It is that time of year…..no, I’m not talking about the holidays! If you are in retail, you know that ringing in the New Year also means it is physical inventory time. The number one thing to do before inventory starts is to talk to your staff about how important it is to get an accurate number. Explain to them … Read More
Best Tactics To Avoid Markdowns
Pay Attention To Your Gut. If you don’t love it, don’t buy it. That is a markdown waiting to happen. Don’t Pay Attention To Your Gut. If you love it, really love it, want it for yourself, and are worried that it is too expensive – then do order it. Time and time again I find that an … Read More
How do I Deal with Donation Requests
Do you get inundated with donation requests? Store owners are so often faced with the donation dilemma. The definition of the word ‘dilemma’ is a situation in which somebody must choose one of two or more unsatisfactory alternatives. That describes EXACTLY how we retailers feel when a customer comes up to the counter with a piece of paper in their … Read More
Why Do Independent Retailers Fail?
A New York Times business columnist asked me this question. “There are three reasons”, I replied. They ignore numbers. They ignore customers. They ignore their own story. All of this happens because they are so busy running their stores. They don’t stop multi tasking long enough to be strategic and develop a plan. THIS IS TRAGIC. THIS IS A DUMB … Read More
Delegation: The Secret ALL Successful Retailers Use
Let me share a big secret with you that all successful retailers know: If you want to have an ideal business, work less and make a whole lot more, I can assure you that you CANNOT do it by yourself. You must delegate! How do I know this? Because for years, I tried! For years, I told myself that no … Read More
