Retail News

Finding the data to grow your store, safety starts with great engagement, looking to the 4th quarter and more

By October 1, 2020 No Comments

Great discussion this week with our guest host, Scott Smith! We discussed stories like: Why is data king for struggling retailers post-COVID? Historically, data has been a retailer’s pain point. Many lack the time, the staff, and funds to track, analyze, and utilize it but it is an excellent opportunity for sustained business growth. Scott shares why data will help retailers going forward.
Safety in retail? The Manitoba government has recently created a new task force to address the problem and we discuss what retailers can do more of or better to make their store a safe environment. The answer may surprise you.
Being the best little card shop isn’t about having everything; it’s about having the right things. A story about Paper Source and how their working closely with small makers has enabled them to grow with emerging trends and add over 350 new cards to their assortment since March.
Projections are in for the fourth quarter of 2020 and things are looking up. We discuss our thoughts on the upcoming holiday season.
There are a lot of people that are more willing to rent furniture rather than fork over the expensive price tag of owning it, we discuss the top of Rent versus buy retail opportunities.
And finally, the story that will be around for some time, we chatted about the MEC sale and they value they have put on data. Data they say that forms the greatest part of the value in this deal.
Special thanks to our Guest Host, Scott Smith this week. Scott is a long-time friend and partner of Dan the Wealthy Retailer having worked with independent retailers in Canada and around the world for over 30 years. Scott balances his time between coaching independent retailers through his company Empowered Retail Inc. and training retailers and consultants in data analytics and merchandise planning for Management One.
The Wealthy Retailer is hosted by Dan Holman. Join him as they discuss all important topics in the retail industry. He chats with retail experts, retail owners and more.
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