Here are my final thoughts on 2008. Good riddance!
As 2009 begins, our industry is facing the most tumultuous year in a very long time. A dramatic pullback in consumer spending is causing a ripple effect from retailers to manufacturers to suppliers to landlords and on and on and on. Many experts are predicting that more stores will close in 2009 than in any year since the early 1970s.
Not a pretty picture.
I never forget the human toll this economy takes. I know that for every store that closes, whether it is locally owned or part of a national chain, employees and their families are dramatically affected. These are not easy times, and they’re especially challenging for retailers.
But with these great challenges come great opportunities.
Fewer stores will mean less competition. Consumers will shy away from retailers who are either known to be struggling, or project an air of “struggle” in their customer experience. Consumers will continue to seek out and remain loyal to retailers who deliver a good value and a great experience. Will you be one of those retailers?
You can CREATE and MAXIMIZE the success you deserve in 2009 IF you’re 100% ENGAGED. That’s true for every owner, executive, manager, support staff, and salesperson.
But it won’t happen on its own; those days are long gone.
In order to succeed, specialty retailers must now create enough store traffic every day. Events, educational programs, and other activities that drive traffic will be key in 2009. Will you be able to create enough traffic to succeed?
Specialty retailers have to maximize every customer every day and turn it into a sale. Retailers who still think that all they have to do to make a sale is open the door are in deep trouble. And there are a lot of them out of there. Only 20% of the stores I visited last weekend even attempted to make a sale. I will not be surprised if at least half of those stores are gone by this time next year. Are you maximizing every customer opportunity?
Specialty retailers must also focus on creating a customer-focused staff that is engaged and maximizing every single customer opportunity everyday. Great people are the only way to compete against the discounters who commoditize products. Is your staff ready to maximize the opportunities you create?
Keeping customers in 2009 will be even more important than making a sale. Retailers will have to engage their customers every day to create the long-term loyal advocates necessary to compete in these challenging times. Remember, if you keep the customer you’ll get the sale. Will you?
And last but not least, success or failure in 2009 will come down leadership. No one achieves success by hoping or wishing for it. Success comes when the leader(s) of a store or organization create positive energy and make sure everyone is taking positive actions every day. Are you ready to lead?
We are. It is our goal to help your organization create Every Day a Success in 2009. We’ll help you succeed every day so you can make your week, your month, and then your year. You’ll be thriving when other stores are just trying to survive.
I welcome the opportunity to discuss how we can help your store create Every Day Success in 2009. Whether you’re a large international chain or an independent retailer, we can help.
We’re ready to MAXIMIZE 2009. Are you?
Doug Fleener and Matt Norcia
2009 will see a great weeding out of overlevered, overexpanded retailers. I think the ones that will survive will offer significant value for money, a unique experience and be financially flexible.
Posted by: Mark | December 31, 2008 at 11:30 AM