Retail Strategies For Moving Seasonal Apparel

One of biggest mistakes retail apparel business owners make is allowing out-of-season clothes and accessories to take up valuable real estate in their store. There comes a time when shoppers are no longer actively looking to purchase certain types of clothes, and keeping these items in your store is a waste of space and ultimately a waste of money. This is why it's important for retail apparel stores to move seasonal apparel in a timely manner. But when should you begin to move seasonal apparel? And how do you encourage shoppers to buy it? To learn the answers to these questions and more, keep reading.

Let's first talk about winter clothing, as this oftentimes gets left behind in retail apparel stores far longer than it should. Scarfs, heavy jackets, sweaters and hoodies are just a few of examples of 'winter clothing.' The problem with allowing these items to remain in you store is that customers no longer want them after a certain time of year. Typically, a few weeks before spring should be the cutoff period for winter clothes. This doesn't mean you should stop selling them, but you should take a different approach to marketing them.

Spring 2014, as you may already know, falls on March 20th; therefore, you can expect shoppers to stop paying full price for winter clothes around the first week of March.

Retail apparel store owners can move their seasonal products by marking them down to clearance. Chances are you've seen or purchased a marked-down garment that's out of season before. This is a highly effective marketing strategy that's a win-win scenario for both the store and its customers. The store benefits from being able to move out-of-season product while generating sales revenue, and customers benefit from receiving exceptional deals.

The lower you mark down your winter apparel items, the faster they will sell. Even if shoppers aren't looking for these items, the rock-bottom low prices may seem too enticing for them to pass up. Ideally, you should mark down out-of-season clothes just enough so you are able to turn a profit. Going any further could result in you losing money on the transactions.

Of course, spring/summer clothes works in a similar manner; the best time to start marking it down is a couple weeks before fall, which is September 01 next year.

Setting Professional Goals For The New Year

With 2013 drawing to a close, there's no better time than now for retail business owners to start making some professional goals for the upcoming new year. Whether your retail business is centered around apparel, sporting goods, pet supplies, groceries, electronics, jewelry, convenience items, or any other business-to-consumer industry, chances are there's room for improvement. Even the world's most successful retail store's are constantly working to improve their numbers. The new year offers the perfect opportunity for retail business owners to look back and reflect at the past 12 months, while setting objectives and goals for the next 12 months.

Looking Back...

Before you begin setting objectives and goals for the upcoming new year, you should first look back at the previous 12 months, analyzing both the good and the bad. You can't expect to overcome your adversaries unless you know exactly what your business did wrong. Depending on the size of your company, you may want to sit down and discuss problematic issues with other managers and executives. Perhaps sales tanked during a specific month, or maybe there was an influx of customer complaints. These are just a few instances that need to be addressed before moving forward.

Of course, retail stores should also recognize their accomplishments throughout the year. Did the store successfully meet or exceed their sales quota for the quarter or fiscal period? If there are certain employees who stood out with excellence, then maybe you can reward them with a personalized trophy, gift card, or company-branded gear.

New Year's Goals

Professional goals for the new year will vary from business to business. With that said, there are some general goals that work for most. Here's a short list of some top new year's goals for retail stores and business:

• Reduce shrinkage
• Reduce employee turnover rates
• Improve sales
• Reduce overhead
• Expand into new markets (or maybe even opening a second store)
• Perform renovations
• Implement a new return policy

Let's face it, most professional goals for the new year remain buried where they are never seen or heard of again. Business owners may initially create these goals, but unfortunately very few owners actually take the necessary action to reach them. If you're serious about reaching your goals and objectives, print out a sheet containing them and display it somewhere in your store. This will remind you and your employees of the company's objectives for the 2014 year.

Why Retail Apparel Stores Should Invest In a Garment Steamer

A garment steamer is an accessory that each and every retail apparel store should own. As you can see in the image to the right, it's a relatively small and simple device that's not going to take up a ton of room in your store. But don't let this fool you into thinking it's a 'luxury' item that your business can do without. There are several different reasons why apparel stores should invest in a garment steamer. If you're still on the fence about purchasing one, keep reading to learn more about these devices and why they are such a critical tool for running a successful retail apparel store.

Safely Removes Wrinkles From Garments

The primary function of a garment steamer is to remove wrinkles from clothes and fabrics. Let's face, most garments are riddled with creases and wrinkles once they arrive at your store. Suppliers and manufacturers pay little attention to wrinkles, passing the buck over to store owners such as yourself. Unfortunately, customers are less likely to purchase a garment if it's wrinkled, which is why you should store owners should remove them before attempting to sell them.

I know what you're thinking -- why you should I use a garment steamer when an iron is just as effective at removing wrinkles? Traditional clothes irons can certainly be effective at removing wrinkles, but they can also permanently damage garments. Their fluctuating temperatures may literally burn a garment's fabric; thus, ruining the garment. A safer, more effective way to remove wrinkles from a garment is by using a steamer. The device is ran over the surface of the garment where the steam pulls out the wrinkles.

Another reason why garment steamers are preferred over irons is because they are easier to use. Let's say you had 100 shirts hanging on rolling racks that needed to be de-wrinkled. It would probably take hours to remove each shirt, place it on an ironing board, and then run a clothes iron over it. Sure, it could technically be done, but it would take an incredibly long time to finish. A much faster method for de-wrinkling 100 shirts is to use a garment steamer like the one shown above. You can leave the shirts hanging in place and simply run the device's wand attachment over each of them.

The bottom line is that a garment steamer is a versatile accessory that will make managing your retail apparel store easier. So, go ahead and pick one up today!

Skills Required To Manage a Successful Retail Store

Store managers have a wide range of professional responsibilities in the retail industry. Even if they aren't technically the owner, they'll still perform many of the same duties. This includes (but not limited to) handling returns and exchanges, making bank deposits, counting the drawer, locking up, ordering product from distributors, talking directly with customers, and training employees. Because retail managers perform so many different tasks, they typically have a varied skill set. In this post, we're going to reveal some of the top skills necessary for managing a retail store.

Skill #1) Customer Service

This should come as no surprise to most retail professionals, but customer service is a top skill required for retail store management. An experienced retail manager knows how to keep customers happy -- even if they are unruly or dissatisfied. Most customers will generally go about their business while shopping, but there are a select few who are there simply to cause trouble. A retail store manager must know how to deal with these customers in a polite way, without create a negative image for the company.

Skill #2) Math

A second skill that goes hand-in-hand with retail management is math. Basic math is necessary to count the drawer at the end of the night. Most retail store owners place the responsibility of counting money and making bank deposits on the shoulders of the manager; therefore, he or she must be able to count large sums of cash accurately. Mistakes are bound to be made when counting money, but keeping them to a minimum will help the store run more smoothly.

Skill #3) Leadership

Retail managers should set an example for other workers to follow. When an employee has a question or concern, they'll likely voice it to the manager on duty. This is where leadership skills come into play. Without acting as a leader and setting the right example, employees may start to slack off with their professional duties and responsibilities.

Skill #4) Time Management

One skill that's oftentimes overlooked in retail management is time management. There are only 24 hours in a day, and most retail stores are only open for 8-10 of those hours. A retail manager must learn to balance his or her workload to finish all of their duties. Focusing too much with returns and exchanges, for instance, may limit their time to place new orders with distributors.

Taking a Brick-And-Mortar Store Online: What's The Best Approach?

Thinking about taking your brick-and-mortar business online? Some people assume this is a relatively simple and straightforward transition, but this typically is not the case. Whether your brick-and-mortar store sells groceries, electronics, apparel, jewelry, sporting goods or any other consumer product, there are certain hurdles you must face when selling these items over the internet. And not preparing for these hurdles could lead to disaster. Here, we're going to reveal some key tips and tricks on how to transition from a strictly brick-and-mortar business to going online.

Bump Up Inventory

One of the biggest mistakes store owners make when taking their business online is not purchasing enough product inventory. With an entirely new medium for sales available, you can expect to go through product much faster than before. Unless you want to tell customers "Sorry, we are currently out of X product," you should prepare for the increase in sales ahead of time by ordering a surplus of your 'hot' products. Depending on the current size of your store, you may need to rent an additional store, garage or storage facility to house this surplus.

Shipping Logistics

Another area of online sales that's oftentimes overlooked is shipping logistics. After a customer purchases an item online, how do you plan on shipping it to them? Choosing the wrong form of logistics could end up costing you thousands of dollars per year in unnecessary costs. On the other hand, the right form of logistics will make your online business run more smoothly.

Assuming you are selling strictly to the U.S. market, you can always count on USPS for your online business's shipping logistics; they're fast, reliable, and usually have the lowest rates. Other companies you may want to consider include UPS, FedEx and DHL. Find out the shipping rates, guarantees and terms of each delivery company.

Building an E-Commerce Website

Arguably, the most difficult step in taking a brick-and-mortar business online is building the actual e-commerce website. To help you get started on the right foot, we've compiled a few key tips:

• Use a clean website design with easy navigation.
• Make sure the purchase form on your website is secure (SSL).
• Include your company phone number and physical address for greater transparency.
• Use discount and promo codes as an incentive for customers to purchase products online.
• Offer 'standard' and 'expedited' shipping options.

What Is a Flagship Retail Store?

"Flagship" is a term that's oftentimes tossed around in the retail industry. The term was originally used to describe the commanding vessel in a military fleet, but the term is now primary used in the retail industry. If you spend any time visiting some of the nation's most populated cities, chances are you'll come across some notable flagship stores. But what exactly does this term mean when used in the retail trade? And what are some of the common characteristics of flagship stores? To learn the answers to these questions and more, keep reading.

As previously stated, the term "flagship" was originally used to describe the leading military vessel in a fleet of ships; it was the largest, fastest and most powerful ship in the fleet. Military fleets were organized and controlled by the flagship vessel. While the term is rarely used in this fashion today, the fundamental principle remains the same. A flagship retail store is the company's most successful and reputable store (oftentimes the largest as well). Here, retail companies can launch new test products to see how they fare in the market. If a product performs well, the company may choose to offer it in their other stores.

Examples of Flagship Stores:

• Lane Bryant - Manhattan
• H&M - Times Square
• Abercrombie - Multiple flagship stores throughout the world
• Old Navy - San Francisco
• Macy's - New York City
• Nokia - New York City
• Prada - New York City
• Saks Fifth Avenue - New York City

As you can see, New York City is a 'hub' for flagship stores, and for good reason: it's one of the nation's busiest, most populated cities. The examples listed here are just a few of the dozens of flagship retail stores located in NYC.

Objective of Flagship Retail Stores

There are a few key objectives of flagship retail stores, one of which is to set a good example for the company's other stores to follow. Most large retail chains send their best employees to run their flagship store. After all, these stores tend to receive higher sales volume along with more press attention than other stores, so it would only make sense to make sure they are run according to the company's standards.

Another objective of flagship retail stores is to test new product to see how it performs. Rather than releasing a new product in hundreds or even thousands of stores, a retailer may send it through their flagship store first.

Equipment Checklist For Starting a Retail Apparel Store

Thinking of starting your own retail apparel store? If so, you'll need to purchase the right equipment to store and display product. Apparel stores are unique in the sense that they require specific fixtures, such as mannequins, which aren't found in other stores. Overlooking this critical step could send your business tumbling downwards long before it even opens. For a checklist of essential fixtures and equipment necessary to start a retail apparel store, keep reading.

Rolling Racks

Arguably, the single most important type of equipment for starting a retail apparel store are rolling racks. As the name suggests, these are mobile racks with wheels that can be moved around the store as you see fit. Rolling racks are incredibly versatile, allowing apparel store owners to display shirts, jeans, pants, dresses and practically any other garment that works with a traditional hanger.

So, how many rolling racks do you need for your retail apparel store business? There's really no easy answer to this question, as it depends on the size of your store, type of apparel you offer, store layout, and your professional goals. With that said, I recommend new apparel store owners create a detailed floor plan to determine exactly how much space they have available. Look at your store's blueprints and choose a location for all of your store fixtures.

Mannequins

Of course, mannequins are another essential piece of equipment for retail apparel stores. You can hang garments on rolling racks all day long, but nothing compares to the realistic figure and frame of a mannequin. Customers can see how a particular garment looks on the human form thanks to the use of a mannequin, which naturally encourages a greater amount of sales.

The only real downside to using mannequins is their space requirements. A single full-sized mannequin will take several feet of valuable real estate in your store.  And using too many will limit the available space for rolling racks and other key fixtures, so try not to go overboard with your store's mannequins. Strategically placing a couple in your window display and scattered throughout your store should suffice.

Other Equipment Necessary To Start a Retail Apparel Store:

• Track lighting (particularly helpful when used in conjunction with mannequins).
• Slatwall or gridwall.
• Garment bags.
• Cash registers.
• Security tags for high-dollar garments and accessories.
• Hangers (you'll need plenty of these).
• Body forms
• Signs

Risks of Starting a Retail Business

Unfortunately, there's no guarantee that a new retail store or business will succeed. According to StatisticsBrain.com, only 47% of retail businesses are still in operation four years after opening. This is the third worst sector, only behind Transportation Communication / Utilities and Information. Does this mean you hopeful entrepreneurs should give up on their dream on opening their own retail store? Absolutely not, but it's important to fully understand the risks of starting a retail business. Once you've identified these risks, you can make better decisions on how to safeguard your professional investment from failure.

City Planning and Zoning

One common risk of starting a retail business is new city planning and zoning that reduces the number of customers walking into your store. For instance, if the city approves the construction of a new highway that's located on the opposite end of town, your retail business may suffer as a result. Or even if the city decides to re-route traffic in a different direction, the end result could harm your sales. To make matters worse, there's very little business owners can do to prevent this from happening. The best approach is to remain active and vigilant on matters such as this. If there's a town meeting on new road proposals in the vicinity of your business, make sure you voice your opinion here.

Consumer Trends

Of course, consumer trends is another risk of starting a retail business. You can research current trends all day long, but something that's 'hot' today may be gone tomorrow. It wasn't too long ago when the baseball card industry was thriving. If you lived in or around a large city, you probably remember seeing half a dozen or more baseball card shops open. Although there are still some baseball card shops open, most of them have closed down over the years due to lack of consumer demand. This is just one example of how consumer trends affect retail businesses.

So, what steps can you take to ensure your retail business remains relevant and popular in the eyes of consumers? One helpful tip is to stick with industries that are constantly in high-demand, such as apparel and jewelry. Consumers are always looking to purchase new clothes and jewelry, so retail businesses focused around these niches are 'safer' than other niches.

Overhead

Retail business owners who aren't fully prepared for the expenses of overhead may find themselves in financial hot water. Overhead includes (but not limited to) leasing a building, electricity, gas, water, security system, insurance, payroll, advertising, taxes, phone, and other business-related operating expenses.

Boost Your Online Sales With 'Cyber Monday' Promotions

Today is the official start of the nation's busiest shopping day -- Cyber Monday. If you own or manage a retail store that sells product online, you should leverage this massive consumer shopping day to boost your sales. The fact is that it's not too late jump on the Cyber Monday bandwagon. And with a little bit of work and the right promotional material, you can skyrocket your online sales. For some more pointers and tips on how to maximize your Cyber Monday sales, keep reading.

Cyber Monday: How Did It Start?

While millions of consumers purchase products, good and services on Cyber Monday, most people remain in the dark as to how this shopping holiday started. Cyber Monday is a relatively new holiday that began in 2005 when Scott Silverman, CEO of shop.org, made a press release saying that the Monday following Thanksgiving was one of the biggest shopping days of the year. The term "Cyber Monday" seemed appropriate for this consumer shopping holiday since it was based around online sales. Retailers, companies and news outlets followed suit and the term has stuck ever since.

Offer Sales and Promotions

If you're looking to boost your sales on Cyber Monday, you should offer steep discounts to drive customers. Remember, there are thousands of other companies dropping their prices during this 24-hour stretch for the sole purpose of attracting more customers. Even if your net profit is reduced, offering special sales and promotion will build a larger, stronger following that ultimately helps your business in the long run. Some of these first-time customers will visit your company's website in the future to make additional purchase at 'normal' price.

So, how much should you discount your product for on Cyber Monday? Some apparel store retailers are offering discounts of 30-40%, while Amazon.com is offering up to 50% on select toys. These are just a couple of examples, however. Retailers should create a customized sale that's tailored towards their goals and objectives.

Cyber Monday Tips For Retailers

• Offer steep, competitive discounts.
• Add a banner or header saying "Cyber Monday Sales."
• Send a newsletter out to inform customers about your Cyber Monday sale.
• Don't limit yourself to the 24-hour time frame; many companies run sales throughout the entire week.
• Snoop around on your competitors to see what they are offering.

These are just a few tips to help businesses maximize their sales on Cyber Monday. Above all else, though, make sure your customers know about your special deals and promotions.