By Blacks Senior Consultant, Steve Pruitt
Let’s be frank – 2009 was a tough year. As a retailer there’s not a lot you can do when consumers stop spending, except manage your business as best as you can and wait for the tide to turn. The problem many retailers faced this last year was that they had failed to put some key management principles in place before the economy went sour, which made it harder to keep their businesses afloat. After all, it’s difficult to keep disciplined about inventory management when business is booming, but believe me, it matters. So, as we head into the New Year with a slowly reviving economy, I offer you Blacks Top 5 Retail Resolutions to keep our business strong in good times and bad.
1) Never be overbought again
2) Never allow my turn to fall under 2.5 for men’s; 3.5 for women’s; and 4.0 for contemporary
3) Always ask for more margin
4) Try to figure out what GMROI really means (we know you know what the acronym stands for, but how does GMROI apply to your store?)
5) Always hand the customer a smile
If you’re not sure how to achieve any of our resolutions, tune in for Blacks’ Retail Resolutions free webinar series, coming in January and led by me.
To be notified of dates and times, send an email with your name and store name to email@example.com
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