Independent retailers gain when department stores close

(This was originally published May 25, 2017 at my old blog.)

In college, my career plan was to enter the management training program at Thalhimers department store and work my way up into merchandising.  My 18-year-old self knew what I wanted and everything made sense - like being an English major at a polytechnic institute.

Yeah.  Those days are long gone. 

The retail industry has changed in ways no one could fathom in the late 80s.  My college years coincided with the wave of department store consolidations.  Thalhimers ceased to exist and was eventually absorbed into R. H. Macy & Co.

Thalhimers grand opening at River Ridge Mall in 1980

Macy's recently shuttered its location at River Ridge Mall in Lynchburg, Virginia, which hit close to home.  This location was originally a Thalhimers location and was the one I visited often in the 80s, anticipating a career that would make me a decision-maker at the company.

Even though that career never materialized, I still pursued the retail path - and even worked for Macy's for a year and a half at another location.  In 2004, I opened a retail store of my own and loved every minute of it, but I made too many bad calls and decided to close up shop after only 2 years.

That experience made me a wealth of information on what not to do.  For instance, I wasn't properly in touch with the customers in my market and didn't do enough research before building my product assortment.  The lesson became crystal clear when I returned to the wholesale side of the business and went out on the road again.

My point in sharing that humbling bit of information is that I suspect department stores are suffering for similar reasons.  It may not be the only problem (just as it wasn't my only problem), but it is a significant one.

The news also reminded me of an article I read earlier this year.  If you don't follow Bob Phibbs at The Retail Doctor (and you should), he wrote about How to Find Strength in Being a Brick & Mortar Retail Store back in January.  You can rely on Bob for useful and actionable insight to improve your independent brick-and-mortar business.

Sit down with a cup of coffee or tea (or a Diet Coke, if you're one those people - like me) to read the whole thing.  Below are some bullet points directly from the article to remember when you feel frustrated or unfocused.

"To own the fact you are a physical store, lead with your strengths.  Here's how to start:

• You offer curated variety so shopping doesn't feel like work.
• You offer immediate satisfaction so customers don't have to wait for its arrival.
• You offer a personal touch so they get what's right for them, not just what's on sale.
• You feature displays that show how seemingly unrelated items work together.
• You remove frustrations from shoppers' lives in a human way online and chatbots simply can't."

You're a locally owned merchant with your finger on the pulse of your customer in a way that large stores and digital businesses cannot match.

You have the ability to personalize your service. 

You can adapt to changing trends quickly.

You know that Sarah has a weakness for a certain food item or scented candle so you can suggest it when her Secret Santa co-worker is in need of  gift for her.

It's not impossible to compete in the digital world, but it's not always obvious how to compete.  Earlier this week I posted about one way to stay in the game.

Recognize that these are your store's strengths and exploit them to continue growing your business and building customer loyalty.

One Word: Reset

This was originally posted July 5, 2017 on my old blog.

I look forward to sales meetings because I always leave with a refreshed perspective, new ideas to provide more value to my retail partners and info on new product introductions.

Oh....and also gifts.

From the Knack sales meeting last month, my favorite gift is a book called "One Word That Will Change Your Life" by Dan Britton, Jimmy Page & Jon Gordon.

Book cover of my favorite gift from last month's sales meeting

I'm always looking to add to my collection of books that offer tips to improve professionally or personally - often both - and this one does not disappoint.  It's a short read that guides you through an exercise to identify one word to provide focus and get you closer to your goals.  Your one word will change over time as you reach goals and change priorities.

My word for the remainder of 2017 - RESET.

June took a hectic turn with a schedule heavy on meetings, travel, sales appointments as well as some lingering automobile drama.  My focus was scattered because I'm easily distracted by shiny objects, and I wasn't happy with my results.

July commences with a more settled routine and a new set of wheels - as well as the awareness that I need to take a step back, sharpen my focus on my business and recommit to my goals.

Sometimes in business - and life in general - your instincts tell you something needs to change.  It's such a relief to figure out you can correct your course with a few adjustments and attention to detail rather than a complete overhaul.

In wholesale terms, it's already Q4 and the most important time to be focused on reaching sales goals, building relationships and bringing top-notch, profitable ideas to my retail partners.