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RetailSpeaks IQ: How concerned are you about the stability of your vendors?

by Cinda Baxter on January 10, 2009

in Retail, RetailSpeaks IQ

rs_boxWelcome to the first “RetailSpeaks IQ” blog post where retailers share their opinions about what’s really going on at the grass roots level.

Several weeks ago, stationery retailers received bone-rattling news: The Consortium, a collection of three major brands (Elite, Jansson and Chase), was closing the doors just as spring brides were beginning to select their stationery and invitations. Whether downmarket or upscale, those retailers felt the ground shake while watching up to 35% of their personalized selection disappear from the shelves on a moment’s notice.

Today’s question:

How concerned are you about the stability of your vendors in today’s financial climate?

Not a member of RetailSpeaks? Feel free to chime in. If you like the idea of discussing and learning about things that impact your business as an independent retailer, check out RetailSpeaks.com. Your aren’t alone out there.

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Time to think like a start up

by Cinda Baxter on January 7, 2009

in Buying, Economy, Retail

calculatorYes, 2007 stunk. At least it did for most retailers.

So what do you do now that the page has turned? How do you get out of the gate ahead of the competition?

You do it by thinking like a start up…like you did when you first opened your store. That other time it was all expenses with no income. That other time you had to wheel and deal or live on macaroni and cheese for six more months. [click here to continue…]

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2009: The Year of Quality without Complication

by Cinda Baxter on December 17, 2008

in Business, Independent Retailers, Real life, Retail

This past year’s been interesting.

For me, 2008 was pretty terrific, albeit filled with too many third party political agendas (and I don’t mean election-related). For my friends who own retail stores, however, it was an uphill battle filled with enormous challenge–in most cases becoming critical as early as June.

Regardless of whether your year fell into the “terrific” or “challenging” category, it’s safe to say 2008 was complicated. Reeeeally complicated. The past twelve months generally gave a lot of pretty smart folks some pretty serious headaches. [click here to continue…]

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When Mom goes mum

by Cinda Baxter on December 14, 2008

in Economy, Retail, Trends

This morning, Lee Scott (CEO and President of WalMart) appeared on Meet the Press as part of a 5-person brain trust discussing the economy and where it’s headed. A comment he made really resonated with me; to paraphrase, when WalMart moms stop shopping for themselves–choosing instead to defer spending in lieu of their kids’ and spouse’s–it’s a sign of serious pull-back in the consumer market. As much as it pains me to say this, the leader of WalMart is dead-on-right. [click here to continue…]

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Back home…for the moment

by Cinda Baxter on November 25, 2008

in Economy, GHTA, Retail, Speaking

Just a quick post before I head back out of town to let you know the GHTA conference in Sanibel was terrific. The information shared was beyond helpful, and there were lots of open ears when it came to what retailers are going through these days.

I owe a huge thanks to the independent store owners who participated in the Retail Realities survey. Your wisdom and candor made all the difference, and allowed a lot of pretty big players in the gift, stationery, and home accessory industries to better understand what you need from them…both now and in the future.

Which brings me to the title: “Here and Now…and Tomorrow.” If you’d like to view a PDF of the slides used, visit the AlwaysUpward.com resource center (linked to from the “See Cinda” page). Will try to put together an audio counterpart upon returning home from Thanksgiving travels, to fill in the blanks.

Gobble, gobble, all…..and knock ‘em dead on Black Friday.

Photo credit: Carol Schroeder

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Don’t write that check

by Cinda Baxter on November 13, 2008

in Business, Retail, Stationery

check-pen-bOnce again, I see a familiar name making the rounds in the stationery industry, coaxing retailers to join their “guild” and, by extension, their website, with promises of better Google results, more visibility, and heightened customer awareness. They’ve been trying to get this concept off the ground for two years, but only recently were able to actually produce the site itself. I do not endorse their program, and for that reason, will not mention them by name here. Rest assured, this is not a vendor. [click here to continue…]

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Lead with a loss

by Cinda Baxter on November 9, 2008

in Economy, Pricing, Retail, Sales

Maxine Clark, founder of Build-A-Bear, announced a new program to address tightening budgets-—beginning today, the pre-adorned bears will drop in price to only $10.00 each. Whether that means all of them (including the $25 pink one) or just the basic brown version, I don’t know. The announcement is recent enough that the B-a-B website has yet to be updated.

In tradition retail terms, the $10 bear is called a “loss leader.” You offer one item at a discount-—usually a deep discount, nearing cost-—to bring in shoppers who are likely to continue buying other products at full price. In this case, the inexpensive bear acts as an effective vehicle for the full price add-ons that can quickly push the price of a simple toy into the stratosphere. Some consumers will come in that otherwise might not have…and a fair number (both new and regulars) will use the savings as justification for adding an extra piece or two, which more than likely will price out above the $10 saved up front.

That’s the idea behind loss leaders. Hook the customers, then let ‘em keep spending. It’s inconceivable that Grandma Liz would just buy the naked bear. That’s not what B-a-B offers. The moment granddaughter Madison gets the thumbs up, additional purchases are guaranteed.

Which gave me an idea. What if stationers were to offer deep savings on the price of the reception card in wedding orders? Deep enough to make it reeeeeally tempting, but not so deep you’re exceeding your comfort level. What bride needs just a reception card? To get the deal, they’ll also need to pick up the rest of the invitation suite, at full price.

Bait and switch? No. You aren’t hiding or raising prices on anything. You’re simply putting a sale price on a portion of the order that requires the remainder of the order to be complete. Kind of like a naked bear who needs pom poms.

If you have a young niece or daughter, you know what that means. If you don’t, well…don’t dwell on it.

Monday, 11.10.08 editor’s note: I see that today, Build a Bear is running actual commercials promoting the special. Look for this to be the first of many big box loss leaders coming your way.

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Start with your head….

by Cinda Baxter on October 28, 2008

in Business, Economy, GHTA, Retail, Vendors

In a few weeks, I’ll be traveling to Sanibel for this year’s Gift and Home Trade Association national conference where I’ll be speaking about the current state of independent retail. Admittedly, it’s a tough year for many members—predominantly vendors, reps, marts, and media-—to justify the expense of attending, which begs the question “Will it really make a difference if I skip?”

Yes, it will.

Following is an email I wrote, later forwarded to the GHTA membership, explaining why it’s important they keep pushing ahead. To any reps, vendors, manufacturers who think curling up in a ball and waiting this thing out is a good strategy, well…buck up and get in gear. It’s time to be proactive about turning this industry around.

Times are tough for everyone in the gift industry, especially at the grass roots level. Now, more than ever, retailers need vendors, reps, sales agencies, and manufacturers to be plugged into resources that will help shore up our industry, from the top of the supply chain down to the stores and boutiques that rely on them.

And that’s what the GHTA Sanibel conference is all about — opportunities to connect as an industry, learn from one another, and forge new paths that lead us out of economic uncertainty and into productive partnership.

True, the world can’t be reinvented in a three day conference, but groundwork can be laid for a year’s worth of progress. Networking brings peers together who have never met before. Companies are exposed to fresh ideas and out-of-the-box thinking they can implement on home turf. And creative brainstorming opens channels to new ways of thinking, of doing, and of succeeding.

All of us on the retail side know the expense and time away may be a tough sell in such frustrating financial times. But the return on investment for those who attend with open minds, enthusiasm, and determination to learn will find that investment a sound one.

Please join us as we write the next chapter of this industry’s history. Together, we can prosper.

Cinda Baxter


It’s not too late to sign up; click here to get the ball rolling.

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