A RETAILER’S SURVIVAL GUIDE: 17 WAYS TO BEAT THE HEAT AND STAY COOL IN THESE CHALLENGING ECONOMIC TIMES

By Judy White


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Spirits sagging? With an economy on the fritz, it’s hard to keep your chin up and expenses down. And while there are no easy answers, there are at least 17 things the smart retailer can do to not only survive, but also thrive in a sluggish marketplace. Amazingly enough, the bulk of this ‘to do’ list involves nothing more than taking a closer look, expending a little elbow grease, and breaking out of your comfort zone.

1. Take a hard look at everything ‘money.’ Scrutinize your expenses and do some cost comparisons.

2. Mind the store. Keep it looking its best; at Miss Jackson’s, that means silver polished, crystal sparkling, and clothing steamed to wrinkle-free perfection, then spaced properly in displays. Replace the worn and weary, from light bulbs to fixtures.

3. Make the interior and exterior entrances of the store inviting and exciting. Rework window and in-store displays often and regularly. As they enter your store, patrons should feel they are about to engage in a unique shopping experience, and be filled with anticipation.

4. Don’t scrimp on service. Keep the bar high. Treat customers as guests. The old adage that it’s the little things that count still holds true. Offer the weary a seat. The thirsty, a beverage. The package-laden, a hand. Make every shopper feel welcome, without interfering with his or her shopping experience.

5.Manage your inventory. Know what you have, what you need, and how much there is to spend before you go to market. Once there, balance. Be adventurous, yet selective. Most of all, keep your customers’ wants, needs, tastes and expectations in mind.

6. Don’t overbuy. Stay within your budget. Be more selective in making inventory purchases. Say “no” to trends you don’t trust and “yes” to the ones that speak to you as sellers.

7. Take the time and energy to host Trunk Shows. In addition to being able to offer greater selection, these events create excitement, and allow customers access to complete collections, with less financial risk to your bottom line.

8. Don’t under-buy. Empty shelves can create misleading signals that send even the most loyal shoppers elsewhere.

9. Never sacrifice value for price point. Remember, it’s far easier to enhance a good reputation than rebuild a bad one.
10. Offer a broad range of prices in each department. The French remind us that fine wines need not be expensive. The same often holds true when it comes to accessories, gifts and fashion.

11. Communicate. Appreciate. Motivate. Be supportive. Set aside time for individual and group brainstorming sessions, and address concerns on both sides of the table. Encourage good work, and share opportunities for growth and advancement. Be the person you’d enjoy working for; always ready with a compliment when it’s earned.

12. Familiarize employees with the store’s policies, procedures, special events, promotions and sales. Keep them up-to-date on fashion and/or product lines, features, inventory and special offers. An experienced and dedicated staff is critical to instilling confidence and retaining customer loyalty.

13. Stay connected. Encourage your sales team to ask their customers if they’d like to be contacted regarding upcoming sales or when new merchandise arrives that would suit them. And make sure staffers follow through, without overdoing it.

14. Now is not the time to let up on or, heaven forbid, neglect your advertising and marketing. Revisit how you reach out to potential customers and review your methods of retaining existing patrons. Keep your name in front of the public. They often have short memories.

15. Explore new mediums and resources. Investigate untapped advertising and marketing options, including social media and Internet ads. Don’t get locked into the same old same old. Remember, not everyone reads the paper, listens to your favorite radio station, watches the news or shops the Internet. Mix and match the old and new for maximum coverage. Post a blog. Tweet!

16. Come out of your office. Walk the floor at varying hours during the day. And take the same advice you give children when they’re learning to cross the street; Stop, look, and listen. Pause long enough to see the store objectively - through your customers’ eyes. Listen to patron comments and observe how associates assist them. Don’t just lead the team – be a part of it.

17. The extras make the difference. I was on the floor yesterday and overheard a customer raving about a $16 purchase she had made. “Isn’t it beautiful?” she gasped, “…and it was only sixteen dollars.” A few minutes later, I heard her again. “I can’t believe you gift wrap inexpensive items like this at no charge!” Our associate smiled and handed over the perfectly wrapped package. “This has been just wonderful,” the customer continued. “I can’t wait to come back!”

Judy White is the General Manager of Miss Jackson’s in Tulsa, Oklahoma. The department store begins celebrating its 100 Year Anniversary in April 2010. Miss Jackson’s, 1974 Utica Square, 74114/ 918.747.8671