Steve Pruitt: You should be doing a major update to your plans once a month and review them each week to make further refinements. And remember, this is not just a strategy for staying on top of a changing economic climate.
Consultant Steve Pruitt discusses the possibility of a “double dip” recession and how it might affect retailers. Based on what you’re seeing, how likely is a double dip at this point? When would you expect retailers to feel the effects? A double dip is possible, but not likely. A lot depends on what is going […]
Q: I’ve seen some of the big department stores marking down early fall merchandise. Is this a promotional trend, or will fall be softer than previously expected? A: There are a few large retailers who ask customers to sign up to buy fall merchandise early for a discount. This is a regular planned promotion and […]
Q: I haven’t seen any really exciting product for fall. How can I drive sales with the same old, same old? A: As merchants, we constantly need to be looking for new product because newness drives sales. There will always be new things, but I understand what you’re saying about fall goods not being as […]
Q: I understand that prices are going up, but how should that affect my buy as we go to market? How do you think consumers are going to react to price increases? A: Their reaction to the price increases will likely depend on whether vendors change price points—meaning they go up by a few dollars—or […]
Q: How can I make the most of my spring trunk shows? A: That’s a good question since trunk shows are still an important part of many of our retailers’ businesses. Instead of doing the same thing you do every year, add something that will make the event fun and unique. For instance, some retailers […]
Q: What does February’s continued retail sales momentum say about the economic recovery? Are consumers starting to return to their old mindset, or are we still in the recovery upswing and may see flat growth soon? A: I think the consumers are still in the recovery upswing and I don’t think we will see them […]