A Great Competive Advantage: Online Classes from Michaels and Creativebug

Posted on March 22, 2015 by bermanevansretail
Michaels is always looking for a competitive edge — and its latest venture, a collaboration with Creativebug (a creator of online classes), certainly bears this out.
According to Michaels Web site:
“We believe Michaels is where creativity happens. With 1,262 stores (consisting of 1,145 Michaels stores in the 49 states and Canada and 118 Aaron Brothers stores) as of May 31, 2014 and $4.6 billion in sales in fiscal 2013, Michaels is the largest arts-and-crafts specialty retailer in North America. We also operate a market-leading vertically-integrated custom framing business. Our mission is to inspire and enable customer creativity, create a fun and rewarding place to work, foster meaningful connections with our communities, and lead the industry in growth and innovation.”
To enhance the customer experience in a unique and experiential manner, Michaels now offers online video-based classes (many free) developed by Creativebug. These classes cover a wide variety of topics in a down-to-earth conversational and how-to manner.
Click the image to access the online class page and see the extent of Michaels’ efforts to educate their customers in a fun way.

 
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Posted in Online Retailing, Part 2: Ownership, Strategy Mix, Online, Nontraditional, Part 3: Targeting Customers and Gathering Information, Part 6: Merchandise Management and Pricing, Video Clips (non-career) | Tagged , , , , , , , , , | 1 Comment

An Infographic Dictionary for Business Founders

Posted on March 20, 2015 by bermanevansretail
Often times, the lingo involved with startups is in a class by itself. So, what terminology is essential for business founders to know?
As Pedro Sanchez de Lozada writes for Udemy, an online educational firm:
“Silicon Valley not only has its share of startups and founders. It has its own lucrative lingo. Outsiders need time to adjust to such new-found words. Though we see this same lingo popping up in places like New York, Boston, Portland and LA, the Valley is home to some of the most outrageously butchered start-up buzzwords.”
“If you are just visiting, here for a long-term stay, or moving all together, I suggest you become familiar with how the left coasters chat. You may need to know this at your next pitch. Oh, and more importantly, don’t take these definitions too seriously.”
Check out Udemy’s “Founder’s Dictionary.”

 

 

Posted in Online Retailing, Part 1: Overview/Planning, Part 2: Ownership, Strategy Mix, Online, Nontraditional, Part 3: Targeting Customers and Gathering Information, Part 5: Managing a Retail Business, Social Media and Retailing | Tagged , , , , , , , , , | 1 Comment

Retailers Closing the Most Stores

Posted on March 18, 2015 by bermanevansretail
Although 2015 promises to be a good year for many retailers, others still face tough times ahead. And for some retailers, continued store closings remain in their immediate future.
As reported by Mark Lieberman and Thomas C. Frohlich for 24/7 Wall Street:
“Several major retailers are reducing their physical presence, including department stores and specialty retailers such as clothing stores, bookstores. and electronics outlets. Some retailers saw sales reduced due to strategic mistakes or consolidation through mergers and still others due to over-expansion.”

“To identify the companies closing the most stores, 24/7 Wall St. reviewed large U.S. retailers that have announced store closings for 2015, or that are in the process of multi-year plans to reduce their physical footprints. Company earnings, store and employee counts, as well as other financial information came from the companies’ SEC filings.”

In alphabetical order, here are the 10 retailers that plan to close the most stores in 2015, according to 24/7 Wall Street. In several cases, these closings will have a strong positive effect on the retailers’ bottom lines:
  1. Abercrombie & Fitch
  2. Aerospostale
  3. Barnes & Noble
  4. Family Dollar
  5. J.C. Penney
  6. Macy’s
  7. Office Depot
  8. Radio Shack
  9. Sears Holdings
  10. Staples
Click the image to read more.

 

 

Posted in Part 1: Overview/Planning, Part 2: Ownership, Strategy Mix, Online, Nontraditional, Part 5: Managing a Retail Business, Part 8: Putting It All Together | Tagged , , , , , , | Leave a comment