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The 3/50 Project - Saving The Brick & Mortar Stores Our Nation Was Built On

Former retailer, consultant and G&DA columnist Cinda Baxter launched The 3/50 Project to promote shopping at locally owned businesses. Originally debuted on Baxter’s blog, the project now has its own website.

“We ask consumers to think about which three stores they would miss if they disappeared, then remind them to return there,” explains Baxter. “Shoppers have become so rooted in thinking about the essentials that they've forgotten about the little gift store on the corner whose owner remembers their name.”

“Fifty comes from the idea that if even half the employed population spent a mere $50 per month in locally owned retail stores, those purchases would generate more than $42.6 billion in revenue,” she continues. “That's a huge impact for a relatively small investment.”Which leads to a third number on the flyer, sixty-eight—the dollar amount that remains in a community's economy for every $100 spent in locally owned stores. By contrast, only $43 per one hundred remains local when spent in national chains; little or no revenue results from online purchases.

Baxter designed a free flyer for retail participants to download, print on a color printer, then hand to constomers with their purchases. “The idea is to look customers in the eye, put this right in their hands, and say ‘thank you for shopping in a locally owned store,’" she says, "rather than just pop these in the bottom of a bag and hope someone sees them.”

Retailers you can print a flyer that you can hand out to your customers, friends and acquaintances that explains the project and encourages them to support their local retail stores.

Shopkeeping Basics

In an effort to save some money on shipping ($130 to be exact) I picked up an order yesterday instead of having it sent to the store. On my way back to Syracuse I got off the NYS Thruway, took the "back way” home and stopped at a few independent stores to see what was happening.

WOW. If these retailers don’t get their act together they won’t make it through the year. To be fair, I only visited 4-5 shops and I am sure that for every 4 that were dragging there are 4 that are doing it right, but here is what I found:

One store looked so tired I wanted to stop and remerchandise the shelves right then and there. The last time I had been in this store was about 2 years ago, and you know what? Almost EVERYTHING was still in the same place. I don’t think one department had been moved. This store has nice inventory – they aren’t selling junk and for the most part, the shelves are well stocked. It would serve the owner well to 1) move several of the key departments around and freshen up the floor plan 2) remove faded items from the sale area – no one wants a sun-striped faded journal, even for $2. 3) Spend 30 minutes walking around the store and straighten up the shelves; the things that were in disarray did not get that way just that morning. 4) Try to have testers for each lotion fragrance, and 5) throw out the hand written signs and make some that reflect the store’s image on the computer. Or at least have someone with outstanding handwriting make them on cards with the store’s name/logo.

The last store I stopped at was an upscale book store. It was a mess. They had put their sale table right inside the front door and tings were piled on it like a garage sale. There were more sale items upstairs, but it was so picked over that what was left was overwhelmed by the space it was in. Those things need to be consolidated and moved. The community bulletin board was a disaster; there were so many things thumb tacked to it that you couldn’t find anything on it if you wanted to. A book written by Thom Felicia (who just bought a home in the area) was “displayed” on a shelf in the middle of the home & garden section with a small sign next to it announcing a related event – unfortunately they only had 1 copy of the book and 2 reminder post cards to take home. The book was lost in the shuffle with the other stuff that was strewn on the same shelf. I find it hard to believe this stellar display was so successful that all the books sold but one and that everyone picked up a card. That display should be well stocked in the center of the store, or in a promotional spot near the entrance. Also, it would have been nice for someone to have at least said “hello” in the 15 minutes I was in the store.

Retailers can not afford to be sloppy. People are choosy where they spend their money and what they spend it on. If you’re not making it easy for people to shop or projecting the best image you can, your sales will reflect it. Seems pretty basic doesn’t it?

Social Networking Spotlight

Tuesday March 10 offers up the first ever Social Networking Spotlight for members of Rick Segel's The Retailer's Advantage. Are you curious about Social Networking? Does your business have a Myspace page, a Twitter account, an effective blog? Do you need any or all of this? Join us for an introduction to the basics of social network marketing, and what every business needs to know before joining the online conversation. The event is live, you can submit questions before or during the event, but if you aren't available tonight at 8 EST you won't miss out, you can listen to the recording at a later date. Not a member of the The Retailer's Advantage yet? Click here for more information.

Taste Test McCafé

If you’ve seen the new commercials for McDonald’s McCafé, you know that MacDonald’s is now serving cappuccinos, lattes, and mochas - hot or iced. What you might not know is that every Monday you can get your caffeine fix for free! That’s right, FREE. Order one small size specialty coffee and it’s on the house, no purchase necessary, offer valid as the company rolls out the new drinks. Ask at your local store if/when the promotion is available as it wasn’t advertised anywhere in my area but it is definitely “on” here in Central New York.

I’m not starting a debate on quality/taste, and I’m not advocating giving up your local roaster or favorite independent coffee shop, but it’s interesting to watch McDonald’s respond to Starbucks, Dunkin’ Donuts and the economy.

Guest Interview with T.J. Reid

Members of The Retailer's Advantage have the opportunity to hear T.J. Reid speak for free tonight. T.J. Reid is one of America’s most respected and “in-demand” retail speakers. Her seminar topics list is overwhelming, her motivation and tireless work ethic is remarkable, and her consulting talents are legendary. She’s the author of the “What Your Mother Never Told You…” series, which covers retailing, fashion and promotions. Don’t miss this powerhouse interview at 8 pm EST. Members who can't listen in at 8 can listen to a recorded version after the event at their convenience. Not a member of The Retailers Advantage? Click here and join today!

Silent Partner

Question: "To keep my store open in this scary economy, I need 24-hour access to a Business Partner/Problem Solver/Master Merchandiser/Promotions Pro/Sales Guru/Good Listener.
Oh…and could I get him for under $50 a month?"

Answer: all the expertise you need to stay afloat and even prosper in good times and bad is now only a mouse-click away.

Retailers today have a tough row to hoe. You toil days, nights, and weekends with few breaks, very little support, and more hassles than you can shake a (New! Improved! 50% Off!) stick at. Of course, you love this life. But sometimes (like, say, during a recession when business is sluggish and the media is blaring non-stop bad news) you’d appreciate a helping hand. A little sage advice from someone who really knows his stuff. A trick-of-the-trade or two—or ten—that will help you save your store.

Is that too much to ask?

No! It’s not. That’s why The Retailer’s Advantage website exists—and why we’re issuing you this exclusive invitation to join us.
http://www.ricksegel.com/cmd.php?Clk=2874159

Make no mistake: Plenty of people are still spending money out there. Visit http://www.ricksegel.com/cmd.php?Clk=2874159 to learn how to get them to spend it in your store.

We all know people aren’t spending like there’s no tomorrow right now. So what? They still need food and clothing and furniture and pet treats and anniversary gifts. They’ve got to buy these things from someone, right? It might as well be from you. Created by international retail expert and best-selling author Rick Segel, The Retailer’s Advantage is a private educational resource website that will help you WOW more customers into your store and persuade them to buy more than they planned or you even expected them to buy. (Isn’t that the best, especially when they had no intention of buying a thing.)

And that’s not all. It will also teach you the latest and best ways to do business (both online and off), motivate employees, and improve your internal operations. Last but certainly not least, it will offer you the chance to bond with other retailers who face the same struggles you face.

Members get the full benefit of Segel’s 25 years of experience in the retail industry. They get 24-hour-a-day access to countless innovative ideas, a wealth of practical advice from seasoned experts, on-line seminars with industry pros, and a community of retailers you won’t find anywhere else on the web.

This is not a silver bullet, it's a tool and it's only as good as the effort that you put into it, but even if you implement just one great idea, your subscription will more than pay for itself. Join now.
http://www.ricksegel.com/cmd.php?Clk=2874159

Start Planning Today for Tomorrow

"To succeed in business, to reach the top, an individual must know all it is possible to know about that business" - J.Paul Getty

I had the opportunity to attend a terrific seminar this morning geared toward small business owners sponsored by M&T Bank. The discussion revolved around the “Risk Barometer” and the 6 mistakes that many businesses make – in my opinion most seemed to be caused by procrastination, ignorance, failing to plan, or the “that can’t happen to me” way of life.

There were many valid points brought up during the event, including questions like what happens to your business if you were to become disabled (or worse) tomorrow? Sure we all have some vague idea of what would happen, but is that scenario valid? What you think would happen and what is legally and financially possible could be very different things. What happens to your employees if you can’t run the business? If you want to sell your business do you know what its worth? And not just what you *think* its worth – that doesn’t fly with the IRS; you need a credible business valuation. What about leaving your business to someone in your will? Do you know the tax consequences of that? Do you know how to lessen the penalties for your beneficiaries? If you have a business partner and you should not be able to work – then what?

When you own your own business it’s very easy to get caught up in daily operations and sometimes the bigger picture legal/financial stuff seems like things that can wait, or things that only larger companies have to worry about, but that is just not true. Take time NOW to meet with your bank to discuss how they can help you plan for your store’s future and educate yourself on what you should be doing to truly “take care of business”. Don’t wait until you want to sell, retire, or have an emergency to find out that a few things have slipped though the cracks – by then it’s too late.

Michelle Obama’s Style- a Lesson in Buying and Merchandising

If you’ve been watching Michelle Obama over the past year, and especially in the past few weeks, you have seen her signature look (i.e. brand) that effortlessly conveys an image of fresh, confident, and forward thinking style. What you may or may not have thought about is that you can apply her style philosophy to your store.

Not only does Mrs. Obama skillfully mix and match colors, mainstream and avant-garde designers, she effortlessly combines a higher priced article with an affordable accessory – just like you can set up a vignette in your store focusing on a higher priced line accented with lower priced merchandise. With our cool economic climate you need to show people that your “look” is not out-of-reach. Her stunning lemongrass inaugural outfit by Isabel Toledo was paired with olive J. Crew gloves, and forest green patent heels by Jimmy Choo - hardly bargain basement, but the point it she certainly wasn’t prancing down Pennsylvania Avenue in a pair of $1000 pumps! What makes her style successful is that whatever is chosen, it’s quality – whether it’s a $75 item or a $750 item, it’s well made, well designed and there is value to the purchase.

Michelle Obama is not afraid to seek out fairly unknown designers and reach toward the future with a new artist, new line, or new designer and again this is something that we as entrepreneurs can do also. As you go to market devote some time to the “hand made” sections and the “one of a kind” shows. Go to a local gallery and see what artisans might be interested in selling wholesale on a limited scale. Make it a point to bring in merchandise that fits your store that is from a young designer, from an unknown designer, from a new company, or from a small company.

Sure, a lot of shop owners are already buying and merchandising like this, but are we doing it enough? Are we doing it well? Can we do it better? Yes we can.

What's in Your Closet?

I had an interesting conversation with a neighboring retailer yesterday. We were discussing inventory, left over holiday merchandise and markdowns in general. I was shocked to find out that she thinks nothing of packing up holiday items that are 3 OR MORE YEARS OLD and saving them for the following year! These are not one of kind items; she was talking about are every day, mass produced "stuff". I have to say, I was blown away by this concept. I asked her why she didn’t clearance it out, bundle some items together into gift sets to sell, or donate items to local charities for their gift shops or silent auction. Her response? “I’ll mark things down, but I’m not going to loose money or give things away.” At this point I knew I talking to a hobbyist and not a businessperson.

When you hang on to items as if they were a member of your family you ARE losing money! Inventory that sits, and sits, and sits taking up shelf or storage space is NOT making you money and it eventually reaches a point that it never will.

Take a look at you completed inventory sheets/reports. How old are some of your slow sellers? 6 months? A year? More? Then it's time to broom them out. Take these dogs (yes, at this point they are dogs) and mark them to SELL – don’t mess around with 20% go for a big discount, create an attractive sale area (please don’t just pile it on a shelf) and get these things out of your store. Free up some shelf space, storage space and most importantly free up some cash for new merchandise that will excite you and your customers.

If you find neglected, forgotten items in your store that are faded or broken write them off and throw them away. And before you think “Oh I can’t do that!” ask yourself this: if you were shopping would YOU buy something in that condition? Everything in your store is a representation of your brand, so be discriminating when it comes to what is on your shelves.