Beginning around now, a 10% tariff is going to be charged on some of your new purchases. Merchandise won’t have the same costs as was expected when the items were priced out earlier this year.
We’ve all gotten our share of small paper cuts, which might sting a bit, but are quickly forgotten. However, if you were to receive 1,000 small paper cuts all over your body at the same time, you would certainly notice them!
Our guide said, "Don’t leave fish to find fish." I turned around and said, "What was that?" He repeated, "Don’t leave fish to find fish. When we find a spot where the fish are stacked up like this, we keep fishing. Many people just take a single pass at them and move on."
It’s a common question we hear from retailers, “how can I get a larger piece of the pie from my trade area?” Many search for answers in new vendors or merchandise offers, a different ad agency or the next cool promotional idea. While these changes can and often do deliver sales increases, they come at a price.
Every now and again, something new comes along that fundamentally changes the way we work...we have developed one of those fundamental work-flow changes and...it will have a significant impact on the way you work.
Every year we see different results for individual companies when comparing this year’s numbers to last and 2018 was certainly no different. I can’t even say that the wide swings were terribly unusual (from up nearly 100% to down 45%).
Improving your bottom line is a challenge for many retailers. We tend to follow the same patterns of behavior over time (years and even generations) and therefore, markup and discounting wind up becoming a part of our culture, rather than having a net profit strategy.