To read the business section these days is like a repeated kick to the gut. Story after story of retailers’ poor sales and store closings, all spelling impending doom to business as we know it, right?...Well, at least according to the press.
We should be used to this by now. The press has that pack mentality and absolutely loves to dwell in the negative. Every company that goes down – from Circuit City to a one-restaurant franchisee – blames the economy for forcing them to close, and the press just runs right with it. Never questioning whether the company’s hardships were due to the economy or simply the culmination of bad business decisions.
Now, I’m not saying that the economy hasn’t hurt retail, certainly it has. However, to hear the press tell it, there isn’t a retailer around who is doing well despite these difficult times. The fact is the press just needs to open up their eyes – they’re around. They are the Retailers of Tomorrow.
The Retailers of Tomorrow are successfully growing revenues right now. They’re doing it because they’ve made the vital business decision to learn as much about their customers as possible, so they can better communicate with them, and with potential customers that look just like them. That complete understanding of their customers – not just a basic demographic snapshot – is helping these retailers significantly improve the performance of their existing locations and find top-performing new locations.