Preparing Your Business for the Holidays
The holiday season is upon us! For retail businesses, this typically means ramping up for their most profitable quarter. While this year's holiday shopping season undoubtedly different, consulting firm Deloitte predicts that retail spending will go up 1-1.5% during the holiday shopping season. We spoke with retail veteran Michelle Krick for tips on preparing your retail business to get the most out of the holidays.
Krick has 30 years of experience managing, planning and buying for some of the biggest names in retail (Nordstrom's, Macy's, Marshall Fields, Meijer and more). Today she works as a retail consultant to help boutique find success with her insider knowledge. Locally, she has worked with Iris Boutique, Naughty Bettie, and LA Miller.
"The holidays are so important to getting you profitable," she said. "It can be a make or break season.
Ideally, Krick says, preparing for the holidays begins in the spring; but that it is never too late to have a successful season.
"In retail, you can always course correct," she expressed. "You can always turn your business around with the right product."
To start, Krick advises to looks behind you: find out what worked last year and build your strategy off of it.
"Look at your data from last year and use that info to build this year’s strategy," she said. "That is the number one thing people don't do. What was your big idea last year? What worked? Have those things covered, but in a fresh way this year."
Krick says one of the biggest mistakes she sees retailer owners make is over buying inventory. Instead of trying to stock up on anything and everything a customer could want, narrow your focus.
"Too many choices isn't good for your customer," she advised. "If you have too much stuff, you don't stand for anything. Ask yourself, 'What do I believe in? What do I believe is the gift to give this year?'
Edit your stock to create vignettes that tell a story.
"Editing is important," Krick said. "Edit your stock. Editing means to pair down the choices you are giving your customers. It's your job to tell the customer what to buy. There is power in clarity."
For more in-depth advice from Michelle, watch her webinar, "How to Prepare Your Retail Business for the Holiday Season."
To connect with Michelle, visit michellekrickstyle.com, email her at firstname.lastname@example.org, or follow @michellekrickstyle on Instagram and Facebook.