Many years ago, on a tour of some of New York City's most successful independent retailers, I had the opportunity to visit
Kate's Paperie, a renowned stationery and gift store. During the tour, the store's manager explained that offering their customers new products on an ongoing basis was essential to the store's success. In fact, he said, they often dropped lines, even if they were still doing well, to make room for something new.
I don't know about dropping successful lines but I do know that offering new products is essential to retail success, particularly in a recession when consumers need more reasons to part with their money than usual. New products are a key way that independent retailers like you--and Kate's Paperie--can differentiate your businesses from the big boxes.
I also know that the exhibitors at the upcoming series of Canadian gift shows have been working hard to bring new products to the market. You'll find news of some of these introductions in the e-newsletters I'm sending out this week as well as on our site's
ONLINE PRODUCT GALLERY and in the pages of our current print edition, which you can now receive in a
digital format.
I don't know, but suspect, that many of you will be going to the shows with lower than usual open-to-buy budgets. However, I hope that you will be on a mission to find some products (new or new to you) that will have your customers coming back to check out what's new in your store throughout 2009. I also hope that if you see me at the upcoming
CGTA Spring Show, walking around with a video camera, you'll stop me and let me know about the specific challenges you're facing this year and share your thoughts on how you and other retailers can meet--and beat-- those challenges. See you at the show!
