Recession or Recession Not? Merchant Retail Tips
A good year for merchant retailers, if they do the following:
1. Invest more, not less, in training and development.
2. Focus on conversion, conversion, conversion. Maybe we should name 2008 The Year of Conversion. Retailers who do not focus on converting traffic to sales will struggle the most this year.
3. Fix their people problems sooner rather than later. When the economy is slowing down is when you can least afford managers or employees who aren't doing what you expect them to do.
4. And last but not least. . . no blaming the economy for falling short of a goal.
The fact is that retailing is going to be a little harder this year than it’s been in quite a while.
The good news is that recession or not, some retailers are going to not only survive but thrive. Do what it takes to be one of them.
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