Get out and take a walk… at retail

Upon hearing the latest results from what appears to have been a record setting Black Friday and Cyber Monday, it reminded me of the many benefits we can derive from getting out and “walking retail”.

This time of year in which 10 days account for 40% of all holiday store traffic provides us with the opportunity to see what the consumer sees and what the results of our retail buyers’ merchandising decisions are in these make-or-break weeks of the year.

Getting into retail stores doesn’t diminish the importance of digging in online and “walking the virtual store”, but it does enrich our understanding of the total marketplace. “Both, and…”

Here are 5 key benefits to getting out and walking retail:

  1. You will learn more out in the field than at your desk. How many times have we experienced this, yet we still find ourselves “too busy” to get out.
  2. You can get a great perspective by walking the entire store. Here are some ideas on how to map the store and key questions to ask:
    • Start with the perimeter of the “racetrack” paying great attention to all departments before focusing in on our category.
    • Whats on an endcap? What are the key price points? What is the consumer messaging and in store marketing others are using?
    • Where do I see out of stocks and over stocks including the general stock condition of the entire store—– will this block Spring open to buy?
    • Are exclusives and private label locking up this space?
    • What’s the pricing strategy being employed and are we properly priced? Are everyday retails set high to buffer aggressive couponing yet to come? Is that impacting my weekly rates of sale.
    • Packaging. What is catching my eye? How has competition addressed environmental sustainability concerns via new materials or downsizing to use less material?
    • Competitor markdowns or out of stocks? Are these opportunities to raise in my next buyer reviews?
  3. Take your team with you. Go beyond the normal sales and marketing team. Take the supply chain, logistics, finance, HR and development teams. Make it a day to tour the market and grab lunch or happy hour together. Use the day to stand in the aisle and talk about what you see (tactfully, of course).
  4. Use this as the springboard to a great buyer review meeting. Any buyer meeting will be more insightful and effective if you are able to cite specific store observations to make key points. If you want to go big, I have also had great success scheduling a day or even half day touring stores with our buyer. An incredible opportunity if they are willing to carve the time from their desk and walk their stores and their competition’s.
  5. Take notes and photos (again, tactfully) then share with the team and other departments. Use these to pinpoint key hurdles and opportunities for next year’s program. Hold a debrief meeting early in January.

Let’s face it, today many of us feel a strong gravitational pull toward spending time at our desk and/or on our screen. Why not get out there and walk, stand and take in the sights and sounds of the season with our colleagues, customers and consumers.

Small window of time. Great insights to guide our planning for the coming year.

Let’s get out and walk… at retail.