GUEST EDITORIAL: A WATERSHED MOMENT
A few weeks ago, I replied to Steve Pruitt’s article suggesting that menswear specialty stores NOT reopen with deep discounts on spring and summer merchandise. I’m writing again to reiterate that there’s surely a better way.
Never has there been, nor will there likely ever be, an opportunity for change like now. A watershed moment so to speak: to change the timing of fashion deliveries so we can sell seasonal clothing at regular price during the season that customers can wear it. Specifically, the spring/summer selling season will now be June through September or even later, much more in sync with the actual climate in most parts of the country. I strongly believe that specialty retailers can pull this off if we pull together.
Consider that, as specialty merchants, we spend so much time and money searching for quality product that is compelling, beautifully crafted, and that reflects our customer’s lifestyle. And then more hours upon hours editing our buy to properly manage our investment. And think of all of the time our revered vendors spend creating a cohesive collection, and the time spent by show managers and showroom agents to provide a suitable showcase for all this wonderful product. What a tragedy to see brand new exciting merchandise that our customers have not yet seen get dumped at unprofitable discounts early in the season just because major stores have gone on sale.
I think we as a group (independent specialty stores) finally have a real chance to lead, not follow, this ridiculous strategy of discounting fresh merchandise in the season it should be worn. But it only works if we take this moment in time to collectively open up with “the greatest spring/summer offerings we’ve ever had.” With so much fabulous new fashion out there, there’s much more to talk about than price.
—
David Hodgkins is the founder of David Wood Clothier in Portland, Maine; he can be reached at style@davidwood.com.
Well said David. Articulating Specialty Shoppe etiquette that can prove them special. Being a small designer vendor working hard to present newest creativity at the open of each season, not year in advance, with limited editions only, proves successful results. Keep at it and enjoy a great season!
Something i have live by throughout my career. Don’t give away your profits. Give them style, give them selection but most of all give them service, service, service. Now’s the time to show (TEACH) your customer what you can do for them and what the chains cant.
Spot on David! We need to sell our way out of this severe challenge.
I think that anyone that discounts immediately will regret it in the long run. We did not discount any summer merchandise for 2019 until September and winter 2119 until late Feb 2020. My mentors always taught me to make my money on the buy side. With an initial mark of 70% plus and a maintained of 59% plus it works. We purge to an undertaker 1-2X a year to clean what is necessary. I think our customer wants us to succeed and will support us in that effort.
How right you are David! now is the best chance specialty stores can show great merchandise that’s in season….Don’t give it away….!!!
from now til after labor day stores can and should show the merchandise as fresh in season goods and wait til sept/oct to discount the goods. then bring fall goods in, for the balance of the year. work with your vendors to ship spring goods as soon as you reopen and go after the business. we and many vendors will give dating to help the season get started….
Well said, David. I couldn’t agree more. Let’s not use this opportunity to train customers to wait until the next pandemic before they make another purchase. Let’s use it to set a new timetable that’s best for the industry. I’m fortunate to work for a brand that is never on sale (and I’m sure many of you are now scratching your head at this moment, thinking “that’s not possible”!) – it’s possible with a commitment to quality, the discipline to hold price, and to educate the customer on why something isn’t on sale until it should be. Let’s not assume customers are only going to again begin spending if and only if it is deeply discounted. Customers are going to be eager for a reason to visit stores again and socialize, and spend. As economically difficult as this crisis has been for many, there is still a well-heeled customer itching for a good reason to spend their money on the special items you have to offer in your truly special store, at any price, so let’s make it full price until the season is actually behind us.
The merchant in us all drives us to the same shared attitude about lowering price. Lowering the price on my basic or even fashion dress shirts, or for the jeans we just keep replenishing, and so forth….is dumb, no reason for that. But there are other realities out there that I’m just not brave enough to ignore, or to pretend won’t affect my store’s functioning.
In the April 21st edition of the Wall Street Journal, there was a story with the headline “Unsold Clothing Buries Retailers”. By this time, 3 weeks later, the scenario is not better, it’s dramatically worse. Michigan’s new targeted re-open date is May 29th. If it holds, is not pushed back until the middle of July or later, and if when I re-open, the supply of product on the market forces THEIR drastic reduction in price id they have any hope at all of getting rid of it….. do I REALLY think I can just hold the line on the exact same products that ARE going to be being liquidated?
It’s also true that liquidation is going to be taking place for basic items on the market, whether I am do the same or not.
It’s still the right instinct to not degrade the caliber of our product. But I think we’re just in for a harder trek than a casual stroll in the meadow. I think it’s going to be a bloodbath.