Q: We’re obviously in an economic mess right now, but I believe it will get better. What do I have to do right now to take advantage of the market when it turns around?
A: First, you have to ask yourself what your company needs to look like when the economy improves. Consider what kind of merchandise and marketing you need, and how much of your business needs to be online versus brick-and-mortar. You may decide that you want to broaden your mix of merchandise, buy a competitor’s store, move to a new location or move in a new direction by taking on womenswear.
As I’ve said before, we are predicting that the retail market will improve in the fourth quarter of this year, although growth will still be lower than 2007 levels. You can prepare for this turnaround by evaluating where you need to be, and making decisions now. Remember, there are opportunities as well as challenges out there. You just need to find where the opportunities are in your business.
Date answered: 02/12/2009
Question raised by: Hanging On