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Retail 2010:
Strategy for Success
By Dan Jablons
I
BELIEVE that 2010 will be a landmark year for retail.
Th e fi rst quarter is defi nitely going to be tough, and I
think it is probable that some retailers will run out of Rule #3:
gas and close their doors. Th e ones that survive will do so You need to know your numbers. Retailing today requires
because they followed the basic rules of retail today. I’m going great study of your sales, inventory, purchases, expenses,
to lay out a few of those for you. customer trends, and staff productivity. Th is is defi nitely not
the time to “guess” or “approximate” the next move. You need
to know what inventories to bring in at what times, and you
Rule #1: need statistics to support and evaluate those decisions.
You need a great sales forecast that you must use to plan the
proper levels of inventory. Th at doesn’t mean that you can’t
occasionally gamble on the “next great thing,” but you do Not bad, right? Just three rules. Well, I’m going to add one
have to make sure that you are properly measuring customer more: You have to have fun doing all of this. When the econ-
demand and stocking merchandise to meet that demand. omy gets tough, people just adore sharing the horrible news.
Th e media is having a fi eld day telling us all how we are just
seconds away from losing everything we have. Customers
already know that it’s tough out there and don’t want to hear
Rule #2: it again. So, make your store a ray of sunshine and people
You need to give shoppers a reason to shop. When the econ- will gravitate to you.
omy was fl ying high, people ambled into stores and bought
stuff without your having to do much. Th ose days are gone. I hope all of you have a wonderful 2010.
Shoppers will go into those stores that market properly. Mar-
keting includes: store events, social networking, reaching out
to your customers and showing them that you care about
them and want their business. About the Author: Dan Jablons is the owner of Retail Smart Guys,
a consulting group that specializes on generating cash fl ow for
specialty retail stores. He has worked in or consulted with retail
stores for more than thirty years, and has worked with retailers
such as Walmart, Target, JC Penney, American Apparel, Betsey
Johnson, Donna Karan, Jimmy Choo, Charles David, Diesel,
Find this story and more
Oakley, Tumi, Hollywood Bowl, and Blue Bee. His specialties
news and information at:
include open to buy planning, marketing, and computer science.
www.wholesalecentral.com/wholesale–news Find out more by going to
www.retailsmartguys.com, or write to
him at
dan@retailsmartguys.com.
22 February 2010
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