Growing Your Retail Store in Economic Uncertainty with Paul Erickson

Rooted in Retail

Today, we've got an episode that's perfect for anyone feeling the weight of economic uncertainty, the buzz of an election year, or the pinch of rising prices. If you've been wondering how to navigate these turbulent waters and ensure your store not only survives but thrives, then you’re going to love this conversation.
Joining us today is Paul Erickson, Director of Mentoring at Management One. With his extensive experience serving retail clients across the globe, Paul is here to break down the current landscape and offer actionable advice to help you steer your business in the right direction.
So, what does all this mean for your store? How should you prepare? Where should you be focusing your energy to ensure your store thrives? In this episode, Paul's going to dive into some key topics on every retailer's mind: economic ups and downs, how to price your goods, and managing your inventory.
Whether it's focusing on the numbers inside your business or building those all-important connections with your customers, Paul's advice could change how you run your store.
[00:00] Welcoming Paul Erickson
[04:36] Paul's advice for retailers who are worried about the economy
[07:51] What Paul would say to the independent retailer who is worried about the cost of goods increasing?
[09:58] Paul shares one tip for retailers who are considering increasing their prices
[13:15] What economic indicators should retailers watch and how can these guide owners through an uncertain economy?
[24:33] How many weeks or months of inventory should a store be carrying at one time?
[29:16] The most important factor we can control in our retail store
[36:26] What future trends should retailers prepare for to ensure long-term success?
[38:34] Paul's resilience round
[38:39] Best business book
[39:29] Best retail technology
[40:44] How do you keep up with the ever-changing retail landscape?
[41:34] What's a financial foundational best practice?
[42:36] If you were to start your career all over again, what's one thing you'd do differently?
[44:07] What do you think the future of independent retail looks like?
Get all of the resources mentioned in the episode on our website at https://www.crystalmediaco.com/episodes/growing-your-retail-store-in-economic-uncertainty-with-paul-erickson/

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Chapitres

1. Welcome Paul Ericson of Management One (00:00:00)

2. Paul's advice for retailers who are worried about the economy (00:04:36)

3. What Paul would say to the indepedent retailer who is worried about the cost of goods increasing? (00:07:51)

4. Paul shares one tip for retailers who are considering increasing their prices (00:09:58)

5. What economic indicators should retailers watch and how can these guide owners through an uncertain economy? (00:13:15)

6. How many weeks or months of inventory should a store be carrying at one time? (00:24:33)

7. The most important factor we can control in our retail store (00:29:16)

8. What future trends should retailers prepare for to ensure long-term success? (00:36:26)

9. Paul's resilience round (00:38:34)

10. Best business book (00:38:39)

11. Best retail technology (00:39:29)

12. How do you keep up with with the ever changing retail landscape? (00:40:44)

13. What's a financial foundational best practice? (00:41:34)

14. If you were to start your career all over again, what's one thing you'd do differently? (00:42:36)

15. What do you think the future of independent retail looks like? (00:44:07)