Tag Archives: retail help

Are you over-invested?

Are you over invested? I was recently reminded of the concept of “Sunk Cost Bias” and how this state of mind is so relevant to how we sometimes function as retailers. Sunk Cost Bias is when our decisions are tainted by the emotional time, effort and in many cases money we have put into a […]

DON'T MAKE ME CHOOSE!

DON’T MAKE ME CHOOSE! Barry Schwartz has a wonderful TED talk titled “The paradox of choice”. One of the significant takeaways from this concept is that too much choice is not always a good thing! Have you heard any of these phrases before: “ I need to properly represent the line” “ Having these items […]

Oakridge Mall to Oakridge Living City… are we seeing the birth of Retail Redefined?

I was recently in Vancouver with my wife to see Justin Timberlake, I know, don’t judge.  I may or may not have a little man crush here. While visiting different cities, I love to go shopping.  Not to shop so much as to explore and see what various cities, districts and malls are doing to […]

Difficult Customers Part II – Equal Business Stature

Last time, I spoke about taking the long view with difficult customers, and how it is critically important to keep in mind the lifetime value of the customer when you find yourself in an uncomfortable situation. However, that doesn’t mean that you have to let a customer walk all over you and treat you poorly […]

Constant Sales Growth Goals in Retail: is it toxic?

As specialty retailers and small business owners we judge ourselves. We evaluate the performance of our business and we are looking for constant increases in sales, market share, and our bottom line. Is this constant crave for BETTER/MORE/HIGHER actually toxic to our business and making us perform worse? What is improvement? Improvement can be measured […]

5 Things I Wish I knew about Retail… Before I got into Retail

Clothing Retail?  Sure, I lovvvvve clothes… Retail is a fickle beast.  It can suck the life out of you, or invigorate and inspire you.  It’s really about your perspective on any given day.  Tomorrow is a whole new day with a whole new perspective. Here’s five things I wish I knew about retail before I […]

Your Customers Are Making You Crazy! Don’t Take it Personal. Think Lifetime Value.

As a specialty retailer it’s so easy to feel betrayed by your customers. Even your most loyal customers can burn you. After all, how many times have you gone the extra mile for a customer only to have them show up at your store to return that specialty wetsuit that you bent over backwards to […]

How to improve your retail business by managing inventory

Every single retailer I have ever chatted with has overbought inventory at one point or another. This is a fact of life. What do you do when you have too much inventory? There are three main strategies to reduce your excess inventory as a retailer. There’s a fast strategy—most commonly associated with an inventory blowout—or […]