The first half of 2019 was certainly, well, interesting. Nearly every retailer I talk to tells me that it wasn’t great. Weather played a significant part for many stores, and although those kinds of events are typically followed by a spike in sales, many retailers tell me that they never saw the spike.
That means the second half has to make up for what the first half lacked. Right?
And then, there is next year, which is an election year. Right around the time of the election, buying habits get very strange. No matter where you sit in the political spectrum, nervousness about the candidates and the election outcome sometimes causes people to stop buying.
I’m not a pessimist. I’m really not. In fact, I’m more of an optimist than most people you know. However, as a retail consultant I also have to be vigilant about what is happening, and continue to look for solutions for my customers.
Retail Smart Guys is focused on a couple of key strategies, and we recommend them to you as well:
Excellent forecasting, coupled with controlled buying, so that we crank up the inventory turns and build cash. Without question, the most important thing you can do as a retailer today.
Review your marketing, and find more personal ways to reach customers. We have lots of examples.
Personalize the shopping experience – get your sales people to get closer, more personal, and create a true warmth with your customers.
As much as I am recommending these things to my existing customers, I would tell the same things to you, if I was consulting with you.
If you would like more information, please reach out to me!