financial levers of a retail business
Now Available in The Retail Owners Institute® eLearning Portal
The Retail STRATA:G® Kit
(That's "strategy". Every retailer needs one!)
Fact: Every retail business has only 5 essential financial levers. Not 50. Not 500. Just five. Manage these, and you can maximize your future.
Fact: These 5 financial levers are linked. They're integrated. Inter-connected. Changes in one impact all the others.
Fact: Connecting these 5 financial levers has now been "automated". The ROI has developed breakthrough "in the cloud" calculators that "connect the dots". Now, any retailer, anywhere, can produce fully-integrated financial plans for profits, inventory, and cash flow!
The Retail STRATA:G Kit reveals these 5 essential levers, explains how they work and why they matter, and then provides the "calculators" that automate the process for any retailer, anywhere.
Click here for more info.
See how retailers can learn - then use - the basic financial levers of a retail business.
What People Say About the Retail STRATA:G Kit
The Retail STRATA:G® Kit
(That's "strategy". Every retailer needs one!)
Fact: Every retail business has only 5 essential financial levers. Not 50. Not 500. Just five. Manage these, and you can maximize your future.
Fact: These 5 financial levers are linked. They're integrated. Inter-connected. Changes in one impact all the others.
Fact: Connecting these 5 financial levers has now been "automated". The ROI has developed breakthrough "in the cloud" calculators that "connect the dots". Now, any retailer, anywhere, can produce fully-integrated financial plans for profits, inventory, and cash flow!
The Retail STRATA:G Kit reveals these 5 essential levers, explains how they work and why they matter, and then provides the "calculators" that automate the process for any retailer, anywhere.
Click here for more info.
See how retailers can learn - then use - the basic financial levers of a retail business.
What People Say About the Retail STRATA:G Kit
"Our retailers need help with inventory control and cash flow, and how to make better business decisions. Your courses are right on point."
--Manager, Field Business Consultants, National Franchiser
"I want all 28 of our S.B.D.C. Certified Business Advisors to use this whenever they are working with a retailer."
--State Program Director, Small Business Development Centers
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