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www.IndependentRetailer.com MARKETING Stay Ahead of the Curve
A NEW Whitepaper from the National Retail Federation offers some concrete marketing points for retailers still struggling in a weak economy. Titled, “Stay Ahead of the Curve,” the report presents nine solid ideas and suggestions for those riding out the current economic doldrums. The complete report can be found at http://ti-
nyurl.com/24gkjr6, but a synopsis of the nine points follows.
Go On The Offensive
A new playbook must be devel- oped for the evolving environment. Going forward, new, differentiated and unique merchandise, targeted to the right consumer, is a must. While value will likely remain a
key ingredient to purchase, retail- ers need to stoke want and desire with excitement. Your business plan should evolve, rather than be etched in stone.
Thinking About It Differently
With credit harder to obtain, em- phasis will be on fi nancing ongoing operations rather than pursuing innovation, the historic driver of sales. There will be less investment in store openings, entry into new markets and implementation of new growth concepts. It is through the appropriate and strategic allo- cation of cash fl ow that companies will fi nd ways to profi tably grow market share.
Doing It Differently
Inventory management is one of the important keys to managing the distribution process. The strat- egy of a steadily increasing initial markup to offset the increasing markdown rate/allowance must be reversed, so that the consumer per- ceives greater value at the outset.
Not Business As Usual
Markdowns, and the correspond- ing inventory levels from which they result, will continue to have the most signifi cant impact on margins, regardless of the mer- chandise issues that have also been a factor. Quantity and quality
are critical issues, but the industry continued on page 104
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