Retail Inspiration
Caroline Kennedy -- Gifts and Dec, 8/6/2011 5:52:20 AM
Successful retailers are an inspiration. We can learn a lot from them. WE can learn from their mistakes (if they are willing to admit to them and divulge the details), but more importantly, we can learn from their success - the why and the how.
I recently had the privilege of hearing Annie Segal speak at the California Gift Show. Annie is the daughter of Fred Segal, who founded the eponymous Los Angeles luxury apparel store, a favorite destination of the Hollywood glitterati. She talked about some of the things that have made the Fred Segal store a success. Most of what she outlined are things that you all should know and be doing; they are elementary, but they bear repeating ... and repeating and repeating. It is especially important for retailers to hear these things from other retailers. There is nothing more meaningful than advice given by another retailer. Like you, they are there at the front, struggling every day, fighting for every customer, every sale, every dollar of profit.
Fred Segal, she noted, is all about Lifestyle. What you do should be a lifestyle, a passion - be passionate about what you are doing and find joy in it. When things are bad, as they have been, you should regard it as opportunity ... opportunity to step up your game, to become the best of the best. Focus on what you do and make it the best that it can be.
Among the elements of success, according to Annie:
• Great products. Having great products to sell is a must, first and foremost.
• The look of your store. Make sure that it is inviting and a place that offers your customers an experience. You want to make the customer feel good.
• Great people working for you. Ensure that everyone, whether kin or not, is like family and feels "ownership" in the business.
• Customer service. Treat every single person as if they are the most important person in the world.
• In-store events. They get customers into the store and make them feel special.
This month, we celebrate retailing success through the stories of Gifts & Decorative Accessories' Retailer Excellence Awards finalists. We hope that you find inspiration from their success.
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