Last updated: Monday, 3 November 2008, 23:33 GMT
Industry Roundtable: 2 Top Questions Answered by Leading Retailers
"Industry Roundtable" in inaugural issue of This is Off Price includes tips on Managing the Credit Crunch, plus what products will sell in 2009. See excerpt from
Steven Greenspan
Owner & Buyer
Master's Incorporated
West Hempstead, New York
How can retailers best handle the recent credit crunch that is affecting both their stores and their consumers?
You have to buy less, and you have to buy right. You can't just settle for singles and doubles, you have to go for triples and home runs. You need to save dollars for both at-once and future opportunities. We all have to fight for terms and freight - which is a lot of dollars. Buyers can save a lot of money if the vendors ship it the right and most cost effective way. When the volume is hurting you have to make sure your retail is right and that you are doing everything better for your stores. This also includes buying the right stuff, making it look nice in your stores, and effectively promoting your goods. You have to buy through a microscope these days - every buy counts. You've got to bring the customers in and keep them in - you've got to give something away, especially an independent retailer. Know your customer, know what they want and what they are going to pay. Make sure the toilets are clean and there's toilet paper in the bathroom. You've got to do all the little things when you are fighting the giants."
What new products specifically would retailers like to see from Off Price Vendors that could make a positive impact for their business in 2009?
There's enough good merchandise at the Off Price Show to fill up a store. Vendors should ship what they show and ship on time. Make sure that what we see at the show is what we get. Vendors need to be more responsible with their shipping. Better warehousing and more follow-up from the vendors is key. More branded options and bargains with values are what retailers are looking for to drive traffic to their stores."