Inside Outdoor Winter 2018

Secrets for Retail Success G iven the many bank- ruptcies and store closures the retail industry encoun- tered during the past year, is it any wonder that retailers across the country are somewhat frazzled? In fact, by October 25 of last year, the U.S. had already broken a retail milestone for number of store closures not seen since the 2008 financial meltdown. Nearly 9,000 retail locations closed in 2017. This represents more than a 200 percent increase over the previous year. As always, there are nearly as many different reasons for why as there were closures. Increasing internet shopping is only one of them, albeit a legitimate one. Fi- nancially troubled chains, inven- tory issues, changing consumer tastes, sameness of selection, weather, even politics are among the many reasons contributing to the retail apocalypse. One of the biggest factors, however, is the fact that we are simply over- stored in this country. The good news is the fact that retail is actually alive and well. The 2017 Holiday Season saw nearly a 5 percent increase in sales including both online and in-store. Retail jobs are not vanishing; in fact, they are gain- ing and the future is bright. New stores are opening and existing stores are expanding. The tax reform bill signed in December of 2017 will have a positive impact on retail, most agree. Given that as a preamble, allow me to present, The Nine Secrets of Retail Success. By Ritchie Sayner The 9 Secrets for Retail Success • Simple is best • Expand your classifications • Build customer loyalty • Legendary customer service • Empower sales staff • Merchandise presentation • Manage your inventory • Control your markdowns • Don’t be afraid to say NO Inside Outdoor | Winter 2018 22