Waldoff Group Blog

Milton and Rita are hands-on merchants who have fought off the dogs, been bitten by a few and know exactly what you’re going through. More importantly, they have learned a lot through these dog fights and offer sage advice for how to avoid the bumps and bruises ahead. Here are a few musings about the past, present and projected future of the retail industry from the dynamic duo.

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The way we build STRONG customer relationships has changed forever.
By Milton Waldoff | January 23, 2018

Today’s tsunami of new and changing technologies has given ULTIMATE power and
freedom to customers - broadening their choices, their access AND their exposure to any
and everything they might only THINK about . . . in their hands, day or night, 24 hours a day. Our customer of today is high speed, high-opinion and more savvy than ever, thereby transforming our world of retail forever.

The ways we develop and build customer relations has rocketed forward, as well. Today,
we must compete for mindshare in evocative new ways. Our lifeblood customers are OVERWHELMED with unprecedented amounts of information . . . and unlimited choices
. . . always right in hand, with our ever-present smart phones.

Our clients can be anywhere . . . office, bed, bath, car, in line, on a plane, at the beach . . .
Anywhere! They connect with incredible selections of whatever is desired, compare
choices dozens of times with from one store or on-line seller to the next, compare prices
on as many sites as patience and time allow, then make a purchase and have it delivered
the next day … often without a shipping cost . . . even returning it without question, cost, hassle, or leaving home to ship it.

Your REAL brick and mortar store must compete with this incredible mobile convenience -
and your store must BE compelling, inspiring AND be a mobile convenience, too!

How do you as a brick and mortar store continue to compete?

It’s certainly not by attempting to have more selection than your customer can find on-line
. . . Yet -

YOU HAVE ONE HUGE ADVANTAGE!

The highest achievable ground to gain is by building customer relationships – deep-rooted relationships that retain and grow customers. Customer retention is creating the best and most delightfully consistent customer experience. How do we create and deliver customer value that goes beyond your product or the service?

The key is to have a deep understanding and appreciation of what YOUR customer
considers to be OF GREATEST VALUE, and why.

WE must deliver what the customer wants … personal service by well-trained, caring, thoughtful sales associates who know and deliver authentic personal attention and service.

Sales associates who always follow up with a phone call or a hand-written thank you note.

. . . Team Members who phone when special items and events arrive that their customers might enjoy and appreciate.

. . . Team Members who immediately acknowledge the newly-arriving customer . . . and, if
the associate is with another customer, kindly excuses herself as if she were visiting with an honored guest in her home, then warmly smiling and engaging the recent customer, sharing that she’ll be with her shortly.

There are outstanding professionals and tutorials that specialize in better training your Team – IF you need outside help to elevate them to this essential level of polish and skill, these experts are well worth their fees . . . though only YOU best know where you want to lead YOUR store and YOUR staff!

AND – if YOU spend quality time and effort focusing on your “WOW” factor of client services - your rewards will be a brightly polished staff, VASTLY improved sales results and a raving, MUCH more loyal customer base.

Milton Waldoff . 601.434.3000 . milton@waldoffgroup.com
Rita Mitchell-Waldoff . 501.680.6929 . rita@waldoffgroup.com

The Holidays are the perfect time to reflect on the joys,

memories and blessings you treasure most

– and to remember You are very special to our world.

Wishing You and Your Loved Ones a Holiday Season and

New Year that is safe - less of what we fear –

good health, great joy and happiness, warm love,

gratifying success, prosperity and a Heart filled

with Peace and Contentment .

A Truth for Specialty Retailers

By Milton and Rita Waldoff | December 7, 2017

Your Customer Today Is being bombarded, screamed at and overwhelmed with:

- Direct mail, phone calls, emails and texts pleading for their business, contributions, subscriptions and other solicitations.

- Smart phones and computers exploding with ads, "gifts" and teasers from stores and Amazon, plus mountains of unrequested junk mail.

- Friends and Family gift lists that need inspiration and motivation to find what they will MOST enjoy and appreciate.

- Planning for guests, meals and merriment.

- Finding it impossible to finish daily "to do" lists.

- They are often turned off with ‘no service’, ’no appreciation’ department and discount stores!

So, Dear Specialty Retailer . . .

Bring on The Magic!!!

When they choose YOUR specialty store, MAKE IT SPECIAL … they should be warmly greeted by engaging attentive, sincere and caring staff with warm smiles and attentive personal attention. Merchandise well presented, interesting gift presentations with "no hassle returns”, Free Gift Wrapping and reliable shipping.

Make your store this oasis!

They can, do and will shop on line!

Give them ample reasons ot make YOUR store a "must visit"!

The moment they walk in your store, they must feel all the items mentioned above, thereby showing and convincing them the great importance You and Your staff consider their visit.

* A real treat in today’s world!

They must feel more comfortable and MUCH better served than just shopping on line!

Your mission is to show them how much you care and appreciate THEM . . . regardless if they buy!

Show them you are 1,000% delighted they took the time and effort of visiting your store!

Give them something completely unavailable online (and in most stores) . . .

YOUR ambience, service, care and concern + selection, free gift wrap and delivery, if possible.

Soon after their visit, they should receive a personalized hand written note from the sales person that assisted them. Some of the best stores, with enviable sales per square foot send "thank you” notes to individuals who did not make a purchase, thanking them for coming by … showing a sincere effort to build a future relationship.

Don’t take these customers for granted!

Make certain every individual that works in your store understands that, without the customers you already attract and new customers, like this individual customer, there is NO store!!!

"The Magic” lives in the places that make us feel important and give us AND sell us what we want … whether it’s a favorite restaurant, a bar, a store, a beauty shop or a car dealer … motivating us to WANT to return, again and again.

NOTE !!! It's easier to buy on line... but NOT as joyous and fun, if YOU and your staff create "The Magic".

Make this Gift Giving Holiday Season an opportunity for your store to build your repeat business.

Your sales NOW and Your future success!

Control your atmosphere, bring on The Magic!

When you AND your staff commit to this, you will have a more joyous Christmas and New Year!

Reach out and personally thank our Veterans,
this week and always!

Milton and Rita

7 Marketing Mistakes That Can Come Back to Haunt You

By Rieva Lesonsky, Guest Blogger

Stunningly succinct AND spot-on marketing advice is as rare as perfect pumpkins -
Yet, the below blog from mentor and media maven Rieva Lesonsky is exactly that.
We share this recent post - 7 Marketing Mistakes That Can Come Back to Haunt You
with our full enthusiasm and endorsement ....Thank you, Rieva!

Published: October 6, 2017
It may be the season for ghosts and goblins, but ghastly creatures aren’t the only things that can haunt a small business owner. Making any one of the 7 common marketing mistakes below can have frightening consequences for your small business. Find out what you have to fear from these marketing mishaps and how to avoid them.

Mistake 1. Not setting goals for your marketing efforts
Whatever type of marketing you’re doing, you won’t know if it worked unless you know what you hope to achieve. Set measurable, specific goals for each marketing campaign so you can assess its success.

Mistake 2. Not having a marketing plan
You can waste a lot of money and time by marketing haphazardly. Advertising in the wrong place, at the wrong time or to the wrong audience will do no good. Before you start, develop a plan for reaching your target customer base through the marketing channels they pay attention to.

Mistake 3. Not marketing to existing customers
Customers who return to buy from you again and again are the lifeblood of your business. But you can’t count on customers coming back unless you continue to connect with them. Don’t put all your marketing efforts into attracting new customers; budget for marketing to your current customers, too.

Mistake 4. Not managing your reputation
Word-of-mouth marketing is important for every type of business, whether B2B, B2C, online or off-line. That’s why it’s so vital to keep tabs on what people are saying about your business both online and off. If your business is listed on rating and review sites, monitor them and respond.

Mistake 5. Focusing on features, not benefits
Features are things your product or service has; benefits are how it helps your customers. Customers don’t care about your products’ features—they want to know what it can do for them. Create your marketing and advertising content with the customer in mind, and always answer their question, “What’s in it for me?”

Mistake 6. No call to action
When customers see your ad, receive your flyer in the mail or get your marketing email, what do you want them to do? It’s amazing how many small business owners forget to include a specific call to action in their marketing and advertising. Each piece should direct prospects to do something, whether that’s calling your business on the phone, visiting your website or scheduling an appointment.

Mistake 7. Not testing or tracking your marketing
Digital marketing offers incredible capabilities to track exactly what prospects do when they see your offer. If you are not testing multiple versions of the same ad or email, and not paying attention to which ads get results and which don’t, you're throwing money away. Get familiar with the analytics tools that Google, social media sites and email marketing services offer to help you. The more you learn from your mistakes, the more your marketing will improve.

About The Author:
Rieva Lesonsky is CEO and President of GrowBiz Media, a media company that helps entrepreneurs start and grow their businesses. Follow Rieva at Twitter.com/Rieva and visit SmallBizDaily.com to sign up for her free TrendCast reports. She's been covering small business and entrepreneurial issues for more than 30 years, is the author of several books about entrepreneurship and was the editorial director of Entrepreneur magazine for over two decades

Top 10 Ideas Now ’til Year-End

NOW! October

1) Increase Your Store’s Social Media Exposure, by adding contacts to your email list, put an email registration box on your cash wrap counter, with a sign announcing “Register to Win a $250 Gift Certificate” … in smaller letters “The winner will be notified by email!”

Motivate your sales associates to add contacts to the store’s social Media stage staff contests NOW to add contacts to your e-mail list, Facebook “likes and shares” and Instagram … this action is priceless for your future customer outreach.

2)    Electrify your action plan for sales and service:
A. Sales Training : #1 Above all! Management, staff, support staff and rep’s … all must know your inventory, reorders, promotions and live to maintain the best possible customer experience. Everyone!
B. Presentation : Ever-changing and always engaging … Create visual magnets from outside to inside to selling floor, to fitting rooms, rest room, gift wrap, cash wrap … create jaw-dropping delight daily!
C. Advertising : Planned sharply through year-end with room to add hot items and customer trends. Use effective ads and best-results social media, starting as soon as possible … keep it up, then ramp it up in the final 3 weeks. Building your store’s top-of-mind importance NOW!
D. Merchandise : Timing and flow; new goods must keep arriving … Don’t let over-buying strangle your season! Always have OTB for “must have in-stocks” and “what’s hot now.”  Regular clientele is always looking for something fresh and new!
E. Weekly Updates : Staff should be hyper-aware of Team Goals to energize your sales and customer experience.  A break room board with a chart to show daily % to goal works well to motivate. Weekly meet-ups should focus on ads, what’s in, what’s arriving and how you’re doing vs. goals! Show some new items! Give talking points … Motivate, compliment, add $$ prizes for achievement.

GO BIG!It's 2017's last big opportunity!

1) Free Gift Wrapping: A must for specialty stores. Buy a signature wrap with pretty ribbon and store-name seals. Have a gift wrap station, hire and train warm friendly wrappers. Add ‘Free Gift Wrap’ messages to every ad, at your desk and suggest with each sale.

2) Invite your 10-20 top clients for a Crystal Ball Brunch on an early November Sunday afternoon. Show off your hottest holiday gift and item buys. Give a one-day “50 % off one item” as a shopping treat for giving you honest feedback. create instant bliss and a human ad.

3) Promote a truly warm Open House as soon as your store is holiday wonderful. Serve delicious smelling hot cider and irresistible treats.
… ALWAYS have a small favor for everyone, preferably with your store name … a compact, a key-ring, an ink pen, a luggage tag, a note pad or a cider mug. (Some stores do Open House every seasonal Sunday.)

4) Send Happy Thanksgiving cards with a generous coupon for shopping and a reminder that your holiday weekend benefits a cause or your community.

5) Kick off a benefit weekend on the Wednesday before Thanksgiving with 10% of every sale given to the customer’s church or favored charity. Mark each ticket with their choice, and keep records as proof of your donations. Mail the proceeds ASAP, share with staff and watch this tradition grow in hearts, every year!

December:

6) Do something GIANT on December 4th, with this date being a Monday! Run a strong all-media push on both Sunday and Monday, sell a scorching hot item at an insane price, give a big % off your #1 category or do a crazy BOGO.

7) Keep ‘em guessing! Your staff and your clients should wonder, “What’s next?” Give a staff star-achiever a $100 bill. Call a great client and tell them you have a “Secret Santa” in the store, just for them. Collect and save wish-list cards for clients’ favorite items, then schedule a Men’s Night Out for their sweethearts.

Throw a Santa-Stop Flash-Sale onto your Facebook and Instagram December 8th and 9th … make it fabulous and give huge bonuses for “like and share” friends and December birthdays … Mystery and delight make business happen!

8) Evaluate daily during these 10 weeks, but especially on December 15th. It’s also on a Friday this year, and spells the OMG point for shoppers. One great idea is a FREE SHIPPING DAY … to remind everyone that shipping will be costly later. Or, do We PAY YOUR SALES TAX TODAY … it’s usually 7-8%, but sounds generous and naughty!

9) Hang on for MORE! On Monday the 18th, carefully reorder well selected, best-selling items for December 20th - 22nd delivery. Ask the vendor for a special discount – margin builder - remind them of your loyalty, paying invoices on time.
You may want to run out before Christmas, but your staff, exchangers and after Christmas shopper will be happy you didn’t.

Last week of 2017, after Christmas:

10) HUGE volume can be achieved in the last week of the year! Retrain your staff to say, “I see you have something to exchange!” while smiling and nodding. Most clients dread return and exchange hassles; your positive, happy approach will win exchanges, new purchases and lifelong customers.

The budget-meter is still “off” during the holidays, through New Year’s Day. If you did step 9, you’ll have a great week, especially if you take needed markdowns along the way and after Christmas!

Take 10,

NOW!

Rita

By Robert St. John

Featured in the September Edition of Signature Magazine

In 1975, if anyone would have asked a 14-year-old Robert St. John who he wanted to be like when he grew up, the answer wouldn't have been Roger Staubach, John Glenn, Archie Manning, or Pete Rose. I would have probably chosen Milton Waldoff. He was like those cool, big-city bachelors on televi-

sion and in the movies who had a jet-set lifestyle, flying in and out of New York, a successful business, a certain degree of local celebrity, cool clothes and a -- at least seemingly from my spot on the sidelines -- party-filled lifestyle.

customer. The two department stores were located across the mall from each other. We were a Waldoff’s family (though we crossed over to the Fine Brothers arena when it came to buying Levi’s at Mississippi Britches).

Milton Waldoff was one of the coolest guys in town. He was a bachelor in the 1960's and 1970's, embodied everything that ostensibly went with that lifestyle. In 1975, if anyone would have asked a 14-year-old Robert St. John who he wanted to be like when he grew up, the answer wouldn't have been Roger Staubach, John Glenn, Archie Manning, or Pete Rose. I would have probably chosen Milton Waldoff. He was like those cool, big-city bachelors on televi-
sion and in the movies who had a jet-set lifestyle, flying in and out of New York, a successful business, a certain degree of local celebrity, cool clothes and a -- at least seemingly from my spot on the sidelines -- party-filled lifestyle.

Additionally, had you asked about any perk I would like to have one day, it wouldn't have been a suite in the Superdome for Saints games, or a free dealer car from the

automobile lot. It would have been a house accountant at Waldoff’s. All of the cool kids’ parents had house accounts at Waldoff’s. My high school girlfriend and her family had a house account that gave them some type of discount on merchandise and the ability to just sin the receipt and have it billed to their parents. It was a perk reserved for close friends and family. To me, it was a status symbol greater than a country club membership, and one that stayed out of reach.

For a kid who was interested in possibly being a businessman one day, Milton Waldoff’s represented the pinnacle of that aspiration. I don’t know if “master retailer” is a legitimate thing or not. If it is, Milton Waldoff should hold the all-time title in Hattiesburg, MS.

A retail marketing genius, his store in the 1980s was setting national sales records at $475 per foot in a 22,000-square-foot building. Those are huge numbers in today’s retail environment, they were unheard of numbers, and amazing sales for a small town retail operation in those days. If the community-wide energy level that emitted from that retail outlet on a weekly basis could have been bottled and sold, it would power a dozen lesser businesses, even today. There was always something going on at Waldoff’s. Always.

It’s hard to find someone who grew up in Hattiesburg during my ear who didn’t work at Waldoff’s during the summer or Christmas break. I worked there during the pre-Christmas season after my freshman year of college. I was placed in the men’s department. I had no clue as to what I was doing, and probably would have broken out into a cold sweat if I ever had t pin a suit to be sent to the alterations department. They gave me a daily sales goal and I am not sure I ever met it. My stay in retail was short-lived.

I actually did break out in a cold sweat any time Uncle Ben walked through my department. Uncle Ben was one of the most quietly intimidating people I ever knew. I am sure he was a sweet guy out of the department store, but when he was walking the floor, everyone snapped to order. He rarely spoke, and when he did, it was with a German-sounding accent. There were all sorts of rumors and legends that surrounded Uncle Ben, and they all scared me.

For the entire decade of the 1970s, my friends and I prowled the
Cloverleaf Mall like we owned it. It seems we were in that building
almost every day. I spent a lot of time in Camelot Music flipping
through the record bins, and in Mississippi Music playing their
guitars. My mother and I ate dinner at Morrison’s Cafeteria

a couple of times a week after my brother went off to college, and I bought clothes

before school, before each season and during Christmas

Unquestionably, the best season to be in the Cloverleaf Mall was the springtime. Every year, as summer approached, Waldoff’s had live swimwear models in La Place department. Seriously, real, live beautiful young ladies in bikinis just standing there, not moving. Again, in bikinis. It was heaven on earth for a teenage boy.

I can remember my friends and I trying to think of every excuse to go in and out of the store so we could continue to make laps near the live swimwear models. How brilliant! It was just another one of those aspects that helped place Milton Waldoff on a pedestal – actually that one put him on a 16-foot extension ladder on top of a pedestal – of hipness. A cool bachelor who hung around women in bikinis – where do I sign up?

When I finally met, and fell in love with the woman who would later become my wife, she was working as the Estee Lauder lady in Waldoff’s. In my mid-20s, I wasn’t going to Waldoff’s to check out the live swimwear models, I was in the hardcore courting phase of a relationship. She was good at her job, and her best friend and roommate worked beside her in the bridal department. I don’t think either one of them ever took home a paycheck as they each used their employee discounts charging against their wages –more proof of Milton’s retail genius.

In an attempt to thwart the inevitable westward movement of the town’s retail community, the Cloverleaf Mall expanded in a major way. Waldoff’s built a store that would have been a showplace in any major city. Sadly, it was too much, too late.

When I pass Turtle Creek Mall and all of the retail sprawl out west, I think often of how Waldoff’s might thrive in this current environment. I really do think about that a lot, which proves how much of an impact that business had on this community, and on me. More than 25 years later, I still think about it. But I think Waldoff’s is more like the Beatles when they broke up. The memory of what was, and what could have been, might be even more enjoyable than the reality of what it would have become.

It might just be better that way.

I can actually convince myself of that on occasion. Then I wake up and come back to reality. I miss that place and everything about it. Hattiesburg is a lesser town without Waldoff’s.

Waldoff’s, the store Milton’s Father and Mother founded in 1924 was recently featured in the September edition of Signature magazine. Milton has always said it was his parents hard work and leadership, along with Waldoff's Associates who made the store so successful, so dear to so many people, they still rave about the store. He is so grateful to everyone who contributed their time and stories to this article, and he feels so honored and humbled that the outstanding journalists, Editor and Publisher at Signature magazine would choose Waldoff’s for the feature article in this month’s edition.

C

ities and towns have certain iconic structures and monumental businesses that act as a generational-communal beacon through the ages. New York has more than most -- Rockefeller Center,

Madison Square Garden, Macy's, Radio City Music Hall, Carnegie Hall. Chicago has the Sears Tower, Wrigley Field, Soldier Field, and the
like. In my youth, THE iconic business in Hattiesburg was Waldoff's.

During my early childhood, Waldoff’s was located in downtown Hattiesburg. We shopped there occasionally, but fast-growing boys like my brother and me were better suited to the stiff, off-brand blue jeans and cheap knockoff shirts from Sears and Shainberg’s. Though on the rare occasion we did get to shop at Waldoff’s, it was a special treat. The downtown building had one of the few elevators in town (it didn’t take much to entertain a 6-year-old in 1967).

In the early 1970’s, The Cloverleaf Mall opened and most of the downtown retailers moved into the new national retail fad that was sweeping the country: Indoor shopping. It’s hard to describe the impact – positively and negatively – that single structure had on this small hamlet. “The mall” instantly became the center of the community. Everyone hung out in the mall. It wasn’t just a consumer stop, it was a social gathering place. We shopped for clothes there, we bought jewelry there, we ate there, we bought music there, we went to the movies there, we played video games there, and we just walked through the halls hoping to pass a group of girls who might stop and talk to my friends and me.

In those days, people were divided into Ford families or Chevy families, and just as old-school protestants were raised Baptist or Methodist, Hattiesburg families were either a Waldoff’s customer or a Fine Brothers

You might have wondered . . .

When Is The Best Time For Your Grand Finale?

By Milton Waldoff | September 26, 2017

It is not too late to consider a profitable store closing this year, if you act now!

If your lease is up at the end of this year or in January or February 2018 . . . your great opportunity is now!

Too often, a store owner does not have an option; their lease is up at an
inconvenient time, there is a medical problem, a death in the family, a
financial problem, perhaps a problem that effects the store’s location.

Should you want to discuss your store, your opportunity . . . give us a call.
The call is free, and you are under no obligation. Each of our store
closings are customized, indeed, personalized for each store. We know,
every store is unique, as is every owner.

We encourage and respect confidentially! It is most important that no one knows you are considering closing your store!

We invite you to check out the rest of our website . . . you might be
surprised what our previous clients have to say. We are the only
individuals, group or company that specialize in profitable store
closings for women’s specialty stores.

Check us out!

You may know some of our previous clients listed on our website, some have listed their phone numbers. Others we can provide.

Thank you for taking the time to read this posting!

Important Question!

The best time to close your store . . . is your store’s best consecutive 90 days!

Typically that means October, November and December.

Resort areas might be different; we’ve had clients in Williamsburg, VA, Rehoboth Beach, DE, Lake Placid, NY, ect. . . . these stores best 90 days were during the summer.

Why, the best 90 days?
To take advantage of this once in the lifetime of your store . . . a great opportunity!

Yes! Opportunity!

You have the opportunity for a Grand Finale that is profitable, occasionally as profitable as the best year (12 months) the store has ever enjoyed!

A few clients have even experienced sales equal to the previous 12 months in just the 90 days of the sale, at a greater profit.
Some of our clients have enjoyed a greater profit during their store closing sale than they ever did during a year.

Clients we’ve worked with have more often than not been surprised and delighted with the results. ALL of our previous clients who followed our suggestions have enjoyed very profitable closings.

Keeping the brass polished
By Stanley Marcus*

*NOTE: The late Stanley Marcus (Neiman-Marcus) wrote this article for Viewpoints years ago. His point is as important to parents, leaders, managers and all who employ people today as it was at the time. Especially owners and managers of specialty stores. We are sharing his comments exactly as written. Mr. Marcus died January 23, 2002; he was 96.

During my active days as a retailer, I made it a practice to hold monthly meetings with the entire sales organization. I addressed the staff so many times on the subjects of service, attitudes and responsibilities that I became concerned that I had said everything that needed to be said. I presume preachers share the same experience of feeling they are constantly repeating themselves.

However, there are certain verities of both life in general, and of retailing, specifically, which require perpetual reiteration. I have always been concerned with the untapped capabilities of human beings who only occasionally live up to their own potential. It has always bothered me when I know people with tremendous capabilities that are wasted because of a failure to use them.

One of the most popular of my lectures on this subject dealt with a comparison of human beings to brass. I cited a visit to the bridge of a naval vessel where the brass fittings gleamed like gold. I asked the captain how often they had to shine the brass. He replied, "Every day, from the minute you stop polishing it, it starts to tarnish, and as beautiful as brass looks when it is glowing, conversely it looks dirty and repulsive when it is dull."

I correlated this description to human beings, saying, "None of us is made of gold," we are made of brass. But we can look like gold if we work as hard polishing ourselves as a sailor does polishing the brass on a ship. It is nothing we can do once a week; it is consistent, daily effort that makes both the brass and our own performance shine. We can all rise to greater heights if we are willing to make the extra effort.

Looking good, as good as we are capable of looking, contributes to success. Employers naturally gravitate to bright-looking women and men; those with whom we work daily enjoy associating with those who look bright, just as the ship with shining brass is a happier one than another whose metal is dull and tarnished.

Scores of times I have been impressed by all levels of people in management, and in the work force, simply because they appear to be bright and shining. Those who are engaged in shining invariably have shining eyes, a sense of alertness and a quality of responsiveness; working with them is more fun than those with dull and negative qualities.

That advice may sound very trite, but it must have made an impression on many hundreds of people, for almost every week, even today, some former associate comes up to me and says, "I am still polishing my brass!"

THE ART AND SCIENCE TO CREATE A PROFITABLE STORE CLOSING

WALDOFF GROUP
PROVEN RESULTS FOR RETAIL STORES

Liquidators, Science & Magic
By Milton Waldoff | August 29, 2017

With so many department and specialty store chains closings, basic liquidators are busier than ever!

But the stores they are shutting down . . . are not making money with the closings, the stores are being liquidated; everything in their stores is reduced quickly until there is nothing left.

Large corporations, many on the verge of bankruptcy, just want (and need) to close their stores, collect their money and move on as rapidly as possible.

And, only the liquidators really make money!

Over the next four months more stores will close, and some of these stores will be independent specialty and department stores. Actually, all these stores could enjoy a profitable closing event, reaping great financial benefits for the owners' many years of hard work.

However, that’s not the goal of a liquidator.

A liquidator’s goal is to sell all the on-hand merchandise, furniture, fixtures and equipment items as quickly as possible, then vacate the premises.

Yet, when all the chatter clears out, there will be independent stores that will make more money, some as they close . . . others as they continue to creatively serve and delight their customers in a manner that motivates the customer to return time and again to their stores.

So - perhaps you are considering retiring, changing course, your lease is ending - or you simply want to cash out . . . and you want as much ‘cash out’ as possible.

That takes intense planning!

That is not merely liquidating!

There is a science for profitable store closings …

Which is our specialty!

Waldoff Group began and continues with the laser focused-goal of guiding stores patiently and professionally through profitable closings.

Whatever your reasons, the most brilliant time to enjoy YOUR "Grand Finale" will be now through mid-January 2018.

Let us help you experience the magic of our science for your profitable store closing!

Sometimes Less Can Be More?
By Milton Waldoff

Over the past few weeks there have been Markets in New York,

Atlanta, Dallas, Las Vegas …

Savvy retail merchants have learned not to over buy!

They understand their bottom line will benefit if they are more selective, saving some Open To Buy dollars to use during the season, when they see what’s selling and what’s not … in terms of looks, styles, colors, sizes and brands.

They know they can reorder what’s selling, if not from the original vendor, from one of their many competitors.

They know there will always be new styles that have developed and are selling.

There will be styles they did not purchase two or four months before the season, that are blowing out in stores.

Bottom line …

Sometimes Less Can Be More!

Don’t Confuse The Shopper.

Having too many choices can harm your business!

There is a time when having too much to choose from creates a decision problem that forces the customer to select nothing!

Some years ago I read a book, “The Paradox of Choice” by Barry Schwartz, in which he offered an insight into consumer shopping habits … relating that while offering some choice is a plus, too much choice often results in consumers buying less and being less satisfied. He says, imagine yourself walking into a store to buy a pair of jeans and finding numerous options in styles, fits, price, etc. You will probably end up trying on multiple pairs and second - guessing the purchase, even presuming your choice may be wrong. You may not buy because you can’t decide.

I agree with Mr. Schwartz that offering fewer choices will create an easier threshold to meet customer satisfaction. Not that choice is a bad thing, it’s just ‘too much’ can be confusing and is detrimental to the shopping experience. Specialty stores need to narrow their choices, edit their inventory, selecting and assessing the customer’s choices.

Specialty stores that sell higher-end fashion lines, who are profitable, must do a better job of carefully editing their selections, thereby improving their turn and making certain not to carry over merchandise from season to season.

These perceptive stores have found that with less inventory and fresh merchandise arriving nearly every day, thus increasing their customer’s visits, their purchases and satisfaction. All the while increasing the stores profits.

We have worked with stores and often suggest a “slim and trim” approach –buy less, focus more, improve the frequency and arrival of fresh desirable merchandise, and keep an open to buy and be alert to new items.

It is equally important to locate and recognize items that are not selling every Monday morning; either move the style or item to a better location, display with a coordinating item or take a markdown.

In today’s fashion world, with the advantage of information instant technology, a buyer can tell from moment to moment what categories (classes) are preforming at acceptable levels, labels that are selling - justifying the inventory and dollars the store is investing, based on facts - what customers are buying!

With the price of rent per square foot, cost of operating a store, stores must maximize sales per square foot … therefore, if a department, class or vendor is not performing at an acceptable level, management must figure out why and do something to correct the situation!

A New York Resident Buying Office can and will keep a savvy merchant-buyer up to date with what’s selling, what’s reordering and where to locate the item(s) for the best delivery.

Vendors and their reps can over sell and defeat their profitability!

Store owners are responsible for their stores profit, not the vendors profit!

Nearly every client asks us why they should use their own Order Form when purchasing merchandise . . . and not the vendor’s?

Buyers who write their own orders are more mindful of what they are buying, are more selective and remember items better.

We all make mistakes … by writing your own order, you eliminate someone else making a mistake. A vendor’s representative, assuming they do not misunderstand what you want, in terms of style number, colors, sizes, quantity and price, is not like you consciously considering each item before and as you write.

Order writing makes the person writing think about what they are writing and the quantity, cost and needed retail - essential for your buying acumen.

Your store name, address, etc., would be at the top left … printed or stamped …the right side of the Order Form is self-explanatory.

Your UPS Routing Number should be on every order; it will prevent being over charged by the vendor. Most vendors are honest; some regularly add a few bucks – those few dollars add up when you receive 100 or more UPS shipments a month.

Suggestion: Pay your UPS Invoice with a credit card - a credit card that gives you an additional 30 days to pay, besides you will be building Reward Points to use for travel or for gifts.

Matter of fact, many stores are now paying their invoices via credit card, for the same reasons. Having multiple cards with different closing dates give you additional dating.

A ‘Start Ship’ Date allows you to decide timing for the merchandise to be shipped, based on when you want the items on the sales floor. Most of the time you’ll write in ASAP or A/R … there will be times when you’d prefer a delivery window that is later than when the vendor is ready to ship. Make your preferred shipping window clear!

Completion Date: You certainly do not want goods arriving late!

If the vendor ships more than 5 days late, you are in a position to phone and announce your refusal for late delivery, and/or request xx% off to keep the late merchandise -BECAUSE it was shipped after your clearly stated order completion.

Terms: We’ve all become accustomed to “Net 30” … why not ask for an extra 30 days, or xx% discount, especially for pre-season test items?

Buyers who write their own orders, and take the time to detail what they are selecting, have fewer markdowns and less duplication in their selections.

“Line Price” … ask for a better price! There is a column “Our Price” for you to note the better price … of course, you will not get a better price on every item you buy … but - what do you have to lose in asking?

Keep in mind, large stores do not pay the price you are quoted. Of course, they purchase much larger quantities. They also may get a break on shipping, often a mark down allowance, an advertising allowance, and a better price on reorders.

You have nothing to lose and everything to gain by asking.

By writing your own order, you can ask for a discount on each style, or on specific styles, such as more costly or more seasonal items or items the rep is pushing!

We believe every item should be retailed at the time it is purchased, certainly before the orders are deducted from your retail OTB.

A Retail Inventory Control system with a calculated monthly Retail Open To Buy is absolutely necessary for every store who wants and needs to make a profit.

There are a number of excellent Inventory Control Systems to select from; we strongly believe a store’s OTB should always be at Retail.

A buyer should always be conscious of what every item must be retailed, what they need to sell it for … and will it realistically bring that price?

The time to make that decision is when the order is being written, not when the merchandise arrives in receiving and marking when you are literally selling it out of the box!

Note at the bottom of the Order Form there is a place for:

Total Units
Total Cost $
Total Retail $
Ratio

First, look at the “Total Units” … buyers should know how many units they are placing,

Total Cost $ … how much they paying?

Total Retail $ … what will be deducted from a Retail OTB.

What is the Ratio, and why have it on the Order?

Ratio … the ratio of total cost dollars to total retail dollars.

If your total cost is $1,000 and total retail is $2,500 …. the Ratio is 2.5

IF … every $100 we sell, on average, cost us $40, then we have $60 left to cover all our expenses – and doing a bit of algebra – and moving decimals for ease of figuring:

Retail is $100 with cost at $40 our Ratio is 2.5

We stress to all our clients: Specialty stores today cannot make a profit on an initial overall 2.5 times mark on!

After mark downs, the gross margin is reduced.

The cost of operating a retail specialty store is in the range 42.5 to 48% of sales.

(In some cases less and too many even more!)

Take a look at your P&L for 2015 and 2016 … what percent of sales were your total expenses?

(That does not include COGS – Cost of Goods Sold?)

We all know, a profitable business must have a greater gross margin than their expenses. To accomplish, stores must take a longer mark up from the beginning, purchase enough desirable (to the store Buyer and future customer) off price or have less markdowns … to create a profit.

We strongly suggest stores need an average initial mark up of 3 times cost or more! You will not achieve this with every vendor, however it is achievable.

Keep in mind, a mark down is the most important tool a retailer has to move a mistake out the door. (Mistakes: We all make them. Buying mistakes happen with the best buyers!) Buying a bad style, wrong colors, wrong sizes, wrong timing, too many, bad fit, etc. Don’t fret, recognize mistakes early and mark down immediately!

TERMS & CONDITIONS:

You may not be able to take advantage of all these ‘Terms & Conditions’, however we have never had a vendor refuse to take our order because of the ‘Terms & Conditions’.

When was the last time you read the “Terms & Conditions” on a vendor order form?

The ‘Terms & Conditions’ on the Order Form we use is much better than you’ll ever see on your vendor’s order forms.

Finally, having ALL orders written on the same size paper, means you cannot only file them more neatly and uniformly … you can punch holes on the side and keep them in a 3 ring notebook for easy reference by Order Numbers, Vendors, Departments or Classifications, whatever you prefer.

We always suggest to our clients to make an extra copy, one for Receiving & Marking, and one for the buyer to keep on or near their desk, for quick and easy reference.

SUMMARY:

Most important: The Buyer writing the order.

The Buyer becomes more aware of what they’ve bought.

Receiving/Marking has a familiar order form, sees clearly what is written, therefore, fewer mistakes. Since the order is already retailed, it can quickly and efficiently be deducted from OTB.

And, fewer vendor calls – your terms are clearly stated.

Keeping a copy near the buyer’s desk.

Less time wasted searching for orders, or pricing at retail.

More dollars bottom line from clearer communications.

Try this, and let us know about your results!

Why Should You Always Write Purchase Orders on Your Own Forms?

By Milton and Rita Mitchell-Waldoff | July 25, 2017

Take a look at our suggested Blank Order Form

We always knew she was a star . . . Now it's official!

Rita was named THE 2017 Mississippi Small Business Development Center

State Star!

Check out what the Hattiesburg Post had to say about our very own

Rita Mitchell-Waldoff

Mitch McDowell, Assistant State Director (left), Rita Mitchell-Waldoff
and Judy Forester, associate State Director(right).

A store closing - going out of business sale - is a once in a lifetime opportunity!

After assisting her store Mini Mini Market, Dana Schwister wrote:

"We are so glad we did this ... we could never have gotten results like this by ourselves."

"Thank you for helping us close our store and make more money than we dreamed possible."

Dana Schwister's testimonial along with many others are prominent on our website WaldoffGroup.com.

All testimonials include the name of the store owner, store name, city and state . . . some share their phone numbers; we can supply others.

These results are exactly what we do - Profitable Store Closings!

. . . which separates us from all the other store closing consultants for independent stores we are aware of

- they just do liquidations - they liquidate a store's inventory.

That is not our primary focus!

Our focus, our mission is always in assisting a store owner in making a profit, often greater than the store ever imagined, liquidating their inventory in the process.

We do not do cookie cutter consulting!

We realize every store, every owner is unique, therefore their needs and desires are different.

There are consultants that provide a store closing pamphlet on how to liquidate inventory with a store closing sale for around $500.

There is a huge difference between simply liquidating your inventory and a profitable store closing sale.

We only work with stores that want to close profitably.

We typically create a minimum of double their last years' sales for the same period, at a profit for the owner, even after paying for our time, effort and expertise. Our goal - our passion - is to assist the owner in creating a significantly profitable sale.

The client's situation, problems, desires and needs are our first priority! As noted, our focus and goal is making the client a profit;
as Dana mentions " . . . more money than they imagined."

Should you desire or find it necessary to close your store, now or in the future, take a moment and look at our testimonials.

Then give us a call ... we're easy to talk with, we are both long established merchants like you. Our direct email addresses and cell

phones are at the top of this page.

Penny Wise and Dollar Foolish!

... Thou$and$ of Dollar$ Fooli$h

By Milton Waldoff | July 18, 2017

David Ruff, husband of For You! owner Carla Ruff. David was insistent that we'd never sell everything. This is him ecstatic to be proven wrong!

Photo by Carla Ruff

By Rita Mitchell-Waldoff and Milton Waldoff

July 12, 2017

Let it Go!
Mark it down!
Improve Your Profits!

Let's take an honest look at one of retail’s
LEAST celebrated, and understood tools:

MARKDOWNS!

One of the MOST IMPORTANT tools you have!

Markdowns purge sluggish inventory!

Timely markdowns are a tool to create turnover, profit and newness.

Embrace that red-line!

Your first markdown is your best opportunity to create quick turn.

Begin at 30% or 1/3, and don't look back 'til it's GONE!

Create cash flow and floor space for a new best-seller.

Clear out whatever is non-performing fast

Wield your wand, grab your red marker, and clear it out!

Don’t dread it!

Use markdowns to motivate the sale of slow moving and soon to be out of season merchandise.

Markdown are the primary, timely tool we merchants have to assist us in moving slow selling inventory, plus odds and ends.

The artful use of markdowns is the ‘lifeblood of the retail business’.

Markdowns are the solution when items have not sold - poor timing, wrong selection, wrong sizes, too much quantity, change of season, etc.

Markdowns should be taken to stimulate sales, clear inventory, develop open-to-buy, increase traffic and to improve profits.

Markdowns stimulate turnover . . . and turnover is the key to profitability

As retailers and consultants for over 50 years, we have practiced a formula of ‘fast, steady markdowns’ … recognizing slow sellers early and marking them down fast, regardless of the time of season, the time of month, or how long they have been in inventory.

Elle in Little Rock and Waldoff’s in Hattiesburg, MS were known for having the best markdown racks in our areas , and we were proud of that reputation.

Understanding the importance of keeping inventory fresh, turning inventory rapidly - are most important in contributing to increased profit, increased traffic, increased visibility for regular price merchandise and increased number of times a customer visit stores!

Our sales per square foot were dramatically greater than the national average for specialty stores in the annual sales categories we fell in . . . we both exceeded the national statistics by at least double.

We credited it then and NOW to a great number of factors . . . “fast markdowns” were high on the list.

We made a science out of recognizing purchasing mistakes early and doing something about them – right then!

If we recognized a slow seller and moving it for bolder presentation didn’t produce better sales, it got a markdown . . . typically 30% or 33⅓% off was the first markdown. Next 50%; Next was 75%. We wanted these items out of inventory as soon as possible to bring something else in that would sell profitably.

Consider this:

How many of your customers shop your store more than once a month?

What motivates them to return to your store within days or a week or two weeks?

Primarily, it is to see what is new!

And …. perhaps to see what is new on your sale racks.

Receiving new merchandise constantly and feeding your sale racks constantly not only motivates customers to shop you store more often; it increases the freshness of your inventory and your turn – all important keys to profitability.

There was a day when stores purchased much of their season’s needs prior to the beginning of the season and rarely took markdowns until a big end of season sale.

No profitable merchant does that today!

Top merchants – not just chains – recognize slow sellers early, and do something to make them move so they can replace them with goods that will sell at a profit.

They realize as merchants the value of space – retail square feet allotted for specific departments and classifications – they know to make a profit - every square foot must produce sales.

We've all heard the first markdown is the most important. Why?

If we recognize goods that are NOT selling, then it is time to use the mark down tool to motivate customers to purchase and clear them.

A markdown allows a merchant to do something proactive to make these sluggish items sell!

Without turn, a retail business cannot be profitable; the faster the turnover, the greater the opportunity to generate profit.

AND - the greater the turn, the more attractive the store becomes to the customer … because there is always newness.

Especially at this time of year, we are challenged to clear ALL spring and summer merchandise along with marginal items that may not have a season.

Don’t look at this period with contempt or sadness … it is your greatest opportunity!

Let it go!

Mark it down!

Improve your profits!

How to survive in this unusual economy!

By Milton Waldoff | June 27. 2017

If there is one thing I've learned in my over 50 years in retail, no one survives because they are entitled!

There are stores who are having a good six months this year.

Most stores are not enjoying increased sales, improved gross margin and making a profit.

If you did not have a good 2016 and are not having a good first six months of 2017 and concerned about survival,

know you are not alone.

At this moment most retailers I visit with are concerned about surviving this very unusual economy!

Especially department stores and chain specialty stores . . . including a number of independent specialty stores.

No one knows how long it will last, how many more jobs will be lost, how many more stores will close, how many more businesses of all types will cease to exist.

Some of the biggest, best and greatest stores that have ever existed in the United States are gone or disappearing . . . and more will die before this economy recovers.

Even at that, there will be many retailers that survive and live to play another day!

There will be many, many women’s specialty stores that will survive!

The important question for you is . . .

Are you doing what is necessary to survive?

Retailers as a group have a mentality of optimistic worry!

I am personally very optimistic there is a way to operate profitably in this economy.

You and your store have an opportunity to capitalize on this weak economy.

Think about it!

Department and specialty stores are closing!

Women are not going to stop buying!

Make your store their destination!

It is not continuing to operate in the same manner as most specialty stores have been operating.

I am of the opinion that the retail will get worse before it gets better, maybe in 2018, maybe in 2019 . . . who knows, perhaps in 2020 or later.

Operating in the manner most stores have operated for years has not worked in the last few years

and it will not work in the future, and the future is now.

It is most important that we recognize the situation for what it is and take immediate action!

That will require difficult decisions!

One of my great mistakes when I was a retailer was not making some difficult decisions early enough and then taking strong enough action - quick enough!

You must do what you must do to live to play another day!

Don’t take anything off the table! Do what you must do!

Some of the things I strongly suggest to clients are:

#1 Control your inventory!

#2 You must use a realistic well planned Open to Buy with inventory allocated by department in direct proportion to sales.

#3 Calculate real dollars to the bottom line! Look at and understand your data by department, looking at margins and sales per square foot.

#4 Develop a realistic budget for your expenses! Keep your expenses in line with your budget! Review your ‘expenses to budget’ constantly,

make adjustments immediately!

#5 Analyze vendors by performance! In terms of maintained mark-up, mark downs, turns and profitability!

#6 Never over buy unless you have a serious workable plan to move the extra merchandise! Too much merchandise can be a killer!

#7 You must have turn to survive!

#8 Buy less and more often! Just like you do fruits and vegetables.

Keep in mind you don’t want to put anything in the freezer.

#9 Buy some Off Price on every trip to market!

Desirable off price to me is 40% to 50% off current season goods that you hand select by style, color and size.

Of course, you might have to settle for a smaller discount, however push for more!

You will get it more often than you expect.

Every vendor has off price . . . items they cut too much of (or sold to little), orders they could not ship because

of store credit problems, orders that were cancelled, merchandise that arrived after the completion date, yet still in season.

A vendor that says they cut to order and never have off price is lying!

Have you ever prepared a meal for 12 and had nothing, zero left at the end of the meal?

If so, some folks left hungry.

Vendors are not perfect they cannot anticipate how every item will sell, any more than you can! They give the off price

to someone, why not you?

#10 Make more market trips! You will make less mistakes by buying less and more often! Styles change, customer wants change, colors change
#11 Stay flexible!

#12 Stay focused on your core business! Analyze, analyze, analyze!

#13 Keep a fresh flow of merchandise, the flow should be about the same retail dollars as sales + markdowns during most months! The extra cost of the trip will be justified in profits.

#14 Take advantage of the market with your buying office’s expertise and services! If you are not using a NYC ladies’ specialty store resident buying office, you should be. If you are, stay in touch and let them know what’s happening in your store. Communicate on a regular basis.

A good New York buying office will more than justify their fee with advice on what’s hot and what’s not, whose got what, who to shop, who to not waste your time visiting, styles that are re-ordering, who’s got off price or special promotions and information on next season.

#15 You should keep trying new lines and weeding out lines that are not performing and vendors that don’t fit and don’t ship on time. Depend on your buying office for new vendors, items and new trends . . . make them your eyes and ears in the market! You’ll get treated special in the market when the vendor knows you are represented by a top New York resident buying office.

#16 Take fast markdowns! If your customers don’t like it enough to buy it after 30 days, what makes you think they will like it any better in 60 days! Get it out of the store so you can try again.

The most important tool a retailer has to correct a buying mistake is a markdown!

Everybody makes mistakes!

#17 Recognize your mistakes early and take quick and immediate action! Remember the first markdown is the best markdown. Take it early and in this economy it should be at least 30%. Keep marking it down until it is out of the store!

Only wine, whiskey and women get better with age!

We encourage our clients to go through their store every Monday and search for items to mark down. Yes, search! The days of running two sales a year is over! If you don’t understand ‘turn’ check our blog for a better understanding!

#18 Never ever carry over anything from one season to the next! Never! It will not be worth as much next year!

Fast ‘turn’ will result in increased gross margin!

#19 Make certain your staff understands the problems you and all retail stores are facing in this economy! They must be motivated and understand it is going to be easier to do what is necessary and required than locate another job!

#20 Give your employees the leadership they need!

#21 Motivate, motivate and motivate!

#22 Be positive and realistic with each of them daily! Expect more of them than they expect of themselves.

#23 Spend as much time on the sales floor as humanly possible! Set an example in greeting people that come in the store. Set an example with your salesmanship and customer service!

#24 Make certain every person that enters your store is greeted and treated like your best customer!

#25 Never ever prejudge a person that enters the store!

You never know who might just be the biggest sale of the day or become a regular good customer! Customers go to specialty stores to get assisted by a caring and knowledgeable sales person.

#26 If your sales people and support staff are not welcoming, warm and engaging your store will dramatically limit it’s opportunities to build clients into regulars.

Remind your sales people that good salesmanship is selling in a manner that motivates the customer to come

back and ask for them!

It requires caring in store attention and follow-up after the sale with a phone call and a thank you note!

Require these phone calls and thank you notes!

Again I say, set an example by your own actions and monitor their actions! Let them see you are doing what you ask them to do!

Do not tolerate a non performer on your payroll!

They will undermine the attitude of your good people!

Hire slowly and fire fast.

Improve communications with your customers and potential customers! Monitor what works for you and what does not! I know for a fact that advertising works!

John Wannamaker, in 1900 owned the largest department store in the world, he was being interviewed by the New York Times, the reporter asked –

“Mr. Wanamaker you are the largest department store advertiser in the world, does all that advertising work?”

Mr. Wanamaker’s response was: “No, it does not!”

The reporter asked: “Then why do you run all the advertising?”

Mr. Wanamaker responded:

“I don’t know which 50% of the advertising does not work!”

He also knew he had to be ‘top of mind’ with the public at all times!

That prompts me to ask . . .

Are you getting the email address of every woman that enters your store?

Are you using your website, email list, Facebook, Instagram and Snapchat in a manner that motivates customers and potential customers to open your emails and check your website, Facebook, Instagram, Snapchat . . . ?

I am not a tech . . . regardless, I know social media works!

Thank your customers for shopping in your store!

You can’t say ‘Thank You’ enough, and you can’t express ‘your appreciation’ for their business enough!

Never hesitate to say to a customer you appreciate their business!

See how many times you can say it one day!

I appreciate this opportunity to visit with you today and hope we can spend more time, one on one, talking about your business and how the Waldoff Group might assist you in improving sales, gross margin and profits!

Working with retailers like you across the country allows us to see problems and find solutions.

Most merchants are so busy operating their business they simply don’t have the time or staff to find the right solutions and implement them.

We have the knowledge, time and motivation to recognize, find solutions and implement them.

As you probably know, we specialize in profitable store closings . . .

We are NOT liquidators.

Rita and I do not know any other consultant or group that specializes in profitable store closings.

I always tell prospective clients, don’t believe me . . . talk with any of our previous store closing clients!

If they followed our advice, they made money . . . occasionally more money than they ever made in any one year.

Take a look at our website . . . www.waldoffgroup.com

Read some of the letters we have gotten from clients. You will see what some of our current and previous clients have to say about working with the Waldoff Group.

Don’t hesitate to phone, we’ll share references, many of whom you might know.

Survive this unusual economy so you can play another day!

Thank you for being here today!

I appreciate you!
Milton Waldoff Rita Mitchell-Waldoff
601.434.300 501.680.6929 milton@waldoffgroup.com rita@waldoffgroup.com

Exit Your Business Profitably
By Rita Mitchell-Waldoff and Milton Waldoff

The world of retail is very challenging, often fierce, competitive, and unforgiving.

. . . More so today than at any time since the Great Depression, surviving is not a given, nor is a successful closing. If you have watched your sales decline, making little or no profit, feeling like you are working for the landlord, scrambling to meet payables, loaning your personal money to your business, missing your own paycheck, having to accept C.O.D. or having to put store purchases on a credit card to get shipped, avoiding creditors’ calls, losing focus, feeling trapped, no longer having fun and losing sleep every night,
you need help!

Good management means knowing when to call for help.

Waldoff Group is ready for your call. Our over 50 years of experience in retail ownership and marketing has been 100% hands on. We’ve steered our own businesses through both good and bad times. You can be assured of working with a professional retailer who’s been there, done that. We’ve fought ALL the problems, been stung by some and know exactly what you’re going through! More importantly, we have learned a lot through our years and can offer you real solutions for the real world of today.

We have the knowledge, experience and expertise to assist you. You are busy with the day to day operations and problems of your business. Do you really have time to focus your time, effort, attention and resources on finding solutions that will work, implement them all and still be totally responsible for all your current responsibilities? Your problems are unique to you; however, other merchants and business owners have had similar problems. We can and will help you.

Waldoff Group (Milton Waldoff and Rita Mitchell-Waldoff) have worked with nearly 200 independent specialty and department stores-we’ve probably seen every type challenge-many you have never even imagined. Why go through the time, trouble and hassle of attempting to re-invent the wheel when you can call a professional who can help? Perhaps a better question is: Where will you find the time?

June 20, 2017

Rita Mitchell-Waldoff
501.680.6929
rita@waldoffgroup.com

Milton Waldoff

601.434.3000

milton@waldoffgroup.com

waldoffgroup.com

April 3, 2017

By Milton Waldoff

Do NOT allow these gloomy headlines on sales decreases and store closings to get you down!

This is a PERFECT opportunity for savvy independent specialty store owners!

Our economic and political situation can swiftly deliver MORE business to your front door!

With 1,500+ major chain department and specialty stores closings, YOU will soon have less competition!

SO, beginning NOW -

Your focus should be polishing and improving everything you do!

Improving your store's image and branding!

Improving your in-store and online customer experience!

Improving your staff’s customer attention, care, concern, selling skills, outreach and follow up!

Improving your store’s gratitude by thanking AND RE-INVITING the customer who just bought from you!

Improving your store’s visual merchandising!

Improving your inventory turn!

Improving your weekly imaginative email messaging!

Improving and up-dating your website outreach!

Improving the entertainment level and frequency of your social media communications!

All the while .....

Take control of your buying … examine every dollar you spend!

Never spend all your Open To Buy before the season!

Never allow a vendor to dictate what and how much you must buy!

Never carry over merchandise from season to season!

Attention, Independent Specialty Retailers!!!

Expose yourself to what's happening with lines you do not carry. Remain open to the market's fresh ideas!
' Shopping ’ a line does not require you to ‘buy’ … should you elect to ‘ buy ’ … you should never be required to buy the entire line. (You don’t need to get married on the first date!)

Reserve 25 to 30% of your OTB dollars for new items that become hot, items that sell well, new items you hear about, new items the vendor adds … andMOST important, MORE off price from your regular vendors, to improve your gross margin.  Every vendor!   Every season!

Think for a moment about your independent grocer … the owner does not buy 50 dozen tomatoes at one time, even though they know they might sell 50 dozen over the next few weeks … they want to cut down spoilage, besides … they know they can re-order!

Why tie up your cash in too many tomatoes at one time?

Those Markdowns will decrease gross margin!

Consider your best selling basic top … why buy more than you might sell in a couple of weeks ... you can reorder! OR, you may locate another vendor with more colors... maybe a better price - and MAYBE a newer style will get hot!

As a nimble independent merchant, you can do something large chains cannot do!

My dad, the late Paul Waldoff, was a brilliant self-made merchant. He emphasized, over and over:  "Big stores cannot turn on a dime! WE can!"

You can decide to schedule an ad today and post it to email today!   You can decide at noon to advertise an item and within a few hours it can be on Facebook, Instagram, Snapchat, Pinterest, your website.

Those bleak headlines are indeed sad … YET - this news is an opportunity for YOU - the independent retailer - Perhaps the greatest opportunity you will have in years!

Take advantage of it!

Make every negative retail headline, every sad report on store closings, on the economy ... YOUR motivator to improve what you are doing, and how you are doing it.

Use today's demise of big box retail to make 2017 your best year ever!

...Just like your favorite sports team, when the other team has injuries, yourteam is at an advantage!

Take your team to the top in 2017!

... No One Ever Told Me A
Store ClosingCould BeProfitable!

Some clients have referred to our efforts as a “formula”, others as a “science” … we simply refer to our efforts as “profitable store closings”.

Every independent store is unique. Stores are a reflection of their owner’s desire to make a living selling products and services. The uniqueness comes from the owner’s ideas, interests, taste and approach to making a living, along with the town or city, and the demographics of the location.

Therefore, every store we serve is unique. We have learned that whatever you might want to call our efforts, “formula” or “science” … we know we must be nimble and flexible … we know we must craft our efforts for each individual store.

We also know our clients are hiring us to close their store profitably … that is our devoted mission.

Should you be considering closing … check us out … www.WaldoffGroup.com - then call or email us.
We look forward to serving YOU!

March 12, 2017

Years after we closed our last store, I was put in a position, while working in a consulting partnership that motivated me to think about making a store closing profitable. It worked! So we perfected and perfected, improving results, time and again … and it still works brilliantly!

Yes! We are still perfecting and improving what we do and the results.

We regularly tell store owners that are thinking about closing, that they have the opportunity to make a significant profit with their event. More often than not, they do not believe us!

We tell them … “You don’t need to believe us! Just talk to our previous clients!”

By Milton Waldoff

No one ever suggested, when I wanted or needed to close a store, that it could be a profit making event!
Indeed, often more profitable than the store might have enjoyed in some years.

My Father, Paul Waldoff, was a self-taught brilliant merchant ... if he knew about profitable store closings, he never shared with me. Of course, we never thought about or discussed closing a store during the time of my Dad’s life.

The National Retail Merchants Association (now the National Retail Federation (NRF) never discussed, never published a pamphlet or book, or ever had a speaker discussing profitable store closings ...… and I was on the Board of Directors!

The resident buying offices we worked with never shared a store closing could be a profit making event!

Reading the news today, there are more than 1,500 stores that have been designated to close this year. * Moody’s Investors Service, Feb. 27, 2017 Retail Dive

These 1,500 are primarily chain stores, including specialty chains like BCBG, The Limited, Abercrombie & Fitch. There will be more stores closings, many more, before the end of the year.

When I was a store owner we closed some stores, no one … repeat … no one ... ever suggested to me a store closing could be profitable!

And, we talked with Gordon Bros., Buxbaum & Ginsberg, G. A. Wright, Natelson's and others. These were national store closing companies, and they didn’t, to my best knowledge, make money for the store owner.

These companies were/are liquidators … the owner might get some of his investment back.

Yet, that is not a profitable store closing!

July 15, 2016

"Business is GREAT!"

. . . AND OTHER LIES

By Milton Waldoff and Rita Mitchell-Waldoff

ARE YOU...
* Watching your sales continue
to decline?

* Needing a "store face-lift" and don't know where to start?

* Lagging in social media savvy?

* Loaning your personal money to
your business?

* Seeing eroding market share?

* Wondering if you should
re-lease or re-locate?

* Missing your own paycheck?

* Lacking a sharp niche focus?

* Not attracting new customers?

* Scrambling each month to
meet payables?

* NOT generating revenue equal to your time, financial and
energy investment?

* Ready to retire, want to close your store, not sure how to do it
profitably?

How often have you been asked, "How's business?"

and you responded, "Great" or "Good" when that

simply was not true? However, it was what you needed to
say to that person at that time! Confidentially... What really is
your answer? In fact, what should the answer be based
upon? Sales? As they compare to last year, the year before,
2007 or 2008 when they were better than anytime before or
since? Profit? Like sales, which elements do we use to
measure bottom line?
Certainly, the economy has been difficult, yet reflecting on
what is actually happening in our stores is something we think
about all the time in the privacy of our minds. Shouldn't sales
and profits be better today?
If you responded to five or more of the questions (left)
in the affirmative, perhaps it is time to take a hard look at
your business, and see if it can be improved to better meet
YOUR needs and expectations.Perhaps it is time to bring in
fresh eyes and experienced, objective specialty store
merchants who will look at your business in an unemotional
manner and give you the benefit of their years of profitable
experience.
We all know the advice given by the best CPA's, lawyers
and business consultants - "Good management means
knowing when to call for help." Will continuing to do what
you are doing now change your results? Do you own and
operate your store as a hobby, so that profitability is not
important?
There are a number of retail consultants around, but
very few whose focus is on the independent retailer;
even fewer who solely focus their professional time, attention
and expertise on women's and men's specialty stores. This
call to action is written by merchant consultants who have
combined their years of experience and talent to bring to you
and other specialty store owners a level of knowledge not
available before now. We are down-to-earth, solid retailers
who will respond helpfully to your specific questions based on

our years of specialty store experience.

Your Store and Online Shopping

December 30, 2015

By Rita Mitchell Waldoff

As specialty store owners we all know our store is unique, in terms of our focus, personality, selections and the manner in which we serve our guests.

Today, our stores are referred to as brick and mortar, and one of our major competitors is referred to as online shopping and e-commerce.

Too often, we as long time retailers and now consultants to specialty store owners hear "... our biggest competitor is online shopping."

Just last evening, one of the best merchants I know complained about online shopping. Rita, my lovely wife, pointed out that just yesterday, The Wall Street Journal (December 28) stated: “This holiday season, nearly a quarter of e-commerce sales are expected to be returned.” This article goes on to say, “Return rates can vary widely, but generally between 10% and 15% of all online purchases are returned, though the rate can exceed 30% in some categories such as apparel, estimates logistics provider Optoro.”

30% is a large percentage, even more when you consider that many major e-commerce sites provide free shipping, and most provide free returns … when they pay for the cost of shipping and the return, that might add 5% to 15%, to the cost for e-commerce transactions. There is also a great deal of cost to operating any e-commerce site.

Honestly, as a specialty store owner, I would focus on my brick and mortar store sales … improving sales by making certain you have the best well-trained sales team available, continually motivating them, offering your customer a level of attention and service greater than their expectations; making certain that your store offers the customer a shopping experience that will motivate the customer to return time and again. We all know this requires a constant flow of well-selected merchandise, fairly priced, by taking constant, timely mark downs.

Today’s female shopper expects to always see fresh, new selections each and every time she visits your store. If she visits every week, or two weeks or every four weeks, she wants to see newness. If there is no newness when she returns, she will simply shop elsewhere. This emphasizes the importance of always having open-to-buy.

Moving, relocating, and changing the presentation of merchandise weekly gives the store a freshness and newness. Constantly revamping visuals creates a fun atmosphere of “What’s Next?”

I’d not spend my time worrying about on line sales, they exist and they will continue to increase. They are just another competitor that you can’t do anything about, except make your store’s shopping experience better.

Stay focused on the opportunities where you are, make your inventory turn faster with weekly markdowns of slow sellers, constantly stay open to buying new trends, re-ordering, and taking advantage of opportunities that develop in the market.

Keep in mind, getting into e-commerce is expensive and will require you to juggle another ball in the air. Remember, you can’t be everything to everybody; nor should you be!

It’s a New Year … keep the main thing the main thing.

We hope this New Year is everything you want it to be!

…Wishing for Just One More Hour??

By Rita Mitchell-Waldoff | December 28, 2015

Songs and poetry lament the dream of conjuring just a BIT more time… for a project, with a sweetheart, or within a challenging day …

As 2016 begins, one much-honored sage reminds us of how we can create that coveted time, if we simply take his advice:

ACT on what crosses your desk! File it for later action, toss it, earmark it for the best person, or act on it immediately. Do not keep shuffling it or leave it, as it saps your thoughts and energy.

BELIEVE in the “Magic of Tidying Up.” Keep your desk orderly and free of un- needed papers and materials, or folder and label them out of your way.

ORGANIZE your work, including things you will delegate to others. Their time is valuable, too.

BE POLITE, kind, yet business-like with visitors, sales reps, and fellow associates who may linger or seek your ear for just talk. It is your work that’s not getting done while they chat.

BE CHEERFUL and always quickly attentive with customer requests … People shop in your store not just for your selection, but for your outstanding service that saves their time.

DO “MUST DO’S” early in the day, then leave extra time in your afternoon to avoid feeling stressed and rushed.

USE THE LAST few minutes of your business day to organize your desk and focus your mind on what is priority for early tomorrow and onward throughout the balance of your week.

Saving time is not easy, we must work at it … but, with discipline, it can be done. Following these simple guidelines should help give you your “extra hour.”
And, who is the honored author of this heart-felt New Year’s advice?
Paul Waldoff, Sr., founder of the original Waldoff Group, written over 60 years ago!
…As well-placed today as then … cherish every moment of your sweet, happy 2016.

Today’s Powerhouse Plan to Manage Your Small Business Media Outreach

September 23, 2015

Report from Rieva Lesonsky of Grow Biz Media:

Within the halls of last week’s America’s SBDC National Convention, hundreds of small business counselors crowded together to hear the always-on-point prophetic reports from Rieva Lesonsky, legendary small business journalist for Huffington Post, AT&T, SmallBizTrends and a host of other premiere publications.

As a wrap-up for the day, Ms. Lesonsky shared with her savviest counselors her recommended plan if she were constructing a small business media outreach campaign today:

* The most convincing, controllable and dependable ROI for anysmall business campaign comes from a well-managed, well-composed, clean, colorful email item or info-showcase, complete with an attractive offer or timely call to action. In short, a comprehensive email list is today’s most vital client contact list. A weekly or twice-monthly well-scripted email with a lightning hot subject line and powerhouse item brings overall best sales and image results. Email is best for special show and event announcements, as well, then follow-up call your client lists to reinforce.

* Next, work your store’s best approach to Facebook. Whether 2-3 times daily, 3 times weekly or boosting after lunchtime every day, a colorful item-driven Facebook Business Page pays constant dividends if consistently managed. And, there are new FB features to help small businesses take the conversation off-line for amplification and commerce possibilities. Remember, this is an on-going social community conversation … your immediate response to your FB business friends is KEY!

* Instagram Posting is next, with best success as 3-5 items that all “CLICK” together, such as “all 3-under $100!”. She does NOT recommend simply repeating your Facebook posting … get sharp, short and sassy! Again, respond to your clients as quickly as possible.

* Twitter is YOUR store’s interface with the world … it is NOT a selling platform, but a Great Messenger for cause participation or for a giant event. Rieva calls Twitter, “the ultimate long-range gossip and goings-on platform.” And remember, more MEN traffic on Twitter!

* YOUR web-page or web-site is a critical mainstay to reinforce your social media and image outreach Cross-links to your site are a necessity! MOBILE ACCESS creates over 50% of commerce on websites today. It is a MUST to update so your clients and shoppers can locate you, shop or call from their phones and pads.

* If you elect to use direct mail, don’t pussy-foot! Send one earring or one glove to redeem for a coupon and the matching piece. OR, make it an out-sized, un-ignorably colorful postcard with a great visual and an outstanding offer for your client. You want results!

* Try a front-page Sunday newspaper post-it sticker with a coupon or a “this week only” offer, to make sure you are adding new clientele. This top-of–the-mind trick is especially great for anniversary sales or for a big event. Planning generally takes several weeks.

Rieva’s last points of media advice —

* Your most likely sales increase is to KNOWN CLIENTS! ALWAYS honor your most loyal clientele, and take extraordinary care of them and their trusted referrals.

* ALWAYS keep your very own GOLDEN customer call and contact list … this is the key for solid daily business, NOT to be delegated. Build your email lists daily and boost with in-store drawings, winner to be notified by email, of course!

* Unless you are a salon confirming appointments, NO ONE prefers text-ad blasts … the lowest in response and voted “most disliked” in every poll she took.

And, as Rieva would say, TREND UP!
–Rita and the Fashionistas – Fall 2015

Fall Things Considered…

By Rita Mitchell-Waldoff | June 23, 2015

Shopping, slicing, chopping, cleaning, adding, removing, dressing, flipping, to …. perfection!

Presenting ….

….. a July 4th fun family weekend party?

NO!

We’re boutique owners, creating and polishing a Fall/Winter presentation plan. In the mash-up for weeks while America plans a sunny Summer, the framework and assortment for 2015 year-end retail stores is all but completed.

These markets are a lovely roll of the dice that starts the party into what SHOULD be the busiest and most profitable months of a store’s fiscal year.

After years of crafting, shaping, over-viewing, and witnessing a wide range of results, here’s Waldoff Group’s Top Five List of Fall Things Considered– How to end your year PROFITABLY:

* Look hard at Fall and Holiday 2014’s super-star selling items …. While you may be “over it”, your client will first be seeking whatever she missed due to sell-outs. Re-color, rework, and restock the hottest what sold out for Christmas season and the cold months of 2015 .

* Do the math! Whatever lines are ” hanger’s on” and NOT giving you decent margins MUST be cut, or asked for serious incentives. Rep’s may moan about this, saying this season is SO much better. Remember – It’s your money and your profit!

This is business … it’s not personal.

* Take each month’s deliveries, beginning with transition, and develop a clear picture of how your store will look EACH MONTH with the arriving goods, then shape your inventory to flow into your new season. Just like a chef in a kitchen, you can refresh stems and pieces of a previous month with your new receipts …and create an ongoing color flow for add-on sales.

* Speaking of color … Trending colors can easily become the ONLY colors, without a watchful buyer. Clients love variety, and don’t want to look like all their best friends. ID your best trendy tops and rebuy more colors of early best selling items

.

* Leave at least 15-20 % of your buy open to take advantage of hot sellers and OP opportunities.

YES!

Even with cancels and cuts, there are great buys and accessory opportunities every month that will NOT strangle your store or budget if you leave money open.

# 1 in lack of year-end profit is over-buying and losing merchandise turn!

Clients crave fresh merchandise at every visit and get confused if your store gets clogged up.

******BONUS TIP: Even if pre-season, if less than 15% of a style or group has sold in 4-6 weeks, MARK it DOWN! Get your dollars back to buy new, beautiful merchandise OR a larger re-order of what IS selling!

Sweet Happy Fall!

Plan, play and pray,

When Nothing Goes Right, Go Left

By Rita Mitchell-Waldoff

May 14, 2015

… A savvy boutique owner’s core instincts compelled her to call and ask for an analysis and our viewpoint of her business’s health and future.

When we asked her what, specifically, had caught her attention, she said,

“I’m honestly not sure … something just feels ‘off ‘ this year … Will you please help me figure out why I feel this way?”

After careful study and research, here’s what we found:

This successful, legendary store’s sales were solid, her staff was outstanding, and the atmosphere was delightful, but several key elements were festeringly destructive:

Her P&L and Balance Sheet were wobbling –

* Too much merchandise, too many donations and not enough maintained mark-up, therefore too little profit.

* In addition, too few timely markdowns, therefore not flushing out non-performers rapidly, to allow a continuing flow of fresh merchandise.

Regular customers want to see fresh new merchandise on every visit!

* A shortage of promotionally priced merchandise from key vendors, to offset markdowns and overstocks.

* A lack of discipline when enforcing cancellation dates, thus losing the opportunity to negotiate for discounts on late but desirable merchandise.

* Not taking full advantage of social media, not posting often enough, not using social medium that personalizes the store with your customers. So simple, so inexpensive, so effective!

* No measurable level of social media outreach … thus slowly slipping behind the current curve of client communication into the shadows.

This lovely store was like a beautiful rose bush being choked by small, fixable internal elements! Now, thanks to her timely intuition, the gaps are mending and her proactivity is improving this wonderful store’s fiscal health.

The Lesson?

Just as we may feel something is “not right” physically and take heed, if your business feels even a little out of sorts, STOP and call an objective professional consultant or coach.

Whether small or huge, the sooner the disorder is found, the sooner addressed and corrected, so your store is on the way to better health! More profit!

Good management means knowing when to ask for help!

Rita and Milton

Looking Forward: Creating your most fearless year, ever!

By Rita Mitchell-Waldoff | March 5, 2015

… It’s foggy, cold and dark, making driving really prickly. You feel uneasy, so you slow to about 20 MPH.

THIS is unfamiliar roadway, and you begin to feel nervous and clammy. You keep glancing at your rear view and feel you are being eerily followed …glancing backward… Glancing backward .. Quickly, backward … and again … then,

BOOM!!

What happened?? What hit you??

YOU have just been blindsided by trying to drive with your rear view, instead of keeping your eyes … and your focus … straight ahead!

The lesson?? While we need to factor in the tests and tangles of the past into our todays and future days, what’s behind us never teaches as well as what is before us and within us.

***If a client stops by our stores for a regular in-stock favorite and we’re out, we disappoint.

***If we don’t contact our client when we restock, we stand to lose the client or their trust, for good.

***If we only look at what we’ve sold, or our current suppliers to replenish our offerings, we are driving with just our rear view … Nothing new, nothing learned and nothing discovered!

How do we know what we’re missing?

What tells us about items clients are requesting that we DON’T have?

Who tells us about items that have captivated our clients from out of town shopping, or online?

How can we know about colors or items that our clients crave that we no longer have?

How can we improve our “crystal ball” of intuition?

Answer: ASK and LISTEN!!

One of my most loyal customers stopped me after church and asked me where she could find a nice, long black turtleneck sweater. I replied, ” At our store!” Her reply? “Have you looked lately? You had all smalls yesterday.” …And, she was right! All I saw was a full, neat, inviting stack of black tops that looked complete. Rear-view merchandising!!

From the day of that epiphany, we placed BIG notepads at each wrap desk and at the sign-out area for associates to list what we missed selling … even if it were a polka-dot umbrella or orange tights! Every day! Every time!

WHAT a newsflash!!! While we needn’t stock what wasn’t within our core client planning, there was PLENTY of good direction about cold, hard customer needs and wants.

We had been so vigilant about studying our past sales that we had starved our obvious basics, and stunted our fashion leadership for the future!

ASK and REALLY LISTEN!!

If a client, staff member or buyer muses aloud about a look or a vendor, stop to dialog for a moment. It may be nothing, or it may lead to a needed opportunity.

One store friend found out that a competitor had quietly begun stocking a few of her key lines by having them drop-shipped to a warehouse location, thus avoiding having the same zip code … All by listening to a passing comment!

Your bonus?

*** A more connected staff and clientele, esteemed and genuinely heard.

*** Information to create a better, more focused selection.

*** Securing your store’s position as a stand-out fashion leader, NOT just any another store.

Keep looking forward,

Rita and Milton

Looking Forward: 2015 meets Partnership Marketing …

By Rita Mitchell-Waldoff | January 8, 2015

Comcast and Time Warner … FaceBook and What’s App … GE and Alstom … Novartis and Glaxo/Smith/Kline …

… All are HUGE 2014 mergers creating stronger businesses with companies of similar histories and products.

And, to quote Rosie the Riveter, “We Can Do It! ”

Now that we’ve popped the cork and welcomed 2015, consider this:

Who are your most friendly, non-competitive allies?

* Who’s around your civic club roundtable?

* Who is your most trusted sounding board?

* What colleagues always help you promote your business and attend your events?

* What business-neighbor helps you clear snow, watch for shoplifters and decide when to be open for holidays?

* Which neighboring business is always on-trend, top of the mind and visibly promoting , just as you do ?

Happy New Year! This list is the beginning of your 2015 challenge …

*** Begin NOW to develop a mutually beneficial alliance with like-minded stores and businesses! ***

How?

* Hold New Year/New You! mini-seminars with diet, exercise, fashion and cosmetic mavens for January/February. Sign-up can be as low as $5, then redeemable for merchandise. (Tip: You’ll need a guest count.)

* Set up an ENORMOUS sale event with several allies putting end of season sale in one location, for one weekend. Use a nearby empty store, or a larger store’s warehouse area. Each store does email and phone blasts, the group runs a full-color co-operative ad, staffs the sale and sells out!

* Share email and mailing lists with a friend’s non-competing business, then send a lovely note and a “Welcome” gift certificate to each non-duplicate person on the lists. Amplify outreach for BOTH businesses!

* Generate heartfelt local “cause marketing” with your business neighbors:

If an animal shelter overflows with strays, hold an adoption day.

If your High School Band needs funds for a trip, hold a car wash or an old-fashioned cakewalk …

( It’s never the wrong time to do something good!)

* Seek out and encourage “new-in-business” partners to enhance a regular trunk show or event … a new caterer, chef, salon expert, or make-over wizard who needs the exposure.

* Share a billboard with a neighbor or non-competitor. If the billboard is electronic, ask co-operative stores to partner in and deliver one big cohesive message for an entire week. Example: Highland Village is YOUR Dream Valentine’s Day Destination!

* Explode typical thinking! One fashion store crafted an event with a nearby Lexus dealer. The idea hatched when she made a delivery, and ran into several clients. That day, she snagged a list of that group’s car buyers, and planned a combined in-store Open House and fashion event. Each client received a treat bag and a generous gift certificate for both businesses as a favor. Sales were fun, wonderful and everyone benefitted. It is now a semi-annual event. Value-added, customer-friendly marketing!

* Are you close to a hotel or restaurant? Whatever you offer as a merchant should be easily accessible for their guests. If you haven’t already, introduce yourself to your neighboring hospitality-givers. They host an ever-changing market of out of town and new customers. Think beyond a card or coupon to a kiosk, a sassy mannequin or a name-imprinted favor for their hostess area.

* Remember scavenger hunts? Why not get with neighbors and create a roadmap for fun this upcoming Spring? These one-day hunts are hilarious fun using iPhone pictures for entries, and local media celebrities as judges. Each participant can contribute a prize.

OR, go solo and text/email this as a “flash mob” drop-in to begin the fun for your shopping area, such as:

“Today, trade a new water bottle for 30% off something new and blue this Spring! All water will be donated to Our House Shelter.”

Why?

You, your staff and your business will enter a new, outreach dimension beyond the sphere of just your walls!

In our world of collaboration and merger, customers know what they want … and when they want it. We need to be who they want, create loyalty and imaginatively earn their repeat business in the happy process!

Partner up! Teamwork makes the dream work …

A Note From Milton Waldoff . December 10, 2014

WALDOFF GROUP

Real Solutions for the Independent Retailer

mobile 601.434.3000 . fax 601-268-1369

milton@waldoffgroup.com . WaldoffGroup.com

2 weeks and counting ... and it's more important than ever to

engage and delight your customers.

The store is organized and gorgeous; your well-chosen Holiday inventory is glowing on eye-catching displays. Great gifts abound, cheery music is playing and hot cider is bubbling. What next?

Our friend and fellow outstanding retail consultant Doug Fleener wisely offers the excellent motivational challenge below to motivate your staff, better serve your customers and stack up better sales results, along with terrific tension-melting tips to survive the crush of the season.

PRESENTING . . .
The GREAT! Perfect! Now, who else is on your list? Contest !
... Simple and FUN!

Google, MSN, & Yahoo Rank The Waldoff Group

#1 Retail Crisis Experts

By Rick London | Sep 22, 2009

“Turning around a bad situation is not easy, usually the owner is so deeply involved in the business along with the management they hired and often trained, they cannot be unemotional.

It shouldn't have been a surprise to retail veteran Milton Waldoff when he awakened today to find he had been ranked The #1 Retail Crisis Consultant In America by both Google and Microsoft (MSN Search). Waldoff could probably say “Yves Saint Laurent” in his crib before he could udder the words “gah gah” and “goo goo” as other babies.

He immediately went into the retail business after serving in the US. Army and attending the prestigious University Of Alabama Business School, working with his father at their 3600 square foot downtown store in Hattiesburg Mississippi in 1956. By 1989, Waldoff was running his own 60,000 square foot (50,000sf of selling space) store in (what was then) Hattiesburg's premiere mall, “Cloverleaf”, and Waldoff's was known as one of the most prestigious men’s and women’s stores in the south.

Waldoff had an uncanny sense of vision and creativity (and still does). Sadly, at the time, the economy of south Mississippi, which always had its struggles, was struggling even worse. Waldoff eventually closed his store.

Unlike many retail merchants who closed, he did not lay down and watch television or play golf all day. He learned the retail crisis turnaround business and became number one in the country, according to the top Internet search engines. His knowledge is what they consider valuable content, as they tend to rank it number one; not just his articles but his firm's website as well.

In addition, Waldoff's testimonial page is a plethora of well-wishes and thank-you quotes from retail merchants who were in trouble and lucky enough to find The Waldoff Group.

Waldoff, who has recently begun utilizing the Internet using a full-service web design, and organic SEO firm Pen And Ink Inc says, “Too often business owners, including myself in the early 90’s, don’t move quickly enough in reaching out for a professional who is a specialist in their field, someone that can step in and unemotionally take a realistic look at the situation, then develop a workable plan before it is too late. We know that waiting or ignoring a crisis is not a solution. Usually if one has a feeling the company has a problem, it has and waiting or ignoring it will not solve the problem, it will not simply go away, it will get worse. Addressing the situation early on is the first thing the owner must do. Good management knows when to call for help!”

Waldoff continued, “Turning around a bad situation is not easy, usually the owner is so deeply involved in the business along with the management they hired and often trained, they cannot be unemotional. By bringing in a professional that has gone through this type crisis personally and with a number of clients, who knows their type business, can address the situation head on making recommendations that might save the business, then using their expertise to assist in implementing these solutions. Every business is unique; therefore every business cannot be saved in its present form, recognizing this we suggest options that work and we work with the owner(s) in producing a plan and then implementing the plan.”

Milton Waldoff is the Founder and President of The Waldoff Group www.TheWaldoffGroup.com, the premiere retail turnaround expert in the the U.S.

###

Rick London is the founder and creative director of Londons Times Cartoons and all of its retail subsidiaries. He also founded Shoes That Amuse, the world's only "love quote shoes" made by U.S. Keds. Finally, he is the only cartoonist to "go green".

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The way we build STRONG customer relationships has changed forever.
By Milton Waldoff | January 23, 2018

C

THE ART AND SCIENCE TO CREATE A PROFITABLE STORE CLOSING

WALDOFF GROUP
PROVEN RESULTS FOR RETAIL STORES

Why Should You Always Write Purchase Orders on Your Own Forms?

Penny Wise and Dollar Foolish!

... Thou$and$ of Dollar$ Fooli$h

By Milton Waldoff | July 18, 2017

Exit Your Business Profitably
By Rita Mitchell-Waldoff and Milton Waldoff

June 20, 2017

Rita Mitchell-Waldoff
501.680.6929
rita@waldoffgroup.com

Milton Waldoff

601.434.3000

milton@waldoffgroup.com

waldoffgroup.com

April 3, 2017

By Milton Waldoff

Attention, Independent Specialty Retailers!!!

... No One Ever Told Me A
Store ClosingCould BeProfitable!

March 12, 2017

By Milton Waldoff

July 15, 2016

"Business is GREAT!"

. . . AND OTHER LIES

By Milton Waldoff and Rita Mitchell-Waldoff

Your Store and Online Shopping

December 30, 2015

By Rita Mitchell Waldoff

…Wishing for Just One More Hour??

By Rita Mitchell-Waldoff | December 28, 2015

Today’s Powerhouse Plan to Manage Your Small Business Media Outreach

September 23, 2015

Report from Rieva Lesonsky of Grow Biz Media:

Fall Things Considered…

By Rita Mitchell-Waldoff | June 23, 2015

When Nothing Goes Right, Go Left

By Rita Mitchell-Waldoff

May 14, 2015

Looking Forward: Creating your most fearless year, ever!

By Rita Mitchell-Waldoff | March 5, 2015

Looking Forward: 2015 meets Partnership Marketing …

By Rita Mitchell-Waldoff | January 8, 2015

A Note From Milton Waldoff . December 10, 2014

The way we build STRONG customer relationships has changed forever. By Milton Waldoff | January 23, 2018

C

THE ART AND SCIENCE TO CREATE A PROFITABLE STORE CLOSING WALDOFF GROUPPROVEN RESULTS FOR RETAIL STORES

Why Should You Always Write Purchase Orders on Your Own Forms?

Penny Wise and Dollar Foolish! ... Thou$and$ of Dollar$ Fooli$h By Milton Waldoff | July 18, 2017

Exit Your Business ProfitablyBy Rita Mitchell-Waldoff and Milton Waldoff

June 20, 2017

Rita Mitchell-Waldoff501.680.6929rita@waldoffgroup.com

Milton Waldoff 601.434.3000 milton@waldoffgroup.com

waldoffgroup.com

April 3, 2017

By Milton Waldoff

Attention, Independent Specialty Retailers!!!

... No One Ever Told Me AStore ClosingCould BeProfitable!

March 12, 2017

By Milton Waldoff

July 15, 2016

"Business is GREAT!" . . . AND OTHER LIES

By Milton Waldoff and Rita Mitchell-Waldoff

Your Store and Online Shopping

December 30, 2015

By Rita Mitchell Waldoff

…Wishing for Just One More Hour??

By Rita Mitchell-Waldoff | December 28, 2015

Today’s Powerhouse Plan to Manage Your Small Business Media Outreach

September 23, 2015

Report from Rieva Lesonsky of Grow Biz Media:

Fall Things Considered…

By Rita Mitchell-Waldoff | June 23, 2015

When Nothing Goes Right, Go Left

By Rita Mitchell-Waldoff

May 14, 2015

Looking Forward: Creating your most fearless year, ever!

By Rita Mitchell-Waldoff | March 5, 2015

Looking Forward: 2015 meets Partnership Marketing …

By Rita Mitchell-Waldoff | January 8, 2015

A Note From Milton Waldoff . December 10, 2014

The way we build STRONG customer relationships has changed forever.
By Milton Waldoff | January 23, 2018

THE ART AND SCIENCE TO CREATE A PROFITABLE STORE CLOSING

WALDOFF GROUP
PROVEN RESULTS FOR RETAIL STORES

Penny Wise and Dollar Foolish!

... Thou$and$ of Dollar$ Fooli$h

By Milton Waldoff | July 18, 2017

Exit Your Business Profitably
By Rita Mitchell-Waldoff and Milton Waldoff

Rita Mitchell-Waldoff
501.680.6929
rita@waldoffgroup.com

Milton Waldoff

601.434.3000

milton@waldoffgroup.com

... No One Ever Told Me A
Store ClosingCould BeProfitable!

"Business is GREAT!"

. . . AND OTHER LIES