Final Round of Judging on “This is Retail” Finalists

Between March 5 and March 16, retail employees and business owners began submitting two-minute videos sharing their retail story, highlighting anything from the positive impact they’ve had on shoppers to how an initiative within the business has helped to generate new jobs and boost the economy. After careful review, the NRF announced on April 2 the 20 finalists chosen for a final round of judging. While this first lot of finalists were determined by prominent retail executives at NRF member companies, the final round of voting has been issued to the public, beginning April 3. Public viewing and voting for the Top 20 can be done at retailmeansjobs.com/vote. Contest finalists range from small business owners to vice presidents at national retail chains, and from wine shops to sporting goods retailers.

The selection process will continue through April, as the 20 finalists go head-to-head in a bracket-style tournament, narrowed down each week from 20 to 10 to five, and then the top three. Those casting their vote can vote up to 10 times a day per matchup. During NRF’s Washington Leadership Conference in May, the third place winner of $10,000, second place winner of $15,000, and first place winner of $25,000 will be announced. “The incredible stories we heard from small business owners and employees through this contest serve as a reminder that retail is at the heart of every community,” explains Shay. “While each of these finalists has their own story, they collectively demonstrate the opportunities in and power of retail, which supports 42 million U.S. jobs.”

For more information visit www.retailmeansjobs.com/contest.
Check out our Industry Headlines for more NRF related news, studies and contests.

Layaway Success in the News

In an effort to make the shopping experience fun and affordable once again, retailers are listening to customer requests, innovating for convenience, and testing out new promotional tactics. And before any indies think such a tactic wouldn’t work for them, they have to first consider the fact that layaway programs are customizable, from start and end date, to products available, to required down payments. A layaway program can be made to fit your store and your customers’ needs.

And if that isn’t enough to promote a little research on the topic of layaways, recent news of the competition’s fourth quarter may have you think twice. Analysts, on average, expect Walmart U.S. sales rose 1.8 percent in the fourth quarter, according to Thomson Reuters I/B/E/S, the best performance in the last 10 quarters most of which saw a decline. As Reuters reporter, Jessica Wohl, writes, “A key component to Walmart’s success during the recent holiday season was the well-publicized return of layaways. The plan was so popular that Walmart parked more than 3,000 trailers outside many U.S. stores in order to hold toys and electronics until shoppers finished paying and picked them up.”

No one says your layaway plan needs to follow these structures or be a year round offer, but the word “layaway” has doubled in interest among U.S. shoppers, as they face the interest charges on their credit cards. Doubled interest might mean doubled sales.

Click here to find out about the other factors leading to Walmart’s turnaround.

Check out our News section for other big box retail news that may help you stay ahead of the competition.

Retailers Review Tactics and Selling Channels

What does this mean exactly? According to survey results, retailers, whether they are independents, big box stores or ecommerce operators, have to come to terms that online channels continue to be a top consumer choice for researching, browsing and purchasing products. As the NRF reports, “For the first time in the survey’s ten-year history, retailers’ websites and online channels eclipsed physical stores as the top channel for marketers (81 percent for brick and mortar vs. 86 percent online).” Whether you run a brick and mortar or not, does not absolve you from having an online presence in today’s shopping culture.

And as such, retail executives say they will invest in programs that directly resonate with today’s shopper. Of the 247 retail executives from various sectors surveyed, 85 percent (up from 83 percent in 2011) plan on increasing online sales and 38 percent (up from 29 percent in 2011) plan on increasing their focus on mobile commerce. Aiming to grow customer interaction, 45 percent of companies are actively developing widgets, gadgets or advanced links that can be incorporated with their social media pages, while 43 percent plan to do so over the next 18 months.

Other top priorities of 2012 as indicated by the survey include:

• Nine in 10 respondents said they will focus on leadership assessment, development and succession.
• Nearly six in 10 say new customer acquisition is their top strategic priority for 2012.

This article has been adapted from an original report on NRF.com. Click here to read more results from the Retail Horizons report.

Other NRF surveys and sponsored reports can be read about under our Industry Headlines category.

Economy and Retail Gain Momentum

All in all, the economy seems to be turning around and much in the favor of retail operators. Some of the contributing factors according to Bloomberg.com include, “The drop in unemployment to a three-year low, evidence of an improving job market that’s essential to sustaining purchases.” Job growth has caused less apprehension in customer purchases, including big-ticket items. In effect, these gains in consumer and business spending have caused an increase in inventory replenishment as retailers and suppliers look to meet the demand of their customers. Business inventories, in fact, climbed 0.4 percent in January, a 0.1 percent increase from the prior month’s gain.

It is forewarned, however, that economists are worried that a recent increase in gasoline prices, could negatively affect spending in the months ahead. As Mark Vitner, a senior economist at Wells Fargo Securities in Charlotte, NC, states in a recent Reuters article, “The rise in gasoline prices will likely take a toll on spending in coming months unless income growth improves.” Still, the retail sales report adds to a recent run of fairly upbeat economic data, which some analysts say reduce the need for the Federal Reserve to ease monetary policy further, according to Reuters. With so many upward trends, “It’s hard to argue against the case that the U.S. economy is gaining momentum,” says Millan Mulraine, a senior U.S. strategist at TD Securities in NY to Bloomberg.com.

• The launch of www.RetailMeansJobs.com, breaking down the retail industry’s economic impact by state and congressional district.

• Advertising in print, radio and online markets.

• Social media campaigning through Facebook, Twitter and LinkedIn.

• A viral video campaign to highlight the “Faces of Retail.”

That viral video campaign is now organized to be the result of a nationwide video contest entitled, “This is Retail.” “We’re on a hunt to find the best retail stories in America, from marketing geniuses to customer service superstars to small business owners, who are the fabric of every local community,” says NRF president and CEO, Matthew Shay.

How to Participate

Retail employees or business owners must submit a two-minute video sharing their retail story, which can highlight anything from the positive impact it has on shoppers to how an initiative within the business will help generate new jobs to boost the economy. All video submissions will be accepted during the dates of March 5 to March 16.

Viral Video Payouts

A panel of retail executives will narrow the videos down, featuring finalists on www.RetailMeansJobs.com. Winners will then be chosen based on votes. During NRF’s Washington Leadership Conference in May, a third place winner of $10,000, second place winner of $15,000, and a first place winner of $25,000 will be announced.

For more information visit www.retailmeansjobs.com/contest.

Check out our Industry Headlines for more NRF related news, studies and contests.

Internation Pavillions Showcase a World of Gems and Jewelry

The international pavilions make the JOGS Gem and Jewelry Show a worldwide attraction. “The Amber Pavilion is the biggest in the United States,” Mayzenberg notes. “There are about 30 amber dealers, everything from carvers to stonecutters to jewelry designers. It’s the best selection that anyone will ever see of amber.” Featuring dealers from Poland, Lithuania, Russia, Colombia, and the U.S., the Amber Pavilion is always on the cutting edge in showcasing new products. JOGS also has more than 100 booths dedicated to Native American Jewelry at the Southwestern Pavilion, which features contemporary, antique and reproductions from various tribes such as the Navajo, Zuni, and Hopi. Other popular pavilions include the Nepal Jewelry Pavilion, the Thailand Jewelry and Gem Pavilion, and the International Gem Pavilion.

Allowing attendees to buy directly from the wholesale sources, the event also offers more than 100 jewelry classes and two special exhibits (Unique Stone Carving and Indus Valley Pottery). Held at the Tucson Expo Center, at 3750 East Irvington Road, registration for the JOGS Gem and Jewelry Show is still open, and attendees can register at the show as well.

Retail Trends Revealed on EXPO Floor

Mobile application and mobile retail is a reality. This is something the NRF, IndependentRetailer.com and any good retail industry resource has been pointing out over the past year, and it looks as if 2012 will be no different. As show attendee Andrew Paradise of AisleBuyer LLC reveals in the show summary clip, a survey conducted on site indicated that 14 percent of those retailers surveyed have mobile applications as part of their in-store experience. Of the remainder, 50 percent plan on investing in mobile in 2012.

Retailers are unanimous that the customer is important. Attendees are seeing a large focus on customer experience and customer service. This doesn’t just mean when making a sale, but also includes the overall process from the point of acquiring the customer, getting them in-store, and leaving them with a satisfactory experience.

Retailers want their product in the right place at the right time. Inventory visibility is another hot topic on the EXPO floor, as retailers analyze the best ways to stay on top of the supply chain. This includes understanding and possibly using item level RFID, UPC encoded tags, and other tools and techniques. Retailers are in agreement, however, that inventory visibility means an increase in sales and reduced out-of-stock items.

To hear more about these trends straight from Retail’s BIG Show attendees, see the video below.

For other industry and business updates, click HERE.

Holiday Input Help Forecast 2012 Retail Trends

The frugal mindset of the female consumer, according to multiple studies by NPD, appeared in the early months of 2011 and lasted straight through the holidays. The recent study affirms that women over men openly admitted to spend less on each gift this holiday season, as well as cut back on the number of gifts bought. NPD also reports, “When asked if they bought items on sale, shopped in less expensive stores and bought more practical or thrifty gifts, again a higher percentage of women answered ‘Yes.’” This doesn’t mean, however, that women sold themselves short in the shopping experience. In this post-holiday study 50 percent of women told NPD they bought something for themselves during the course of their holiday shopping. Marshal Cohen, chief industry analyst of the NPD Group, Inc., confirms, “Women were the ones that told us they cut back on their spending, cut back on the number of people on their lists and in general were more thrifty in their gift shopping. So, they felt more comfortable about rewarding themselves for being so frugal ad there were a lot of deals that were hard to pass up.”

Another noteworthy trend was the popular topic of smartphones and mobile marketing, as both men and women consumers used their phones as a channel for research and purchasing this holiday season. Women were only slightly more inclined to research a product (13 percent versus 12 percent), as well as follow through with a purchase (5 percent versus 4 percent). Men, however, were more willing to use the phone as a resource while shopping in store, reading product reviews along the way (7 percent versus 5 percent). They were also slightly more inclined to discuss their shopping experience via social networks with other holiday shoppers (4 percent versus 3 percent). “I think it is becoming clear that there is a growing market for this kind of consumer engagement,” said Cohen, “While the 4 percent of consumers that told us they used smart phones to make a purchase doesn’t sound like a lot, remember it was less than a decade ago that only 3 percent of consumers told us they shopped online,” noted Cohen.

To read other details of The NPD Group’s holiday sales and trends study, click HERE.

To read other industry news and analysis, check out IndependentRetailer.com’s Industry Headlines section.

What Proposals Will Make a Difference?

Among the proposals is the Marketplace Equity Act, introduced in October, which seeks to provide a framework for states to collect sales taxes from out-of-state online retailers who sell products to their residents. Recently introduced was the Marketplace Fairness Act, the third and final major sales tax measure introduced at the end of 2011. “It’s not just about retail. Fair sales tax laws are needed so budget cuts don’t force layoffs for essential workers like police, firefighters and school teachers,” notes Shay. Shay isn’t alone in his view of the overall picture. Results from a poll conducted by Purple Strategies for the NRF found:

1) 83 percent agree that “we need a clearer approach that will simplify how sales tax is collected.”

2) 70 percent agree that “the current law hurts businesses and consumers by setting two different standards for collecting sales tax.”

3) 61 percent agree that “the current sales tax rules deny states critical revenue they need to pay for schools, police and firefighters.”

With federal legislation that ensures simpler, more uniform collection of sales tax, $24 billion in additional revenue will be available to state and local governments. “In a 21st Century retail industry, we ought to have a 21st Century system to ensure uniform collection of sales tax. A modern approach to this issue would provide states with additional revenue in order to protect jobs that are badly needed to support American families and keep our communities economically healthy,” adds Shay.

To read more on the polling data about sales tax fairness, click HERE.

As the event website boasts, “Anyone who is in retail has a home at Retail’s BIG Show,” from the C-Level and Senior Execs who make up 39 percent of the BIG Show audience to the regional managers and the single store operators. All in all, this year’s event is expecting in attendance 22,000 industry professionals, 500 plus exhibitors, 175 plus speakers, with 82 countries and 45 international delegations represented.

Promoting Indie Business at the Retail’s BIG Show

From the kick-off opening night reception and EXPO Hall happy hours to the more intimate working breakfasts and lunches, the Convention offers numerous networking opportunities for attendees. That includes the highlighted, Independents’ Day, sponsored by Dell, to be held during the event on Jan. 16. Independents’ Day provides a full day of programming specifically for those independent retailers attending the Convention and Expo. More than 95 percent of retailers in the U.S. operate just one location, and the NRF is proud to say that these retailers have a place at Retail’s BIG Show, and best of all can attend for free. “A mistake many small businesspeople make is that we think the NRF show is just for the big boys, but the NRF does a really good job of having stuff for us,” says Dave Ratner, a returning Independents’ Day retailer. “Last year, I went to different sessions and learned how to fine tune some ideas, and I got a couple of new ideas for how to market my business. And, not only that, but walking the show floor is great. For a little guy, you would think it would be intimidating because you have all the big vendors, but we found some management tools that work with small businesses as well.”

Independents’ Day programming is designed especially for small-to medium-sized companies. The day’s programs include sessions presented by retailers such as Ratner, Linda Hundt of Sweetie-licious Bakery Café, Sarah Endline of Sweetriot, and Allan Reagan of Flix Brewhouse. Other speakers include professionals from KAB Marketing and the Montana, Louisiana and Massachusetts retail associations. Many of Independents’ Day sessions fall into the following educational tracks: Online Retailing; Marketing and Brand Management; Merchandising; and Store Operations.

For more information about Retail’s BIG Show and Independents’ Day, visit www.nrf.com/annual12.

For more industry and tradeshow news, click HERE.