Anne Garner’s (Baltimore, MD) client, Lake Forest Shop, was featured in Crain’s Chicago Business when the business turned 90 years old.

This service can be a huge boost to your MMU and create better cash flow due to the high margin and short lead time. Having a professional buyer participate with you can expand your view of what will sell and can provide you with the advantage of purchasing off price in season. Contact Management One® for additional information.

In our work and in our lives, we are spending more and more time in front of a computer as we explore our worlds. In many ways, computers make our worlds more observable – but less real. The time we spend on Facebook, Twitter, Pinterest and LinkedIn makes interacting and developing relationships with others – in the real world – more difficult. As we get more connected, are we becoming further apart? Instead of getting together for a drink or coffee, we now press a “Like” button which replaces the interaction. In 2010, AARP reported that 35% of adults over age 45 are chronically lonely. Sixty million Americans are unhappy due to loneliness. The more “connected” we get, the less we know each other.

Independent specialty retailers have a responsibility to provide a relationship, experience and a special bond to their customers. The more the staff can nurture and manage relationships, the more value they offer to customers. Events in the store can never be replaced by a “Like” button or a catalog on the computer. The most successful clients we work with are those who have many unique and exciting events in their stores. We are all human and we all have a need to be important, valued and in touch with others. The less we get that from our phones and computers, the more we need the retail experience. The less time we spend with others socially, the more important events and shopping as a way to be a part of society become.

We had a great meeting with a ton of information and ideas generated. The best part of the week is we got closer to our Management One® family. We learned about their families, accomplishments, struggles and their goals. That is what keeps them coming back each year to Tucson. That is what will keep them coming back into your store.

These days many retailers fear that all of their efforts are in vain because Amazon is going to overtake the world.

A client and I were reviewing her results for the last year – she was up 30%! So exciting, right? I’ll admit that I was feeling pretty sure of what her answer would be when I asked the question, “So, you must be feeling pretty good about our working together, right?” I was shocked when she said, “Well, actually, I am just afraid that I am wasting my time in an industry that will be wiped out by Amazon, the internet and big box stores.” Wow. That set me back. But then I realized how often I have heard it before. It is a deep dark fear.

What would you say if I told you that you have a secret weapon that gives you the power to laugh in the face of the internet?

There is something that you possess that they will NEVER have.

Your personality and your passion.

It shines through all you do. Your merchandising, your carefully edited selection of items, your quirky products at the front counter, your window displays, the events that you chose to do…and not do! Do not underestimate the power of this weapon.

A shopping cart on a screen does not have that. A shopping cart on a screen can have a list of photos on the side with the caption “You might also like”…but it can’t tell Chloe that this one particular necklace will be perfect with the dress she just bought for her best friend’s wedding. The bottom of a screen might show a photo and say, “These items are frequently bought together”…but it can’t tell Jack that you know his mom doesn’t like sleeveless tops. Only YOU can tell a customer the honest truth when they ask, “How do these jeans make my butt look?” There is no app for that.

Only you and your team can look a person in the eye, solve a particular problem for them, answer a question, make life a bit easier for them and then wrap it up in beautiful packaging!

It is not about customer service. Zappos has great customer service. It is about being a resource for a community of like minded individuals. Zappos doesn’t have that!

Your marketing shares your message and passion with your raving fans…….and as they see that you truly can read their minds and find solutions for their issues with the information you share… they are drawn to you. More information is shared on Facebook and items are pinned and repinned on Pinterest and tweets retweeted and the interaction deepens. And a community is formed.

It all starts with your personality and passion.

No one else has that.

Revel in it! Enjoy it and share it!

Happy Retailing,

Cathy Donovan Wagner
Your Retail Profit Maven

PS. Your Homework assignment today is to make sure that your messaging shares your passion and your personality. You forget how much you know. Go to Hootsuite and schedule out 1 post for the next 7 days that shares an important bit of information about what your passion is about your store! Show your personality in it. Let the message come from your heart.

PPS. And go to OUR community at www.facebook.com/retailmavens and list one word that describes your passion!….ok you can use just a few more words if you need to.

Connect with me on Facebook and Twitter to get the inside scoop to running a profitable and successful retail store!

Let’s get this knowledge into the hands of more retailers. Please post and Tweet about this week’s article by using this link: http://bit.ly/HZ2JzV

© RETAILMavens.inc All Rights Reserved.

Part of what I do the first few days of the month is data analysis. What is happening and why. I look for anomalies and call affiliates and clients. When I uncover a potential jewel I share it with you. This month I am struck by lost opportunities, interesting given the tremendous growth of our clients this spring.

We often are frustrated when clients overbuy. However there are just as severe if not worse penalties for under buying and/or ignoring the plan.

Here are 2 current illustrations:

Case 1: The client as trending at half a million dollar annual rate and over a 50% MMU last year. They decided they no longer believed in a specific class and , although we propped them up for months, they continued to refuse to buy into the class, even though we felt there was significant potential. Along comes this spring and in January they once again decided to land goods, and now they are beating plan and rebuilding this class. They did spend money in some other categories, and overspent in another category significantly beyond our plan. The sales in the class they overbought never materialized to the extent of the overbuy and did not replace the tens of thousands of dollars in lost profit by not buying into the original class. This client lost revenue, profit and increases all because of being over opinionated about a specific class. Had they bought into the original class and still overbought the class they felt strongly about, that would have achieved a better result. And this is a very good retailer, usually.

Case 2: Similar example but here the client did not even look to replace dollars somewhere else. They ignored the plan, ignored the affiliate and while the rest of the retail world is on fire they dropped 9.3% for the month. They in turn probably lost market share and in one class alone dropped approx. $11,000 in the month of March. That is a lot of volume for a 650k store. Their stated reason is ; “they don’t like the class.”

Each classification represents its own business. There are problems and opportunities in each category. That is the puzzle we solve every month. At times we need to make a stand and do our best to impose our will on our clients and impress on them their need to react and not abandon classifications that are critical to their success. When they act against our plans and your advice, the results can be severe. Consider the consequences:

1. Loss of market share to a competitor

2. Loss of profitable business

3. Stock is out of balance and it is harder to sell other items

4. Expensive investment to rebuild the class from scratch

5. Lose the rhythm of what is working in the class as you do not shop it at market. They have to play catch up, hot vendor goes to competitor.

6. Expensive marketing to get your lost customers back

7. You lose a client if the results mean a serious erosion of their business

It is NOT ok to rob peter to pay paul at the class level. Each class has its own destiny, its own demand. Starve the class and you starve the store. Our mission is to influence our clients to build their business profitably. To take sensible risks and to maintain the balance and flow to their inventory that in turns returns cash, profits, growth and market share.

There are battles and there are wars. It is OK to lose a battle but sometimes it really is a war of wills. Finding a way to win when it is necessary is often difficult, challenging , and for new affiliates, they fear losing the client. You have 60 affiliates to discuss your thoughts, you have Management One® and the planning staff. We are happy to help you organize your thoughts, act as a sounding board and if required and desired will participate in a conference call. New affiliates have their mentors to turn to as well. When it is in your opinion absolutely necessary, make a stand! The rewards for you and your client are worth it.

Happy Retailing,

Marc

With Valentine’s Day approaching, we have declared a month to love your Management One® Affiliate. To help your affiliate win, simply go to the Management One® Facebook page at:

http://facebook/com/managementone

There you will find out how to register your vote for the most loved!

The results will be announced in next month’s Informer.

http://facebook/com/managementone

There you will find out how to register your vote for the most loved!

The results will be announced in next month’s Informer.

http://www.management-one.com/about/careers.php

FOR IMMEDIATE RELEASE

Management One® Announces Expansion of Its Specialty Retail Consulting Service

November 23, 2011, Tucson, AZ—Consulting firm Management One®, which provides open-to-buy and inventory planning to specialty retailers, has announced the next orientation and training for new retail consultants that join the Management One® network. The training will be held in Tucson Arizona, headquarters for Management One®, from January 15 to 20th, 2012. The training is the first step to a successful career in retail consulting utilizing the Winning@Retail™ solution from Management One® as the foundation for success.
Management One® decided to expand its affiliate base in response to the strong demand from independent specialty retailers for merchandise planning and the tools that give them a sustainable competitive advantage. “As the economy improves we are seeing a huge growth in specialty retail and that brings a huge need for consultants to deliver the right path forward for these stores.” according to Fred Pylman, Assistant Director of Operations for Management One®.

This will be the largest training class in Management One® history and covers all aspects of retail consulting the new affiliate will require. The class curriculum has been recently updated and includes training in the Management One® credos and culture, how to market and sell to retailers, the initiation process for new clients, consulting skills and techniques and how to set up and manage your own consulting practice. “Consulting is a great way to have a lucrative career on your own terms while helping others succeed. There is so much to know and such a big difference from being a retailer to influencing other retailers in their business. ” stated Evan Wise, Managing Director of Management One®. The January orientation and training session covers retail math, reading and implementing the Winning@Retail™ merchandise plan, understanding and using retail financial analysis, marketing, selling and more. Most retailers have sold product in their past but must learn to sell themselves and the reality of a better future. Dennis Levine, a Management One® affiliate for 21 years commented, “Come for the food and stay for the career!” There is lots of fun and camaraderie too.
Retailers that enjoy helping other retailers succeed can make the transition to consulting through the extensive training and mentoring offered by Management One®. A career in consulting puts the affiliate in control of his or her situation and future as the affiliate controls their schedule, client load, billing and the services offered to their client base. With Management One® YOU own your own business! Income can be managed and increased by adding new clients. According to Pylman, “The Winning@Retail™ process is successful in assuring tremendous value for clients every month so the affiliate’s business can grow.” The best part is there is no upfront cost or payment to Management One®. You pay for merchandise plans as you deliver them to your new clients. Pylman and Wise have made additional adjustments to accommodate more students in the upcoming January class.  “Since the demand is there, we need to be prepared to help more people assist our retail clients,” said Wise.  “It’s an exciting time for people who love retail to expand their horizon and create new opportunity.”

ABOUT MANAGEMENT ONE®

Management One® is the premier source for retail merchandise planning through the Winning@Retail™ solution. “Since 1990 Management One® has been the best source for independent specialty retailers to get sales forecasting that is greater than 94% accurate and merchandise plans that will provide more cash and grow a retail business” according to Marc Weiss, Managing Director of Management One® . All merchandise plans are analyzed and delivered by its team of retail experts who have their own independent consulting business. Other solutions offered by Management One® include the Winning@Business™ solution that gives affiliates a holistic approach beyond the inventory to how the staff is managed, training buyers, sales training, hiring, negotiating and more of the skills that make good retailers great; Winning@Finance™ to guide retailers to manage their cash more effectively; Winning@Turnarounds™ to get struggling retailers back in the black; Margin Buying Service™ to help specialty stores boost margin through a specialized buying professional; and many other services to independent retailers. Management One® is a network of 52 affiliates across the U.S. and Europe with clients around the world. For more information about Management One®, its solutions and retail consulting as a career, contact info@management-one.com or call Evan Wise at 630 886 8848.

Here is a front page article in Today’s Arizona Star featuring one of Neil Norton’s clients in Tucson.

It discusses how retailers in communities like ours and across the country are using social media to prevent and catch shoplifters.