I’d been sleeping with Charlie Benton’s second edition of Selling on Main Street (subhead: What to Say and Do to Close More Sales) on my nightstand for quite some time; recently, I picked it up and actually read it. For those of you who live on the retail selling floor, it’s doubtful I’m presenting you with new information. But in our extant era of declining unit sales, I found one particular anecdote to be a great example of how to trade up customers who had no intention of spending luxury prices. (If you’re fortunate enough to have a client base of luxury customers, read no further!)

In the book, Benton shares a personal experience. “A few years ago, I decided I’d like to have a really nice custom suit made, so I talked to Perry Lancaster, co-owner of Britton’s Fine Clothing in Columbia S.C. Perry told me that I could get my suit for $800. He did a great job for me. Over the next few weeks, I went in for three fittings, and then the day arrived for me to select the material. He let me hold the first swatch and told me the benefits of choosing this material. I absolutely loved the look and feel of this cloth. He then told me that the price would be $1,300. Wait a minute! I’d agreed to buy a suit that cost $800. This is more than 50 percent higher. I can’t afford that much!

“Of course, being from the South, I didn’t say these things, I just thought them. I did, however, politely question him about the $800 price tag. He said that yes, there is of course an $800 option and he showed me that swatch. It was nice and it was beautiful but by now, I’d fallen in love with the Cadillac. I decided to purchase the nicer suit. I’d walked into Britton’s with an $800 budget and increased it by $500 in an instant! Every time I wear that suit, I’m glad that Perry showed me something nicer than I could afford.”

According to merchants and manufacturers queried for this issue of MR, clothing business, though not quite at last year’s record-breaking levels, has held up well in 2023. AURs are up, soft sport coats are moving fast (fancies
outselling basics, seasonal colors strong), tailored clothing remains a top category once again this year. (Thank you, Senator Schumer, for reinstating a Senate dress code!)

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How to plan business for an election year with political chaos, nuclear threats, high inflation, and the horrific war in the Mideast? Cautiously, according to the experts. Buy less upfront and focus on turn. Better to run out mid-season than deal with excessive markdowns end-season. As Dana Swindler at MP3 Minneapolis notes in our retail overview, “I’d rather lose a sale than have to play Pac-Man with way too much inventory.”

A final caveat: although most retailers are either ignoring, or just dabbling in, forward fashion, I believe that dabbling gets lost on the selling floor. Make strong statements with one or two new looks you believe in: DB suits, pleated trousers, statement sweaters, wide-legged jeans. Then mark down quickly if your customers aren’t reacting. As retail consultant Steve Pruitt often reminds us, “How much of a gain you’ll see will be determined by your ability to excite customers with new and unique fashion merchandise.”

We hope you enjoy this issue of MR featuring lots of fashion inspiration, gift ideas, social media insights, and business analysis. As Thanksgiving approaches, let us be thankful that we live in a free democratic society, as dysfunctional as it can sometimes appear. Let us continue to work toward a world at peace, as idealistic and near impossible as this goal might seem. And let our leaders be driven by compassion and strong moral values, so that the intrinsic good in humanity overpowers the evil that all too often rears its ugly head.

Wishing all our MR readers a joyful, thoughtful, and meaningful Thanksgiving.