It's time to review retail lessons of Levy
Jerry Epperson -- Furniture Today, January 27, 2008
Many of us who have been in the industry for decades remember Al Levy, who was blessed with the ability to make every furniture store better. In these challenging times, maybe we could learn from his lessons.
One thing he taught was that most of the manufacturers and suppliers offer more help and incentives to their retail partners than the retailers realize. He had a list of 32 things the retailer should discuss with their suppliers. Most are obvious, but sometimes we forget ... and these days we need all the help we can get.
Advertising: Co-op advertising is a cost saver, incentive and a discipline, because it requires the advertising funds to be spent. In severe expense cutting, too often we reduce our promotional spending, then wonder why the traffic is down.
In the old days, we had to request ad slicks and catalogs, although in today's digital age most of the suppliers can not only give you the current line but pricing and availability as well, a great help to the consumer (and to your sales staff).
But the story should not stop there. Every store should now have an active, attractive Web site that lists brands, pertinent contact information, links to suppliers' sites and a long list of services you offer. The manufacturers may be able to be a large help with this.
Advertising today covers more than the usual television, radio, newspaper and direct mail. What about e-mail? Do you follow-up each ticket with a contact offering a complimentary sale?
Reps: I still believe the sales representative is the most under-utilized asset in our industry. Most have product knowledge that needs to be shared with your sales team and, on occasion, with your customers. They are still the vital service link when things go wrong, and you know they will go wrong. Involve the rep. Most welcome the opportunity to help with ideas that they learn from their lines or from other stores.
Please ask the rep what is selling, not what is new or available at a discount.
GMROI: To fail to ask about extended terms, quick-pay discounts, quick-ship programs and methods to keep your inventory levels as low as is practical is like giving away cash. Please understand that most furnishings that are available at a deep discount are that way for a reason. Ask why.
Store display: These days manufacturers/importers/suppliers are learning more about retail, and some have in-house store design professionals who know how to make your store the best it can be. Use them.
I know all this is retailing kindergarten, but today we need more partnerships and fewer confrontations to survive.
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