The way current economy is heading, that must be what customers are telling themselves as they enter the retail stores
Background: Watched an hour long program regarding WalMart in CNBC and was quite impressed by its history and the legendary Sam Walton. Sam Walton, I believe got to work very early in the morning and so the execs who worked with him. The same legacy is being followed and current day execs also make it quite early to work. Some of the things I liked: The vision of Sam Walton and and his approach to problem solving by involving his colleagues, which also included hourly employees.
Last weekend when I visited WalMart, CNBC story was still fresh in my memory and started comparing the retail industry (in general) and its unique challenges compared to the conventional industries;
a)Retail : Open to the general public -regulars and non-regulars. The challenge is to have an attractive / cost-effective setup. The other industries, example: Manufacturing has a regular set of workers who come in daily and don't expect lot of changes.
b) Merchandise: Retailers should stock seasonal stuff, offer discounts during the major festivals, events, etc. Placement and availability of the merchandise is one of the key factors.
c)Competition: The store is wide open for competitors to walk-in and evaluate the premises and the prices. Manufacturing companies have fewer visitors (except employees) and many processes are confidential
d)Operational excellence: This is the key to achieve higher sales. Some stores are highly efficient in addressing customer questions, providing help and answering questions. One such example: BabiesRUs -
There will be definitely a lot more comparisons ..but will conclude here to qualify for a short blog!
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