Are You Running Lean or Are You Just Cheap?
Successful retailers are not cheap; however they run lean and mean every day, as part of their normal routine. If they don’t, they’re looking at a tough road ahead.
Lean is thinking about the best way to spend money, not the least expensive.
When you’re cheap, you’re always looking for the lowest price. Lean retailers are looking for the best price that also affords them the best value. They are firm in their commitment to quality while sensitive about overpaying. They will pay more for a product that adds extra value, provides something additional to their offerings, or provides the customer with an experience not found in other similar stores. Being lean means targeting spending to those areas that will create the best experience for your customer and still provide you with the greatest return. It includes hiring (and paying for) the right people, partnering with the right vendors, and making purchases that satisfy your customers, not you.
Warning: You're Losing Money by not Selling Plus Size
I love this photo and it's so true! Style has no size! In today's world, the most common size in women's apparel is a size 16. Over 67% of American women wear a size 14 or above and yet only 18% of the clothing sold was Plus size. (E-Marketer Retail)
The Plus size community is underserved not only in apparel choices, but also in style, value and an appealing shopping environment. Retail needs to catch up! Retailers that continue to focus on the S-M-L-XL consumers will never capture their market share of the women's fashion business. Plus size has been treated as an afterthought.
Generally, small independent brands are more successful in the Plus size market than the big box stores. Focusing on the Plus size customer will provide growth opportunities in the fashion industry that have not been present in any other sector for a long time.
Spend Less While Staying On-Trend
I wanted to share some information that will allow you to remain on-trend, while spending less. It's actually pretty basic information, but we all tend to forget.