WHAT RESOLUTION SHOULD I BE MAKING NOW TO GUARANTEE A SUCCESSFUL 2016?
Q: Our holiday sales were disappointing, and this year looks to be unpredictable, given the election and economic ups and downs. What resolution should I be making now to guarantee a successful 2016?
Steve Pruitt: I always like to make resolutions around opportunities. This year the opportunity to increase profits will likely be accomplished around margin, and not sales growth. Sales are looking a bit flat so focus on decreasing you initial buy so there is money to spend on immediate goods.
Often, immediate goods sell faster without needing markdowns and can, at times, can be bought off price. The feedback we are getting at Blacks is that merchants are decreasing their initial buys by up to 20%.
So, to answer your question, I would make resolutions about staying positive, looking for the opportunities, and executing on them. This year may be unpredictable but that doesn’t mean that there won’t be winners who make the most of it.
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