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…]
For those of you familiar with Kate’s Paperie in New York, it’s no secret what was once the shining star of stationery came upon tough times this past two years. After handing the reigns over to the next generation, Leonard Flax watched his beloved boutiques fall into financial disrepair and near extinction.
Well folks, take heart. Someone’s come in to save the day. [click here to continue…]
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
There are still a few spaces available; once we max out, though…that’s it.
For: Retailers who want to stay upright and breathing through this economic melt down
When: Monday, November 24, 2008
Time: 8:00 p.m. E / 7:00 C / 6:00 M / 5:00 P
Duration: 1 hour
Presenter: Cinda Baxter, Always Upward Consulting and founder of RetailSpeaks
Description:
Retail has never been harder, nor the risks greater. Learn the five vital things you need to do right now to protect you and your investment as the consumer market twists and turns. The goal of this session is to assure that you’ve stacked the deck in your favor, prepared and protected-—regardless of how the game plays out.
Cost:
$37.00 per enrollment
Space is limited; feel free to have multiple people listen in on a speaker phone. (Note: This seminar is structured for retail business owners; some information may be more sensitive than what you typically share with employees.)
To subscribe to this session:
Click here to be taken to the Always Upward home page, then click on the event link. Major credit cards and PayPal credit accounts are welcome.
Not a retailer?
Feel free to spread the word to anyone you think might be interested in protecting their investment; the more stores who protect themselves now, the more that will still be around tomorrow.
Today’s the big day–the start of the Gift and Home Trade Association national conference, in Sanibel, Florida (yeah, tough gig, I know). For those of you not familiar with the GHTA, this is a collection of CEOs, Presidents, owners, and upper management representing the most influential vendors, manufacturers, sales agencies, and trade magazines in the gift and home accessory industries.
On Saturday, I’m presenting two seminars called “Here and Now…and Tomorrow,” detailing the realities that concern retailers today, what concerns them about the next year, and how those concerns are going to impact the way they continue to do business. Thanks to the contributions of an advisory group of independent retailers representing a cross section of stores nationwide, the data is as “of the moment” as it gets.
Thanks to those of you who answered the call, sharing your wisdom and suggestions for the sessions. This is one of those cases where you’ve got a captive audience of real decision makers; together, we can help them decide what will help independents most in this unprecedented economic climate.
This morning, the Today Show did a segment about how to save money this holiday season. As expected, the usual items were on the list–pay in cash instead of credit cards, discuss pulling back on gift giving as a family, begin with a budget, etc.
Two suggestions, however, nearly had my head spinning like a whirling dervish: (a) that consumers should begin shopping online right away, for as much as they can, since that’s the best places to find great gifts, and (b) that consumers should go to local stores to look at items in person, then return to the internet to place their order or pass along the websites as their wish lists. [click here to continue…]
At the request of several retailers, I’m presenting the following teleseminar in two weeks. Please forward this to any store owner you think might benefit from the information….
Audience: Retailers who want to stay upright and breathing
When: Monday, November 24, 2008
Time: 8:00 p.m. E / 7:00 C / 6:00 M / 5:00 P
Duration: 1 hour
Description:
Retail has never been harder, nor the risks greater. As a store owner, you have a lot on the line-—from inventory to your home mortgage, odds are just about everything in front of you is tied up in what happens the next few months…or few weeks.
This teleseminar boils the “What do I do now?” list down to five vital actions that need to be taken to protect you and your investment as the consumer market twists and turns. The goal of this session is to assure that you’ve stacked the deck in your favor, prepared and protected-—regardless of how the game plays out.
Cost:
$37.00 per enrollment
Space is limited; feel free to have multiple people listen in on a speaker phone. (Note: This seminar is structured for retail business owners; some information may be more sensitive than what you typically share with employees.)
To subscribe to this session:
Click here to be taken to the Always Upward home page, then click on the event link. Major credit cards and PayPal credit accounts are welcome.
Not a retailer?
Odds are you know someone who is. And odds are, they need all the help they can get. Feel free to spread the word to anyone you think might be interested. I hope to see as many of you as possible; there’s no time to waste.
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.
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…]
