If you are a prairie dog, it’s a good idea to keep on digging.  In fact the average prairie dog burrow is some 9’ underground, and up to 33’ long.  But in retailing, we need to pay attention to the concept of sunk cost and quit while we’re ahead. The term sunk cost, also known… Read More

We have heard so much lately about the failure of Big Data to predict the outcome of the presidential election, but we may not realize that this technology is used by large retailers to make decisions all the time.  Described by one provider as “the ocean of information we swim in every day,” big data evaluates… Read More

Are you doing all you can to tap into the corporate gift market? According to the Advertising Specialty Institute, $48 was the average purchase by companies giving gifts to clients and potential customers  last year, a 9% increase from the year before. Food and beverages were the most popular items, the ASI reports, followed by useful… Read More

Thanksgiving weekend is both an opportunity and a challenge for the independent retailer.  We’ve already seen a lot of press in our area about the shopping malls vowing to remain closed on Thanksgiving, which makes me a bit jealous.  We’ve never been open on Thanksgiving — and I don’t think any other shop on Monroe… Read More

Thank you to everyone who reads this weekly blog! If you share my interest in helping your fellow retailers, I have a favor to ask. I’m hoping you’ll be willing to share a short success story to be featured in the upcoming 4th edition of my book, Specialty Shop Retailing. Entries selected to be included as a “Great… Read More

Do you know how many different types of toothpaste are offered in the average grocery store?  A recent Consumer Reports article said 27 — and that’s just under the Crest brand. Colgate added another 25. It’s no wonder that their survey of subscribers shows that 36% of those responding said they were overwhelmed by the… Read More

I saw one of the employees at our local grocery store up on a ladder dusting the top of a display last week, and I immediately thought: the franchise’s inspector is coming soon.  I could be wrong — I didn’t interrupt his hard work to ask — but it got me thinking about the advantage… Read More

“Caffeinating an entrepreneurial nation” is the slogan of 1 Million Cups, a program developed by the Kauffman Foundation in 2012. In just four years these weekly meetings have expanded to over 100 cities across the US, where they are made available at no charge to participants. The Kauffman Foundation, established in the mid-1960s by the… Read More

In the world of music, quarter time usually indicates a waltz.  But in retailing, fourth quarter time means more of a jitterbug as we try frantically to keep up with the demands of our customers.  Since this week officially marks the start of the 4th quarter — Christmas in now just three months away —… Read More

If you haven’t upped your game when it comes to customer service, you may face a real challenge trying to compete with online shopping options.  You need to give shoppers an in-store experience that surpasses sitting in front of a computer screen wearing p.j.s and having products magically appear on their doorstep the next day.… Read More