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Technologies That Will Shape the Future

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May 9, 2016

If you’re regular reader of this blog, you know we like to try to guess the future of retail. Of course no one can predict the future, but that’s never stopped us from trying. A recent article on the Chain Store Age website, Study: Three Technologies That Will Shape Retail and One That Won’t, took a look at a study that tries to predict the future of retail for the next 10 years.

Of course the study was conducted by Ovum, a technology company commissioned by Criteo, which is also a technology marketing company, so it focused only on technology.   Included in the study was Hyper-Connectivity, Wearables, Augmented Reality, and 3-D printing. Read more →

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Six Tips from the Best in the Business

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May 2, 2016

Last week, the Business Journals interviewed 11 of the top small business owners and asked them for tips for success in running a successful company.

These business owners were honored as last year’s Small Business Persons of the Year in their respective areas.  While their businesses may differ from an operation like a nonprofit retail store, it is easy to apply much of their advice to all types of operations. Let’s see how we can adapt their ideas to boost your museum and institutional stores. Read more →

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Pay It Forward

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April 25, 2016

Remember the old days when the cash register was literally a work of art?  Those old monsters that were made by National Cash Register and a few other companies.  Many of these devices were lovingly cast in bronze, while others in plated in brilliant nickel.  They came adorned with flowers, filigree’s, and even characters like cherubs.  For most retail establishments, they were the star attraction planted proudly at the front of the store.

Despite their size, some were nearly three feet tall, they didn’t really do much. As late as the 1970s, many cash registers did little more than record a sale. They didn’t even add and they certainly didn’t help manage the inventory.  Yet, for all their shortcomings they were the anchor of the store. When you saw them in all their glory you knew exactly where to pay and where to find a sales person.  Read more →

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5 Ways to Grow Your Business and Yourself

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April 11, 2016

As the operator of an institutional store, you’re in a unique position to grow both your business and your professional self… often at the same time.  In retail, you never know what the future will bring.  Every day is a new adventure, every year is a new challenge, and fortunately, every challenge is a new opportunity.  But you have to be ready.

The Business Journals recently ran an article, Six Quick and Affordable Tips to Grow New Business.  After reading the article, you begin to understand that the success of the business and the success of the business manager are often inherently linked.  If you follow professional sports, you begin understand that when a team wins, the value of the individual players usually goes up.   In business, being associated with a winning team and a successful enterprise, often increases the value of the people who are directly responsible for the store’s success. Read more →

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The Perils of Pricing

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April 4, 2016

Boutique grocer, Trader Joe’s recently reported that they would be reducing prices.  This is in response to a new pricing strategy announced by Whole Foods… or as they are sometimes referred to – Whole Paycheck.  While Whole Foods has thrived over the years despite their reputation as being the pricey alternative, even they aren’t immune to the risks they face by losing price-sensitive shoppers.

In retail, correctly pricing the items in your store is both the key to your profit, and probably your biggest minefield.  Obviously, you have to set a price with enough margin to cover your operating expenses and hopefully show a profit at the end of the year.  But if you price too high, you’ll be babysitting the items on your shelves for a long time. Read more →

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4 Ways to Define Personal Success

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March 28, 2016

Are you successful? Hopefully, you’re running a successful operation and you come to work every day with a smile on your face. But defining true personal success is often difficult.

You could be running a massively successful operation, while your personal life is crumbling all around you. Or, just the opposite may be true. Your personal life may be nothing but endless joy, and at the same time, you can barely keep the front door of your store open.

Life, both professional and personal, seems to be an endless balancing act. You often feel like a juggler, trying to keep a dozen balls in the air. It might work for a while, but it doesn’t work all the time. Read more →

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Life on the Floor

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February 15, 2016

Not long ago, I had the opportunity to visit the great Musical Instrument Museum on the outskirts of Phoenix. This is a fabulous museum and well worth your time if you happen to be visiting Phoenix. For me it was a total surprise. One of the other museum stores I visited recommended that I see it and I’m so glad they did. I expected a modest venue with a small collection of musical instruments. Instead, I got to enjoy a mega museum with musical instruments from around the world and throughout the decades. All of the displays are interactive, with music provided to each patron though headsets as they wander around the museum. Read more →

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Busy Equals Happy

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In cities all across the country, quality employees are becoming harder to find. So, if you’re having a difficult time retaining your best employees, a good strategy may be to just make them work a little harder.

The retail work environment, particularly in museum and institutional stores, can be laid-back even with a steady stream of customers.  But for some employees, this unique pace may not feel challenging enough for them.
Read more →