With the recent government numbers showing specialty retailers down 19 percent, the focus for these retailers has shifted to being more promotional, buying smarter and not piling up on inventory. They are also making deals with vendors to get flexible deals. And they are moving toward improving their retail management technology in an effort to re-organize and become more efficient.
In all the changes an independent retailer faces, bringing customers to their store is the primary goal. Obtaining loyal customers is bringing them back. When people walk into a store, they want to know the people at the store. It's about relationships and that is what separates the independent specialty retailer from the big-box retailers.
In a recent Webinar with Kevin McAdam of One Step Retail Solutions, he talked about what a retailer should know about in surviving the current economy. He discusses retail Key Performance Indicators and how to read and interpret them, the various ways to use technology to increase profits, decisions a retailer has to make about their inventory, and how to overcome obsctacles during a recession.
Watch Webinar "The Truth All Retailers Should Know About Surviving in the Economy in 2009".