Copyright © 2006 by John Wiley & Sons, Inc. All rights reserved

Retailing in the 21st Century
Copyright © 2006 by John Wiley & Sons, Inc. All rights reserved

Ch. 1: The Basics of Retailing
Explore the dynamic nature of retail Get started in the retail business Assess your “retail readiness” Focus in on your dream so you can turn it into reality Discover the values that will guide your business Develop an effective signature line Develop strategies to guide your retail decisions This is the overview of topics at the beginning of Chapter 1. Copyright © 2006 by John Wiley & Sons, Inc. All rights reserved

Six Basic Steps Plan your business Validate your ideas Get the financing Orchestrate your grand opening Create your routine Grow your business The next few chapters of the book explain how to take each of these steps, one at a time. Copyright © 2006 by John Wiley & Sons, Inc. All rights reserved

Retail’s Lifestyle Impact PROS CONS
Not much travel; can stay close to home Variable work hours Multiple networking opportunities Income potential Being your own boss Creativity and excitement Temptation to be at store all the time Long work hours; working weekends Hard to find employees you trust Lots of responsibility Tedious when sales are slow How will becoming a retailer impact your current lifestyle? Copyright © 2006 by John Wiley & Sons, Inc. All rights reserved

“The 8-Point Retail Filter”
Product – What do you sell? Presentation – How is it displayed? What does your store look like? Procedures – How do you run the business, day to day? Pricing – What kinds of prices do you charge? Promotion – How do you advertise and market? Profitability – Are you able to make money? People – Who are your employees? Brand – How do your distinguish your store from others? Throughout the book, you will be prompted to use these guidelines to “filter” decisions about many different aspects of retail management. Copyright © 2006 by John Wiley & Sons, Inc. All rights reserved

An Effective Signature Line…
Is made up of less than eight words. Can be placed after your logo every time your logo appears. Is memorable or can be repeated often enough that it gets remembered. Communicates who you are, what you do, and what customers can expect from you. Discuss examples of good signature lines (and bad) in class. Copyright © 2006 by John Wiley & Sons, Inc. All rights reserved

Ch. 2: Branding Your Business
Recognize the importance of branding Take steps to build brand power Maximize your brand potential Define various types of customers Identify your customers and learn the importance of knowing them Determine what motivates customers to buy This is the overview of topics at the beginning of Chapter 2. Copyright © 2006 by John Wiley & Sons, Inc. All rights reserved

Naming Your Retail Business
Memorable Image-driven Short Easy to spell Easy to pronounce Not generic Clever but clear Research others’ possible use of your selections Nothing negative or offensive (in any language) Think “staying power” URL availability for Web site Register name with state and U.S. Patent/Trademark Office When each of these factors is taken into account, it becomes more difficult to select a great name that someone else hasn’t already decided to use… Copyright © 2006 by John Wiley & Sons, Inc. All rights reserved

Creating a Business Logo
Keep it simple, easy to recognize Select font size/style carefully Seek out and study other logos you like Hire a graphic designer to create 2 or 3 options Ask a variety of opinions about the prospective designs Select colors adaptable to other types of trade dressing A logo is just as important as a signature line to your business. Copyright © 2006 by John Wiley & Sons, Inc. All rights reserved

Becoming a Retail “Expert”
Continue your research, about your specific product lines and your industry in general. Make it a point to know more than your peers. Take additional classes. Obtain credentials, such as professional certification in your field. Make yourself available for comments, features to the local news media. Hone your public speaking skills. Give seminars, presentations to civic groups. Part of “expertise” is knowledge, and part is the ability to publicize the fact that you DO know what you’re talking about! Copyright © 2006 by John Wiley & Sons, Inc. All rights reserved

Top 10 Reasons Customers are Lost
Salesperson on phone Store inconvenient Store dirty or smelled bad Store didn’t have what customer wanted Salesperson lacked product knowledge Waiting lines too long Didn’t have advertised goods in stock Felt “ignored” Salespeople “pushy” No one at cash wrap when ready to pay There are other reasons for disgruntled customers, but make sure your store remedies all ten of these. Copyright © 2006 by John Wiley & Sons, Inc. All rights reserved

Ch.3: Retail Location and Design
Studying location options and related issues Negotiating a lease agreement Understanding lease terminology Using space to maximize sales and customer contact Choosing store fixtures Working with landlords and government inspectors This is the overview of topics at the beginning of Chapter 3. Copyright © 2006 by John Wiley & Sons, Inc. All rights reserved

Location, Location, Location! PROS CONS
Main Street Good for convenience and specialty businesses Great foot traffic Good loans available in historic buildings Just off Main Street Better parking Lower rents Parking difficult, can be expensive Some signage restrictions Less visibility Less foot traffic This slide and the next four mention the various locations for retail stores and their possible benefits or drawbacks. Copyright © 2006 by John Wiley & Sons, Inc. All rights reserved

Neighborhoods Good for convenience and specialty businesses Good parking availability Peak business at earlier hours than mall sites Roadside Freestanding site Ample parking Clientele limited to the particular area Limited hours may limit profit potential Requires aggressive ad and marketing plans “Urban sprawl” restrictions Copyright © 2006 by John Wiley & Sons, Inc. All rights reserved

Strip Malls Good for convenience and service-type businesses Good parking availability Welcomes small and independent businesses Community Centers Large anchor stores attract foot traffic Ample parking Location may not be best for your target customers Leases, rules can be very restrictive Leases, rules also very restrictive Copyright © 2006 by John Wiley & Sons, Inc. All rights reserved

Regional Malls Draw customers from a large geographic area Good parking availability Can start small (kiosk) Specialty Centers Success depends on how well the center draws customers Ample parking Most expensive start-up Check out reputation of mall first Restrictive rules, leases Your store concept must “fit” the specialty image of the center Copyright © 2006 by John Wiley & Sons, Inc. All rights reserved

Neotraditional Community Centers Planned shopping areas with distinctly old-fashioned or artsy design Could live upstairs from store May have limited parking (customers encouraged to walk) Most customers from very localized area Restrictive rules, leases (especially about signage, décor) Copyright © 2006 by John Wiley & Sons, Inc. All rights reserved

Your Landlord Will Want…
A complete business plan Space requirements & your plans for space Photos: of merchandise, similar stores or concepts, and a headshot of you Financial statements Funding commitments Information about industry trends Anything to enhance your image as a professional and a good prospective tenant The retail business relationship is more complex than, say, renting an apartment. You must prove that you will make good use of the space and become a financial asset, of sorts, to the building owner. Copyright © 2006 by John Wiley & Sons, Inc. All rights reserved

Negotiating a Retail Lease
Base rent Percentage rent Is lease “triple net?” CAM charges Property taxes Security charges (part of CAM fees or not?) Insurance fees & requirements Promotional costs Merchant dues (in mall locations) Miscellaneous expenses and/or professional services (exactly what are they?) An attorney with some real estate experience can assist in going over a lease agreement before you sign it. Copyright © 2006 by John Wiley & Sons, Inc. All rights reserved

Interior Design Considerations
What will the lease allow (or not)? Location of cash wrap area Location of markdowns, sale racks Create pathways with contrasting floor colors or textures Avoid straight lines Position displays to prompt customers to “stray from the path” Visual depth of display fixtures There’s a lot more to making a store “look good” than arranging the furniture! Pages 54 to 64 in the book detail all the components of store atmosphere and design. Copyright © 2006 by John Wiley & Sons, Inc. All rights reserved

Ch. 4: Business Planning and Structure
Present your business in the best possible light Put financial requirements and projections in writing Define your management style Determine the business structure and type of corporation yours will be Recruit a board of directors Research permit and license requirements in your field Identify local, state, and federal tax regulations and responsibilities This is the overview of topics at the beginning of Chapter 4. Copyright © 2006 by John Wiley & Sons, Inc. All rights reserved

Business Plan Components
The Preview - Cover page, contact info, executive summary The Business Description - Introduction, industry, competition The Marketing Plan - Positioning statement, how product will be sold, types of marketing and advertising planned Every business plan must contain the items on the list (on this slide and the next) in order to be seriously considered for funding by a bank or other potential investors. Landlords will also want to see the plan. Copyright © 2006 by John Wiley & Sons, Inc. All rights reserved

Business Plan Components (continued)
The Financial Plan – Cash flow projection, profit/loss statement, risk analysis The Management Plan – Your background and experience, key employees, consultants and financial advisers, board of directors, family commitment, overall management style The Summary – Key points from each of the other sections, reinforcing the strength of the plan Copyright © 2006 by John Wiley & Sons, Inc. All rights reserved

Business Structures: Sole Proprietorship PROS CONS
Don’t have to share profits Maximum flexibility; make all your own decisions Minimal paperwork to get started in business Insurance can cover some risks Easy to close if you decide not to remain in business Personal financial & legal liability Liens may be taken on your personal property by creditors Difficulty getting traditional financing All business income is taxed as your personal income Sole responsibility for success of the business What type of business should you choose? Your options are on this slide and the following two. Copyright © 2006 by John Wiley & Sons, Inc. All rights reserved

Business Structures: Partnership PROS CONS
Shared financial & management responsibility Easy to form Expertise of more than one person Moral support from partners Insurance can cover some personal risks Possible conflict among/between partners Unequal financial risk between partners Difficulty in obtaining traditional financing Difficulties when one partner wants to sell or close business & others do not Copyright © 2006 by John Wiley & Sons, Inc. All rights reserved

Business Structures: Corporation PROS CONS
Corporation (not individuals) has legal & financial responsibility Separates personal assets of owners from their business Transfer of ownership is relatively easy Requires more paperwork and legal advice: annual reports, quarterly tax statements Higher taxes and potential “double taxation” (unless you are an S corp) Copyright © 2006 by John Wiley & Sons, Inc. All rights reserved

Ch. 5: Creating Internal Systems
Merchandise functions Operational functions Marketing and promotional functions Safety and security functions Basic personnel functions This is the overview of topics at the beginning of Chapter 5. Copyright © 2006 by John Wiley & Sons, Inc. All rights reserved

Creating Procedures For…
Merchandise Functions Buying Receiving Pricing and ticketing Placing merchandise on sales floor Processing special orders Reordering Restocking Making markdown decisions Every piece of merchandise should enter the store with a well thought out plan for tracking it from the moment it is ordered until it leaves…in the hands of a happy customer who has just paid for it! Copyright © 2006 by John Wiley & Sons, Inc. All rights reserved

Operational Functions Opening and closing the store Accounting for cash Dealing with the alarm Processing sales Accepting credit cards and checks Processing merchandise returns Taking cash readings Analyzing inventory and sales Managing fixtures and supplies These are the myriad “little details” that tend to trip people up in retail. Write them out so that all employees can refer to them and understand what is expected of them. Copyright © 2006 by John Wiley & Sons, Inc. All rights reserved

Marketing Functions Presenting the merchandise Planning a marketing calendar Creating a selling system There should be store rules for who is responsible for displays, and how each customer is to be approached. A calendar will ensure that regular events are scheduled – sales, promotions, advertising, and so on. Copyright © 2006 by John Wiley & Sons, Inc. All rights reserved

Safety and Security Functions Preventing shoplifting Preventing employee theft Preventing administrative and paperwork errors Putting rules and policies in writing Checking rules and policies with an attorney Some safety and security rules also include drug use policies, prohibitions on weapons (guns, knives, etc.) in the workplace, and procedures in case of armed robberies. Copyright © 2006 by John Wiley & Sons, Inc. All rights reserved

Personnel Functions Basic employment policies (scheduling, breaks, vacations, sick leave, flextime, etc.) Employee benefits Putting rules and policies in writing Checking rules and policies with an attorney Posting rules and policies as reminders Discussing and updating with staff input as needed Many of these items should be put in writing in an Employee Handbook. Every employee should be required to read the handbook and sign a statement that they understand and agree to its contents. Copyright © 2006 by John Wiley & Sons, Inc. All rights reserved

Ch. 6: Buying and Displaying Merchandise
Determining the right merchandise for your store Locating sources for the merchandise Attending markets and trade shows Working with importers, sales reps and buying offices Ordering the merchandise Pricing the merchandise Using themes and props to create displays Borrowing display ideas from the pros This is the overview of topics at the beginning of Chapter 6. Copyright © 2006 by John Wiley & Sons, Inc. All rights reserved

Sources of Merchandise
Buying direct from manufacturers Direct salesperson Manufacturer’s rep Sub-rep “Repping” firm Wholesale distributor Importer Jobber Buying group Buying service or buying office Consignment agreement Each potential supplier of merchandise has its pros and cons, as described in Chapter 6. Copyright © 2006 by John Wiley & Sons, Inc. All rights reserved

Buying Strategies Never buy without a plan and a budget! Use the first day of a market or trade show to look around before making decisions Go in with knowledge of the marketplace, customers and competitors’ prices Don’t act like a “big shot,” even when you’re making a big buy Don’t act too humble, either..! Ask for deals and add-on services A list of basic rules to go into a market or trade show without being overwhelmed by the choices! Copyright © 2006 by John Wiley & Sons, Inc. All rights reserved

Deals Worth Asking For at Market
Off-price merchandise Promotional goods Invoice dating Better shipping terms Trunk shows, demo days Advertising money Photos of merchandise Can you think of others? If you don’t ask, you may not get these added-value perks from vendors. Copyright © 2006 by John Wiley & Sons, Inc. All rights reserved

When Pricing Merchandise, Consider…
The competition in your market The perceived value of the item or line The value inherent in the brand The merchandise category The type of store The overall look of the merchandise What employees think of the merchandise The true market value of the item or line Your own hunch about what to charge for each item in the store is not enough. Consider these other factors. Copyright © 2006 by John Wiley & Sons, Inc. All rights reserved

The “Open to Thrive” System
The Rule A maximum 40% of money made on sales will go toward expenses associated with the sales. 55% of money made on sales will go toward buying new merchandise. 5% of money made on sales is positive cash flow (in reality, a type of profit) The “Open-To-Thrive” buying system described in greater detail in the book depends on the use of this rule. Copyright © 2006 by John Wiley & Sons, Inc. All rights reserved

Ch. 7: Hiring, Managing and Legal Responsibilities
Understanding the employer mind-set Finding qualified people Polishing interview techniques Conducting exit interviews Shopping for insurance Hiring attorneys and accountants Managing store security This is the overview of topics at the beginning of Chapter 7. Copyright © 2006 by John Wiley & Sons, Inc. All rights reserved

Where To Find Employees
Your employees’ recommendations Your customers’ referrals Networking in the community Internet job postings Job fairs Cause marketing (for charities, “good causes”) Government job services Your competitors (yes, it’s okay to “steal” people..!) The authors say a smart store owner is always “recruiting” – just in case. Copyright © 2006 by John Wiley & Sons, Inc. All rights reserved

Look for Employees With…
Good attitude Sales skills People skills Common sense Communication skills High motivation level Product knowledge “Promotability” What would YOU Leadership skills add to this list? What kinds of questions would you ask in a job interview to discern these traits and skills? When YOU are interviewed for a job, how many of these traits and skills do you show? Copyright © 2006 by John Wiley & Sons, Inc. All rights reserved

Retaining Good Employees
Brainstorm; ask their opinions See training as a dynamic, ongoing process Have some fun on the job Treat employees as individuals Establish healthy boundaries: not too “chummy” or overly personal Create task lists to acquaint workers with your expectations Mentor, coach, advise your staff as needed Avoid petty rules Praise good work, in person and in writing Reward creatively (not “cash bonuses”) Learn from truthful exit interviews You may be running the store, but you are bound for failure unless you appreciate your employees for what they can offer. Copyright © 2006 by John Wiley & Sons, Inc. All rights reserved

Which Types of Insurance Will Your Store Need?
Automobile Boiler and machinery Electronic data processing Employment practices Liability (business owner’s policy, BOP) Umbrella (excess liability) Worker’s compensation (usually required by states) Not all of these insurance policies will be needed by all stores, but all are worth checking into with bids from at least three agents. Copyright © 2006 by John Wiley & Sons, Inc. All rights reserved

Ch. 8: Advertising Why you have to WOW your customers The basics of advertising How to choose the advertising medium(s) you will use Inexpensive ways to advertise on a tight budget How to create a successful promotion How to build fun into a promotion The value of a promotion checklist This is the overview of topics at the beginning of Chapter 8. Copyright © 2006 by John Wiley & Sons, Inc. All rights reserved

Turning Negatives into Positives
Whoever gets the complaint “owns” it until it is resolved. Never fight with a customer; hear them out Address the problem immediately. Let your “make-up offer” be a WOW! Recognize the lifetime value of the customer. Turn the WOW into WOMA – Great word-of- mouth advertising. A customer’s experience in your store may start out bad…but may become a “positive” if you or your employees handle it correctly and sensitively. Copyright © 2006 by John Wiley & Sons, Inc. All rights reserved

Retail Advertising Content
The name of the store A brief slogan or signature line A positioning statement that explains what the store is all about Contact information (address, phone, Web address, etc.) Dates of the event (if advertising a particular sale or promotion) All five of these items are necessary to craft an effective ad or ad campaign. Copyright © 2006 by John Wiley & Sons, Inc. All rights reserved

The Rules of “Pulling Power”
The more specific the ad, the better it will pull. Features tell, but benefits sell. If the merchandise is “better” (higher-end), the ad must be “better” (classier, more sophisticated). Beautiful, award-winning ads don’t always pull. Just because it’s pretty, cute, or clever does not mean it actually prompts people to visit the store and/or buy. Don’t change the ad style or concept just because you are tired of it; the customers may not be. It takes time to build up recognition. “Pulling power” is the ability of the ad to attract enough attention to drive customers to the store for a purchase. Copyright © 2006 by John Wiley & Sons, Inc. All rights reserved

Newspaper Placement Options
In big-city dailies Regional or zone editions Special sections Weekly sections Multiple, “rate saver” ads In other publications Weekly suburban or small-town papers Regional newspaper groups Shoppers Magazines Most small retailers start with print advertising before trying radio or television. Here are the options. Copyright © 2006 by John Wiley & Sons, Inc. All rights reserved

Types of Promotions Competitive The “bests” In search of the (store name) woman/man Running/walking events Bed races “Ugliest gift” Art shows (for kids or adults) Non-competitive Book signings Lunch at or “on” the store Hosting seminars Using store as meeting place for groups, clubs Charity nights Celebrity appearances Themed costume days Open house/trunk show/demo day Competitive promotions mean that customers “enter” them to win something. Non-competitive promotions can be just as fun, but don’t require judges or prizes. Copyright © 2006 by John Wiley & Sons, Inc. All rights reserved

Ch. 9: Making the Sales Determine a strategy for each sales event Conduct a successful, well-planned sale Consider the services of professional sale planners Hone the sales skills of your staff members Work with difficult customers This is the overview of topics at the beginning of Chapter 9. Copyright © 2006 by John Wiley & Sons, Inc. All rights reserved

What Makes a Great Sale? Promotable items, in sufficient quantity to justify the event A specific purpose Timing – not one after the other A strong customer mailing list A pre-sale shutdown period, if possible Careful planning Sales promotions and giveaways during the event The items on this list are necessary to drive sales by building some excitement and anticipation of the event. Copyright © 2006 by John Wiley & Sons, Inc. All rights reserved

Name That Sale! Why are you having it? Who is the target customer? When are you having it? What’s going to be on sale? Is the name appropriate to the merchandise? What type of impact do you want? What is the sense of urgency? What are you offering? Where will it be? (Fairgrounds, sidewalk, tent, etc.) Never, never, never just put a sign up in your window that says “Sale.” Make it an event and give it a name! Copyright © 2006 by John Wiley & Sons, Inc. All rights reserved

A Good Salesperson… Never ignores a customer. Greets the customer by name whenever possible. Looks professional and appropriate for the store. Understands the importance of service. Is friendly and willing to listen. Can suggest another item if necessary. Looks at each customer as having the potential tp\o purchase multiple items. Always thanks the customer. Always follows up to make sure the customer is satisfied. The salesperson is not just selling merchandise, but himself or herself and their ability to serve the customer. Copyright © 2006 by John Wiley & Sons, Inc. All rights reserved

Each Sale is a 5-Step Process…
1) Greeting the customer 2) Creating a bond by asking questions, appearing interested and listening to them 3) Making suggestions based on what you hear from them 4) Handling objections with adjustments and suggestions (and tact!) 5) Closing the sale and/or prompting an add-on sale When divided into individual steps, it is easier to see how and where a simple sale can go awry. Copyright © 2006 by John Wiley & Sons, Inc. All rights reserved

Ch. 10: Money Matters Determining what to pay yourself, and employees Choosing a payroll service Accepting different types of payment Fighting credit card fraud Finding a computer system Working with an accountant Establishing routines to supply data for financial reports Using the financial reports to help you understand your business This is the overview of topics at the beginning of Chapter 10. Copyright © 2006 by John Wiley & Sons, Inc. All rights reserved

Ask Credit Card Processors…
What is your base rate? (A percentage) Is there a monthly charge or “statement fee?” How much are the transaction fees? Are there additional charges for: debit card transactions? corporate card transactions? foreign cards? Hiring a credit card processing company is a must for today’s busy retailer—but there are extra (and sometimes hidden) fees that you should find out about before selecting a processor. Copyright © 2006 by John Wiley & Sons, Inc. All rights reserved

Fighting Credit Card Fraud
Shred all receipts and invoices before discarding. Use an Address Verification System (AVS) or call banks to verify (at least some) addresses, phone numbers. On phone orders, ask for security code numbers printed directly on cards; or ask for a fax of both sides of the card. Verify every order with different bill-to and ship-to addresses. Keep files of unusual or fraudulent activity, in your store or in your area. These are only a few of the steps merchants can take to combat credit card fraud and minimize chargebacks to their business. Copyright © 2006 by John Wiley & Sons, Inc. All rights reserved

Determining the Value of a Computer System
Will I do more business because of it? Will I save money because of it? How long will it take to justify the cost? Will reports, invoices be more accurate? Will it enable better service for my customers? Will I save time because of it? Do I want to track merchandise, money or both? Several vendors and systems should be examined before purchasing a computer system. Here’s what to ask yourself when you get the bids. Copyright © 2006 by John Wiley & Sons, Inc. All rights reserved

The Profit and Loss Statement
Net sales: How much money is coming in? Cost of goods sold: What the merchandise you’re selling actually cost you to obtain.** Gross profit: 1) minus 2) Total operating expenses: How much is it costing to run the business? Net income (or loss): 3) minus 4) = Did you make (or lose) money during this period? ** A simple formula for calculating cost of goods sold is on page 243 of the book. Understanding how to read a P&L statement is simple as long as you understand the five components that go into it. Copyright © 2006 by John Wiley & Sons, Inc. All rights reserved

Ch. 11: Retailing for the Global Marketplace
Web site design and maintenance Selling over the Internet Advertising the Web site Selling internationally Importing merchandise This is the overview of topics at the beginning of Chapter 11. Copyright © 2006 by John Wiley & Sons, Inc. All rights reserved

Necessities for a Good Web Site
Careful organization Good navigation Ease of online ordering Photos – Good quality; not too many Similar look and feel as your store Security of customers’ personal information Appropriate domain name Competent Webmaster and Web host Of the items mentioned in the Chapter 11 discussion of Web site creation, these are the “must-haves.” Copyright © 2006 by John Wiley & Sons, Inc. All rights reserved

Optional Web Site Features
Video clips Shopping cart Testimonials Online catalogs Affiliate programs Advertising “New products” section Printable coupons Bulletin boards Book reviews Links Depending on the goals of your store’s Web site, you may want to include several of these features. Copyright © 2006 by John Wiley & Sons, Inc. All rights reserved

Sources of Imported Merchandise
Importers – U.S.-based distributors Resident sales agent – U.S.-based rep for multiple foreign manufacturers Buying offices – U.S. or foreign-based Commissionaire – Foreign-based office to help U.S. merchants do business in that country Customs house – Does not sell goods; is hired to get them through U.S. Customs There are multiple sources of merchandise from other nations, some stateside and some based in the country from which the goods will be purchased. Copyright © 2006 by John Wiley & Sons, Inc. All rights reserved

Challenges of International Buying
Added costs – shipping, taxes, insurance More stringent payment terms, including payment in full up front Guaranteed minimum orders often required Limited possibilities for prompt reorders Longer lead time due to distance, transit Size differences for some goods may require specifications Delivery delays – weather, strikes, Customs delays None of the items on this list should deter you from buying from international sources, but be aware of the additional complications. Copyright © 2006 by John Wiley & Sons, Inc. All rights reserved

Copyright © 2006 by John Wiley & Sons, Inc. All rights reserved

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