“Retail Therapy” Myths

“Retail therapy” is the notion that some people shop as a stress reducer and/or as a way to avoid life’s tough issues.
As Amanda Page, the Editor at HealthCentral says:
“We all do it: indulge in ‘comfort’ purchases to remedy a bad day or sour mood.   While the often short-lived euphoria resulting from this habit may lead to post-splurge guilt, new research suggests some surprising reasons why retail therapy can actually be good for you.  Let’s put some old myths to rest.”
Click the infographic to read more of Page’s views about the myths associated with retail therapy.

 

 

Posted in Part 2: Ownership, Strategy Mix, Online, Nontraditional, Part 3: Targeting Customers and Gathering Information, Part 6: Merchandise Management and Pricing, Part 7: Communicating with the Customer | Tagged , , , , , , , , | 1 Comment

Business Career Tips and Resources

In the slideshow presented below, learn about many of the opportunities and challenges facing those interested in a field of business.
The latest data from the U.S. Bureau of Labor Statistics are included.

 

 

Posted in Career Useful Information, Careers in Retailing | Tagged , , , , , , , , | 1 Comment

Mobile Shoppers and Their Choice of Payment Methods

According to recent research from Nielsen, mobile shopping is impacting more than just our way of shopping, it is also changing the way we pay for purchases:
“Digital is starting to transform how consumers pony up cash for their everyday purchases. And for consumers using mobile payment technology, digital is already the norm. In fact, according to Nielsen’s Q2 2014 Mobile Wallet Report, 40 percent of mobile wallet users say they use mobile methods as their primary mode of payment.”
Click on the chart to learn more.

 

 

Posted in Part 3: Targeting Customers and Gathering Information, Part 5: Managing a Retail Business, Part 7: Communicating with the Customer, Technology in Retailing | Tagged , , , , , , , , | 1 Comment

Mobile Keeps Growing for Retailers

According to new research by Fetch, a full-service mobile marketing agency, mobile is becoming ever more important for retailers:
“Fetch conducted a series of interviews with executive-level thought leaders at several retail brands across multiple industries. Through these insider discussions, Fetch gained deep insights into the mobile and retail landscape. From this perspective, Fetch drew conclusions about the greatest challenges and opportunities facing retailers today. 
“In addition, because of the wide-ranging impacts mobile has had on retail, Fetch reviewed a broad range of significant research conducted by major marketing, technology, and research firms.”
Click the image to read Fetch’s 47-page white paper.

 

 

Posted in Online Retailing, Part 2: Ownership, Strategy Mix, Online, Nontraditional, Part 3: Targeting Customers and Gathering Information, Part 7: Communicating with the Customer, Social Media and Retailing | Tagged , , , , , , , | 1 Comment

Online Resources for Women and Minority Business Owners

Although these observations by the National Women’s Business Council refer specifically to female business owners, they are equally applicable to minority business owners:
“Like all entrepreneurs, women business owners face many challenges in making their entrepreneurship dreams a reality.  Some of the challenges faced by women may be specific to women, due to the historical and cultural context within which they do their work.  Women have the challenge of confronting and overcoming the historical barriers of being kept out of business and capital markets until the late 1980s.  Even today, women’s access to information (or lack thereof) about financing strategies and opportunities may be limited due to a lack of access to the social networks where many key decision makers and capital players make deals.  A lack of information about financing a business may result in more women raising lower levels of capital or pursuing only debt financing, which can limit their growth potential. ”
Click the image to read more from the NWBC.
 

 
With the above in mind, Tom Shaw (a Visible Systems Specialist for Magnatag) has published an excellent series of links to resources for women and minority business owners. Shaw provides links to 45 resources!! Click here to access Shaw’s “Women and Minority-Owned Business Resources.”

 

Posted in Career Useful Information, Careers in Retailing, Part 2: Ownership, Strategy Mix, Online, Nontraditional, Part 3: Targeting Customers and Gathering Information, Part 5: Managing a Retail Business, Part 8: Putting It All Together | Tagged , , , , , , , , , , , , | 1 Comment

How Strong Is the U.S. Economy for Retailers?

There have been many conflicting reports about the state of U.S. retailing. Some experts are rather pessimistic, while others are more optimistic.
Count Mr. Steven Keith Platt, Director and Research Fellow at the Platt Retail Institute, among the latter:
“The U.S. consumer is alive and well. They are responding to pent up demand for new cars and fixing up their homes, as well as continuing to improve their balance sheets. These expenditures are taking precedence over purchases at general merchandise stores. This is a short-term trend that will soon reverse itself as consumers revert to spending on other discretionary items.”
Click the image to read read Platt’s thoughtful, data-packed article on “What Store Traffic Is Not Telling You About the Health of the U.S. Consumer.”

 

 

Posted in Part 1: Overview/Planning, Part 3: Targeting Customers and Gathering Information | Tagged , , , , , | 2 Comments

Rocky Seas for Wal-Mart

Although Wal-Mart is still by far the world’s largest retailer, it has faced some stormy seas in recent years. U.S. store sales are stagnant. Earnings have been tight. Competition from dollar stores and from online retailers has taken its toll. Etc., etc.
As Shelly Banjo reports for the Wall Street Journal:
“With the price gap shrinking between Wal-Mart Stores Inc. and its competitors, the retailing giant faces the double sorrow of sluggish sales and traffic. In May, the company reported its fifth straight quarter of negative U.S. sales, excluding newly opened or closed stores, and its sixth straight quarter of dwindling traffic. Wal-Mart’s return on investment dropped to 17% in the year ended Jan. 31, down from 20% seven years ago. The weak results led to the lowest levels of bonuses to executives in several years.”
“The discounter is also dogged by allegations of bribery overseas, and continues to face regulatory challenges from its nonunionized workforce. It has stumbled in country after country in its attempts to expand overseas, even as it remains a dominant retailing force in countries like Mexico and Canada.”
“Some of the retailer’s initiatives — from new store formats to a shift in some pricing models — don’t much resemble the old Wal-Mart, where bigger stores were touted as better, and prices were ‘always low.’ This year, for the first time in its history, Wal-Mart will open more smaller grocery and convenience-type stores than supercenters. At 10,000 to 40,000 square feet, its Wal-Mart Express and Neighborhood Market concepts are a fraction of the size of a 200,000-square-foot superstore. Stores now double as pickup stations for shoppers to collect televisions, bicycles and other items purchased online.”
Click the image to read more of Banjo’s story.

 

 

Posted in Part 1: Overview/Planning, Part 2: Ownership, Strategy Mix, Online, Nontraditional, Part 3: Targeting Customers and Gathering Information, Part 4: Store Location Planning, Part 5: Managing a Retail Business, Part 6: Merchandise Management and Pricing, Part 7: Communicating with the Customer, Part 8: Putting It All Together | Tagged , , , , , , | 1 Comment