In this episode, Brian asks Melissa Campanelli, Co-founder of Women in Retail Leadership Circle, five questions about the retail industry and the upcoming holiday season.
Melissa’s Holiday Tips for Retailers:
- There are several studies that show consumer spending this holiday season won’t change considerably. But we cannot ignore the current economic crisis; it will affect holiday season profitability.
- Retailers are aware of the issues that they must deal with (supply chain, labor, rising costs, and a potential recession) and they are working hard to mitigate them.
- Consumer spending has slowed down. Retailers must now consider lowering prices, create promotions, and keep track of their inventory.
- Retailers will pay more for shipping this year. We suggest looking at different suppliers and shipping routes.
- In a recent Korn Ferry report that nearly half of all retailers believe they will have a tough time attracting employees for the upcoming holiday season. Other options could be changing store hours and suggesting that customers buy online as early as possible.
