Filing Your BOI Hopefully you haven’t had any contact with the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) up to now. But starting at the beginning of 2024, certain types of corporations registered to do business in the U.S. – including many retail stores – are required to report the information about their “beneficial owners”… Read More
Black Friday Bargains This is an update of a popular blog post from 2017. The busiest shopping day of the year is traditionally said to be the day after Thanksgiving, dubbed Black Friday in honor of stores “getting in the black” and making a profit starting that day. Those of us who love the origin of words and… Read More
Find Your Niche Whether you sell books or women’s clothing, you don’t want your store to be just like the others in your category. One way of distinguishing your business – while pursuing your own passion – is to offer a narrow niche of merchandise. This can be a great idea, or a recipe for failure, depending on… Read More
Clean Sweep December This is an update of a popular blog post from 2013. Spring cleaning may not be on your mind during November and December, but the Christmas season is an ideal time to go through your store’s back stock to get rid of odds and ends of merchandise. I have often quoted the line “don’t let… Read More
Faire Deal? Many independent retailers have a love/hate relationship with the B2B platform Faire. We love being able to find obscure, small lines that would never have been shown in a trade show. We hate what this direct ordering option is doing to the sales rep system. We love knowing exactly what is in stock when we… Read More
Dollar Store Displays This is an update of a popular blog post from 2015. Repetition is pleasing to the eye, and multiples of almost any item can make a great backdrop for a merchandise display. If you don’t have enough of one product to hang dozens in the back of your window, take a trip to a “dollar… Read More
Seasonal Hiring Needs Planning for the holidays is always tricky – will sales be up, requiring more sales staff, or remain the same as last year? Big box stores often roll out their seasonal hiring plans in October, and an AP story in today’s newspaper predicts a 3% sales increase between November and January. However a study by… Read More
The Benefits of Staff Discounts This is an update of a popular blog post from 2013. An employee discount is one of the least expensive “perks” you can offer, so it pays to be generous. It helps you attract and keep good employees – and we all know the high cost of finding and training a new staff member. At… Read More
Learning from Costco Sol Price was a legendary retailer whose Price Club, founded in 1976, eventually merged with Costco. He is attributed with creating the buying and merchandising philosophy that is still proudly posted in each Costco store. I’ve taken some time to consider how these Six Rights of Merchandise might apply to independent retailers. Stocking the right… Read More
The Art of Promotional Pricing This is an update of a popular blog post from 2015. A fascinating mix of psychology and mathematics that goes into setting promotional prices. Of course it is important to start with a good understanding of the basic tenants of retail math, such as how to take keystone markup by doubling the wholesale price, and… Read More