The Psychology of Pricing For More Profit

In my years as an independent specialty retailer I really got pricing down to a science. I didn’t know at the time that it actually IS a science. Behavioral economics and the study of psychology of retail shoppers is fascinating. What a person will pay is all based on their perception of the value of the item. I learned in … Read More

Your Count will be OFF!

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

GO BIG or GO HOME! A Retail Cheer! A life motto….

This is my retail mantra. GO BIG or GO HOME! Actually it is my life mantra!   Usually associated with NCAA basketball time and March Madness, it accurately describes the entrepreneurial life.   All these teams get one shot.  If they lose – they go home.  If they go big, they advance. For you, to advance means to increase your profits, … Read More

You Don’t Need To Be #1

Marc Weiss, Principal at Management One, recognized that those odd 5 toed shoes from Vibram were becoming a hot trend.  He quickly advised all of us consultants about it so that our clients could jump on it.  At our national conference, he shared the story that one of those clients had taken action and had generated over $1,000,000 in sales! … Read More

Are You Serious About More Profit? Or Just Hoping? Or Just Stupid? Part 2 to your Breakthrough

We are talking about the four basic segments of your Roapmap to your Breakthrough. 1.    Inventory 2.    Profitability 3.    Marketing 4.    Customer Service Last week, I addressed customer service.  CLICK HERE TO READ IT. Let me start with the definition of breakthrough.  It includes removing a barrier to success.  In my experience, that barrier is often a lack of knowledge … Read More

Did You Break Your New Year’s Retail Resolution Yet?

Actually perhaps a better question is…do you even still remember what it was? Did you write it down? The first week or so of the year is full of such hope and opportunity right? You dream about how life and your store can be different. Often it seems like the most obvious solution to those dreams is more sales. If … Read More

What Is The First Thing You Should Pay in 2013?

What Is The First Thing You Should Pay in 2013? The start of a new year is filled with hope and promise, right? Like you, I am very visual. The new year reminds me of a bright shiny new penny or a beautiful pristine landscape covered in snow. There is one thing that you have to pay to keep your … Read More