Thoughts gathered from the Internet

Thoughts gathered from the Internet by Milton Waldoff Following the retail press and talking with clients and others over the last month or so, the conversation has evolved from "will things turn around this fall?" to "how do we succeed in this new environment?"   The comps get easier as we move into the 4th quarter, mainly because the big down turn started in Sept and Oct 2008, so the reported numbers should improve, and perhaps the overall tone of the reporting, but few think we'll see the economy and consumer spending bounce back dramatically. Everybody understands that business will have to be earned, one sale at a time, one customer at a time. The pieces I've chosen for this month focus on this theme; one sale at a time, one customer at a time.  From Hurlburt & Associates How Do I Drive More Traffic Into The Store? "When I was writing Shopportunity! I was told a reportedly true story of a Nordstrom shoe department sales person in Los Angeles. You've certainly heard her legend: She sells more than $1.5 million worth of shoes a year and is the number one sales person in all Nordstrom. Customer-by-customer she's built an amazing business and one that is not dependent upon traffic. One of the underleveraged elements of a great retailer selling great merchandise through great sales people is the ability of the person on the floor to educate. But you don't have to be talking with the customer in real time to educate. You can mine your past sales, determine what the customer might like to know about now and reach out to (her)." From Retail Customer Experience... Retailers Try To Get Personal With Shoppers  "If there is a silver lining to the current recession and any signs of hope for a fashion retail environment that has been hammered by the Internet, it may be this: Shopping is about to get interesting again. Retailers are in the process of shifting from being brand and product-centric to being market and consumer-centric. In other words, the shopper is in the driver's seat. Stores at every price point are having to work harder than ever to get people in the door, and, once they get them there, to pique their interest in what they're selling." From the Los Angeles Times.com... Recession Forcing Retailers To Think Small  "The Great Recession and Americans' retreat into thriftiness are teaching retailers a new lesson: How to survive when consumers are focused on "needs" rather than "wants."   For years, shoppers splurged on everything from $5 lattes to $200 jeans, and retailers responded by opening more stores and offering more choices. Now, beset by high unemployment and limited access to credit, shoppers are limiting most of their purchases only to essentials or the best deals. The changes are likely to last for years. Even when the economy improves, it will take years before the debts that piled up during the decade-long shopping spree are paid off. Americans are also getting used to their newly adopted frugal habits of saving more and spending less." From the Associated Press... Small Business: Keeping A Sales Team, Well, Sailing 'With all the doom and gloom in the marketplace, it's easy to fall into a slump, particularly when sales are down and the pressure is on to perform. But now's the perfect time to be working with your sellers on perfecting their pitch and helping them see beyond all the negativity so they're better equipped to deal with the challenges ahead." "Owners and managers' primary job right now should be to find a way to keep their sales team out of a negative pattern and help them find the silver lining in this supposed dark cloud." From Newsday.com...