I usually bring you an assortment of POS and retail news in the weekly roundup. This week I bring you a special edition aimed only at helping small retailers gain an edge to survive and come out on top of the retail industry. Below you will find a wide variety of tips to help every area of the retail business and see how a major chain is helping to fight those dreaded merchant fees for accepting credit cards.
1. A Look at How Retailers Can Weather the Recession – As a small retail business owner you must study the strategies of big chain stores and implement those strategies according to the business sector you’re in. The author gives a list of 7 ways you can focus your attention to be a successful small retailer.
2. Circle K Petition Update – Circle K has taken it’s clout and used it for something that in the long run can be very beneficial to small businesses. They have a current petition in all their locations for customers to sign. This petition will be making it’s way to Congress in hopes of brining some type of transparency to credit card fees that merchants are having to pay. Many customers are not even aware that the cost of goods are increased to cover these fees which can be quite high.
Circle K’s petition, entitled “Fight Unfair Credit Card Fees,” begins: “The credit-card interchange fee is the biggest credit-card fee you’ve never heard of. Nearly $2 of every $100 American consumers spend using credit cards goes directly to the credit-card industry through the interchange fee. In 2008 alone, Americans paid over $48 billion in interchange fees, more than twice what was paid in credit card late fees and three times ATM fees. The average American household paid $427 in credit-card interchange fees last year. Total interchange fee revenues have tripled since 2001.”
3. How Specialty Retailers Can Outcompete Large Merchants – Have big boxed merchants showed up on your retail stomping grounds? More than likely they have and they are willing to push you right out and gain that customer base. This author gives some great tips on how a Specialty Small Retail Shop can rise above and crush the competition.
4. There’s Going to be a Major Shift in Boomer Buying Behavior – This may be something that none of you have thought about, Baby Boomers. They make up almost a third of the American consumers and they are cutting their spending. The Specialty Retail Expert offers four strategic questions that must be answered in order for you to survive the next major shift in buying behavior.
5. Small Business Dilemma: Profitability vs. Service Integrity – Balance is everything in any small retail business. This article defines the difference between the profitability and service integrity issue. Then goes on with a case study and offers some advice and balancing profits with great service.
6. London retailer puts shoplifter photos on its web site – I just couldn’t pass this one up! This London Company has a great way to control theft and keep costs down. They post the CCTV pictures of suspected shoplifters on their website and they offer a reward if any of the suspected shoplifters are arrested!