This piece could have been written thirty years ago. In fact, if I
remember correctly, it was. The real loser back then was going to be
the 5000 square foot store trying to be all things to all people,
just as it seems to be now. We need(ed) to decide if we are/were
going to be the cheapest or the best, we can’t be both. The only way
to survive is/was to get rid of slow movers (both inventory and
staff), get better lights, re-order fast sellers, specialize and
become as lean and mean as possible. Apparently, the sky is still
falling and if we don’t get up to speed connecting with Millennials
(before them, it was Gen X’ers and before them, Baby Boomers), it’ll
take us down with it. Boy, the more things change, the more they
stay the same.
For decades if not centuries, the secret to staying in business
remains the same - you’re either green and growing or you’re ripe
and rotting.
Dave Phelps
