This Episode: The Acceleration of Retail – Prediction For 2021
This episode of Real Retail TV, shares predictions for retail in 2021. It goes without saying that 2020 was an interesting year and 2021 will prove to be one also. Trends that we saw forming in 2019 will only accelerate in 2021. Watch now to discover what those trends are and what they mean for you.
I, of course, always love to hear what you have to say, so please, put your comments down below.
First thank you for your ideas and thoughts. We are all working hard to create better stores both for the brick and mortar and on line. Keep growing as a person and as a store . We are our customer’s happy place and never forget that. I am looking forward to 2021 and all its potential.
Thanks for your comment Janeese! 2021 will be awesome for you I’m sure!
Thanks Bob, your comments are bang on! An example of poor chain retailing on the road to demise right here in our neighbourhood in New Zealand. A competitor in several areas, they had pressure from shareholders to deliver more of a return and subsequently retrenched to being a business within their parent business shop footprint. The result is a lousy customer offering, poor product range and a demoralised workforce. The flip side for us has been a triple digit increase on last year (expeediated by our shop make over and rebranding).
There is hope for all independent retailers but as you said this new year will be the watershed of poor performers, hobbyists.
Wishing my fellow retailing professionals around the globe a prosperous 2021. Our thoughts are with you in your ongoing restrictions from here in New Zealand, Thanks again Bob and team for your words of encouragement and challenge.
Thanks for your comment Stephen, it’s right on the money. And thanks for your concern about our restrictions. We’ll get through this eventually!
I watched the Revenant the other night. Kept expecting Bob to stumble across a bear cub at any moment.
Fortunately, we live in suburban West Michigan. No bears (:
So True! I have been on the Board of a group of retailers, landlords, bankers, concerned citizens & others that started March 25, 2020. I encouraged us to not do Shop Local but Shop Your Neighborhood, basically same idea just not as stale. The residents from our town & surrounding towns ( we marked to 5 towns & then got the other Towns businesses on board as well) showed up & shopped. They were glad to be included & it showed. The shops in town that stayed top of mind with all of their hard work gained over the year & the others are falling by the wayside. In saying that, it is not good for a town to have empty storefronts so we have now shifted our focus to business recruitment for 2021. Get the rents affordable for most & go out to find successful businesses that will be here for the long haul.
As always…a joy to take a walk with you & the crunchy snow 🙂
Great comments Markie. Thank you!
This was great!!
This was so inspiring! thank you!
Your words about Shop Local always makes me uncomfortable. I feel like it sounds like we are asking our customers to shop with us because we are desperate. After 26 years in business, it is even more important to continue to make our business even more interesting and engaging with our customers. We have just come through 2020 and it was rough but it was also a huge motivator to get moving and we did. Now in 2021 we are taking things to a new level. My hands are so tired right now they hardly work, we just spent over a week painting the interior of our store, replacing many of our fixtures, and bringing in new accent rugs. We moved everything in our store and it has been a good experience to evaluate which inventory stays and what goes. Our customers have already given us wonderful compliments on a fresh look for 2021.
Sarah, Thanks for your comments and I’m excited for what 2021 will bring you!
Thanks Bob, I have always been uncomfortable with the “shop local” also. Now I know why, thanks so much we all appreciate your wisdom!
Treva, Thanks for your comments!
It’s definitely been a stressful year, but we survived! After 25 years owning my boutique I believe we can survive anything. Your optimism is contagious, and I hope your words ring true for the many members of Whizbang who have worked so hard on making their businesses great.
Sherree, Thanks for your comments and good work making it through 2020!
There is an old saying “A rising tide floats all boats.”\. This is true but only the boats that are seaworthy will be able to stay afloat. Be sure that your vasal is seaworthy. Have a Open To Buy plan in effect. If you do not have a point of sale system, consider getting one. The data that you can get from a “good” POS is invaluable. Good sailing.
Hey Buddy, Thanks for your comments!
Spot on. Poor stores will continue to fail and good ones will thrive. One problem is because of so many closures it has flooded the market with very inexpensive merchandise. Retailers just trying to recoup a small percentage of their cost has made the consumer think everything should be that cheap.
I am thriving and I give you much of the credit.
Trish, Thanks for your comments. While it’s a pain in the neck the supply chain will eventually work itself out.
I believe and are pursuing further development of becoming an even stronger experience store, with what we support in our communities and the world and more development of our own designs. This pandemic gave a silver lining to business. Get off the merry-go-round and really dig deep into your business. We turned around in a week and put our store online and it has been growing ever since. I am excited with all the potentials.
Candy, Thanks for your comments an insights!