7 SECRETS TO COMPETE & WIN AGAINST THE DEPARTMENT STORES. Paul Erickson RMSA Retail Solutions
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1 7 SECRETS TO COMPETE & WIN AGAINST THE DEPARTMENT STORES Paul Erickson RMSA Retail Solutions
2
3 . SALES PER SQUARE FOOT SLIPPED 2.4% TO $383 LAST YEAR APRIL IN STORE FOOT TRAFFIC DOWN 6.5%
4 Looking to buy things of more permanence Restaurants Concert tickets
5 THE GAP
6 Q1 loss of $40,000,000.
7 Ralph Lauren.
8 Urban Outfitters.
9 Next year poised to become top clothing retailer in the USA
10 Breeding legal action
11 And this is good for me how?
12
13 Smart phones & tablets changing the consumer
14 Zombies really do exist!
15 HABITUATION
16 A changed retail environment Mall traffic steady but store traffic in decline Must be more creative to draw people in Stop people in their tracks
17 .
18 .
19 Oakley s multi media ceiling
20 .
21
22 To be blunt, any retailer that doesn t create a compelling, differentiated experience for customers will not survive for very long. Jerry Stritzke CEO of REI Don t try to compete just on price What can you do differently or better? Carry products that large retailers can t
23 To be blunt, any retailer that doesn t create a compelling, differentiated experience for customers will not survive for very long Jerry Stritzke CEO of REI Don t try to compete just on price What can you do differently or better? Carry products that large retailers can t
24 Cause marketing
25 Cause marketing!
26 Cause Fashion Show!
27 Cause Fashion Show!
28 Cause Fashion Show!
29 Cause Fashion Show!
30 Cause Fashion Show!
31 Cause Fashion Show!
32 Cause Fashion Show!
33 Cause Fashion Show!
34 Cause Fashion Show!
35 To be blunt, any retailer that doesn t create a compelling, differentiated experience for customers will not servive for very long Jerry Stritzke CEO of REI Don t try to compete just on price What can you do differently or better? Carry products that large retailers can t
36 MSNBC names Wonder Works small business of the year Provide incentive Offer value Differentiate Products
37
38 toration Hardware offers fee-for-perks 00 a year, consumers get an RH Grey Card with 25% vings in all departments % savings on sale merchandise, interior design services, rly access to clearance events.
39 Loyalty program shoppers of traffic of sales
40 Occasional shopper 45% of traffic 5% of sales
41 Lock in customers Affluent shoppers the biggest users of rewards programs
42 eiman Marcus InCircle program
43
44 Raising the bar
45
46 Empowering employees
47 Raising the bar
48 Raising the bar
49 ustomers judge ur store everyday
50 . WHAT DO OUR CUSTOMERS WANT?
51 hat do our customers want? RVICE REAL INFORMATION PEACE OF MIND
52 hat do our customers want? RVICE REAL INFORMATION PEACE OF MIND
53 A sea of racks
54 Duluth Trading Co
55 Duluth Trading Co
56 Duluth Trading Co
57 hat do our customers want? RVICE REAL INFORMATION PEACE OF MIND
58
59 The Weird Psychology of Returning Stuff Last year returns hit $284B up 6.2% Nordstrom, REI, Costco have all added restrictions to once lenient return policies Yet new studies have revealed that lenient return policies increase purchases & DECREASE returns Deadlines make you take action more quickly The Endowment Effect
60
61 THE APPLE STORE ployees taught to solve customer problems, not sell goods ven handheld devices, to get them out from behind the counter ained extensively and sworn to secrecy on new products ghest sales per square foot business in the history of retail
62 Number one service complaint
63 Enhanced retail environment through customer interaction Invest in sales & product training to your staff Empower sales associates to make decisions Emphasize building customer relationships above all else even sales. Teach them empathy
64
65 HE POWER OF NEW!
66 Age your inventory
67 . Identify anything in your store that is more than six months old If 20-30% is older than six months You have a potential problem If over 30% of your stock is that old You have A problem that needs to be addressed NOW!
68 PRICING
69 west price doesn t always win the sale More likely to avoid a loss than seek a win Money is good! Giving it up is bad! Framing sales around Save versus how much they are spending You saved $xx by shopping with us today
70 Psychology of percentages ritating to the consumer angerous for the retailer
71 Use dollar savings not percentages Consumers more likely to respond to a known amount Simple is the new hook Recent studies have tested $ effectiveness
72 root causes of excessive markdowns
73 root causes poor buying too large assortments duplication overbuying
74 root causes poor buying too large assortments duplication overbuying
75 Overbuying 1. 90% of your sales come from inventory less than 10 weeks old 2. Recognize short shelf life 3. Recognize slow sellers in season
76 markdown rules
77 markdown rules plan plan plan use a budget don t be under price points not percentages learn from every markdown pay your tuition
78 markdown rules plan plan plan use a budget don t be under price points not percentages learn from every markdown pay your tuition
79 markdown rules plan plan plan use a budget don t be under price points not percentages learn from every markdown pay your tuition
80 markdown rules plan plan plan use a budget don t be under price points not percentages learn from every markdown pay your tuition
81 markdown rules plan plan plan use a budget don t be under price points not percentages learn from every markdown pay your tuition
82
83 David s Western Store
84 National Roping Supply
85 National Roping Supply
86 7 Secrets to Compete & Win Reach out In store On line Play up your difference Build customer loyalty Legendary customer service Empower sales staff Know your inventory #s Build your brand
87
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