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.