This Episode: My Predictions For The Future Of Retail
The future of independent retail has never, ever been brighter. Competitive advantages of the big department stores and Amazon have been diminished, if not eliminated and small to mid-sized brick and mortar independent retailers have new advantages. Watch this week’s episode of Real Retail TV to discover my predictions for the future of retail.
If you disagree with me, then, by all means, let me know in the comments below. If you like what I have to say, please tell me! If you have any questions I’d love to hear what they are, too. I personally read and respond to every comment you leave.
Good luck Shannon. By the way, the best way for you to become a craftsman is to get a retail education, and the Retail Mastery System is the best education you’ll find anywhere. Invest in it now and become a serious student. You will be really really glad you did. Promise (:
I couldn’t agree more! We are seeing that boom starting with our small brick and mortar stores already this spring. Always let your SOUL shine! The world can’t help but notice it. Thanks Bob for always energizing us here in the small business retail world!
You’re welcome Alana!
Thanks for the predictions, Bob. 3-5 yrs from now is a long time – not sure that is going to help most retailers today! I hope you are correct in every regard tho. My thoughts are that the average retailer will be hit really hard by the transition to the big online outlets and will sink fast. People have now tried them out (during COVID-19) making a good portion of their typical purchases that way & are impressed with how handy it is without the shopping hassle. That said, great retailers, the ones that have taken your course for instance, will probably thrive but it won’t be easy, and they will have to be on top of things, and maybe be more specialized in what they sell as they will have less competition. Just my thoughts. All the best to everyone out there.
I completely agree with you Brian. Brick and Mortar stores will be less and less as long as fabric companies sell to online only businesses. Even if we brick and morter sell online the profits are just not there competing with online stores only
Kelly,
I can not disagree with you more. You have the ability to create an experience that no online business can ever create. In fact, some of the biggest successes to come out of the pandemic are quilt, fabric and other craft stores.
Don’t give up. You CAN compete with the big online stores!
Brian,
It will be 3-5 years before we are seen as the best option, but the advantages I talked about are in place right now. Smart indies are taking advantage of them and are already reaping the rewards.
Thanks for your comment.
I love your Pat Boone, Little Richard analogy.
So true. And since I run a music store. It really hit home.
Thanks Frank!
I agree..I think it will start being very active in the Q4 with a mild ramp up to then & I also believe folks are going to travel so tourist areas will be very hot. We definitely have an
advantage as independent retailers right now.
I have owned my store and now stores for almost 50 years. In the early years of my business, I’m not sure how early at this point, I heard Bob speak at our trade show, the Vacuum Dealer’s Trade Association, and recently Bob told me that was his first such presentation. Bob got my attention, but in my foolish naivete I decided that this tall skinny kite flyer probably could not teach me that much, and I moved on. That was my first big mistake in business!
I never forgot Bob and many years later finally began working with Bob and Susan. Looking back on all these years I totally agree with Bob regarding the potential for support from entities like Whizbang and the vehicles available to small businesses to sell and promote their products. There was NO SUPPORT to speak of back then. A small business was almost completely on its own. The current opportunities are endless for help and assistance in developing a small business no matter what kind of business. Plus, I believe that consumers are hungry for the personal attention and devotion that a local business can give them. I think Bob is right on the mark and my unsolicited recommendation is that Whizbang is the most comprehensive and sincerely devoted training group out there!
Thanks LeRoy!
Bob
Spot on comments Marie!
Bob
BDG made it through the pandemic in their 2nd year…..I lost my rental space in that time period as well. But we found a space, not with as much soul, but I created a new aesthetic that I a proud of…I look forward to 2021 and the soul of Backdoor Garden.. Thank you for your constant reassurance. Hard work pays off….with a little faith….and now with soul.
Thanks Rickie!
Bob
Thanks for the optimism, Bob! That was great. I expected some of the businesses in our area with owners who had lost the passion and disengaged before the pandemic would decide to close. During the pandemic, they didn’t hustle, complained about restrictions, and voiced concern about sales, yet they did not adapt. Now, they are going for some round #2 PPP money. (This is not the case for all business owners. Some did hustle, but they still lost a lot of sales by the nature of their business and the tight restrictions on them. So, I am *not* saying that round #2 PPP business owners all were in this bin.) The pandemic has been hard on everyone. I hope that some of our Mainstreet business owners get passionate again, perhaps once they see more vaccinations happening and people being more comfortable with being out and about. I am worried about the business future of our town. I don’t see entrepreneurs coming out and starting new businesses with the nature of our largely one employer town. Ideas on how to get the business community motivated again? My business won’t be healthy, either, if the larger business community is sick.
Thanks for your comments, Cyndi. Motivation is a hard thing right now, but as things open up, optimism will return and with it, motivation. Everything will turn out fine, not for everyone, of course, but for the people who are hustling, changing, and growing, absolutely.
Here’s to Tutti Fruitti WITH SOUL!!!!!!! Loved this Bob!!!
Thanks Nancy!
Yes! Yes! yes!
Yes! (:
Retail Craftsmen – professionals in their industry. Regardless of their industry, there is an advantage to using a passionate, caring Craftsman in their element. From fashion to technical items, there are advantages to using a skilled professional.
I agree with your comment 100% Eric! Thanks.
Thank you bob for those encouraging words. Need to hear them right now. Pray and hope sales pick up for spring. Been a tough January and February.
Hang in there Arti. You’ve got this!
Good Morning Bob – love your enthusiasm! But I am not sure what you mean by “in 3-5 years”…….why that timing
Thanks for your comments Diana.
I say 3-5 years because it will take that long for stores with soul to really take root. Having said that I believe that stores with soul who are open right now will start to really, really take off.
Bob
Great inspiration – the craft of outstanding retail will be run by retail craftsman or woman who will not want to work for big corporation and make ceos rich at their expense. The new amazing is that they don’t have to anymore to be a success in retail.
Loved your comment. Thanks Gregory!
I’m loving what you are saying. My sister and I are opening our first store next month! This makes us very happy!!