Fresh Thinking For Uncertain Times
Inc.:
It’s no secret to anybody running a small or independent retailer that we’re operating in an unprecedented economic environment.
Right now, it feels like the only thing that we can be certain about is uncertainty.
Credit is extremely tight, and forecasting sales is like throwing a dart. The only bright spot is that gasoline prices have begun to descend from the stratosphere.
Most retailers are struggling on the top line right now. The only major national retailers who seem to be reporting increases are Wal-Mart, TJX and the warehouse clubs. For everybody else, the internal metrics are just about the same; weak traffic counts, conversion rates, average sale and units-per-transaction.
Here’s what I would recommend many small and independent retailers to consider. First, identify narrowly defined categories of merchandise that you can develop promotions around. Each offering must be meaningful and compelling. It might be a specific sub-category of merchandise, such as […]
Original post by Rich and software by Elliott Back