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Consumers, longing for normalcy and eager for something to celebrate, plan to spend money during the holidays—but differently from the way they have in the past. Spotlight on other series The McKinsey Podcast on Business & Management Welcome to The McKinsey Podcast, a business and management pod...
3.Accurate inventory tracking: Simply put, you can’t sell what you don’t know you have. Successful retailers precisely track what they have in inventory, what needs to be reordered, and whether they need to do something (such as offer discounts) to move inventory that’s getting stale. ...
The merchandise plan works at the level of product categories—for example, women’s tops—without drilling down into the products themselves. But fashion retailers don’t sell categories; they sell products and styles. And this is where smart retailers can gain a competitive edge. Mindful of ...
Something like “Dear Ms. Jackson,” works just perfectly. You can also transition from the formality in the address area by calling them by their first name: “Dear Jacqueline,”. Now, what about that “Dear” part?Dearis one of the best cover letter salutations, but if you’re not sa...
“No matter how much traffic is down from the ‘COVID bubble,’ THERE IS STILL TRAFFIC! Keep in mind that shoppers who do not buy today, will likely buy soon.” Inspect what you expect.Track SPG by day, week, month-to-date, month-end, quarter and year. Report from the perspective ...
What do you want to be when you grow up (and why should I care?) What is your vision for your business and how does that align with the realities of today’s retail landscape? If the best you can offer is “we provide quality and service,” than your vision is blurred. Not because...
SMS for retail is an important strategy for nurturing leads, improving customer engagement, and driving sales. In fact, Gartner calls it“an effective, yet underutilized, mobile tactic among marketing leaders.” But what is SMS marketing, and how can you use it to effectively improve your retai...
There’s always something different and surprising. How do you think about this constant cycle of reinvention, and what’s next on the horizon? Scott Malkin: We’re currently enormously committed to the term “unreasonable hospitality,” which I love because no one can define it. It comes ...