Many businesses continue to deal with tough economic times, and while tough times are by their very nature not easy, they can present an opportunity for the independent retailer to really thrive. As the retail climate has continued to prove challenging, more and more chain stores are truly at a disadvantage. Many of these large retailers are like a large cargo ship trying to change direction versus the independent retailer being a speedboat, able to quickly shift direction and make the needed adjustments. Sam Walton (founder of Wal-Mart Stores) once said his only fear in business was the independent operator. The reason for this is the exact focus that retailers need to have in order to not only survive, but truly thrive.

By being able to quickly adapt and change, independent retailers need to look at their stores from the perspective of the consumer. The "hands on" approach of the independent retailer really allows for relationships with customers. When they enter a store, every customer should be greeted and welcomed in a way that lets them know they are appreciated. Merchandise in the store should constantly be changed, and new merchandise should be coming in constantly, especially when times are tough. The current consumer may be more frugal, but they are in the store for a reason; they want to shop. By keeping inventory fresh, you will keep them spending money AND keep them coming back. There is a natural tendency for retailers to back off on buying when times are tough; this is exactly the opposite of what needs to be done. A store which constantly has fresh merchandise coming in is a store consumers want to visit on a regular basis. Another definite advantage for the independent retailer is the ability to tailor your store to specifically fit the needs of your customer base. While chain stores are forced to maintain a set merchandising mix for all locations, the independent can cater to exactly what the consumer in any given area is looking for. Another simple yet highly effective technique is to get out into your community and let them know that you want their business. By coming up with special offers for local schools, sports organizations, churches, etc., you are truly becoming part of the community. Consumers repeatedly speak about how they want to spend their money where they feel appreciated and welcomed. There is no way the chain/Big Box retailer can compete with an independent in this regard.

The independent retailer's ability to adapt quickly and make changes is an advantage that cannot be overlooked. By having the ability to simply make the decision to take on a new product category, buy closeouts, or offer special discounts to consumers on any given day, the independent has the ability to create and keep the treasure-hunt mentality going in the store. Utilizing this ability, independents can really listen to what their customers are looking for and quickly make the adjustments needed to better service their customers and continue to separate themselves from the larger chain store that is still trying to turn the ship around.

Here at Kole Imports we are a few months shy of our 25th Anniversary. Our business philosophy has always been to take care of our customers as well as we possibly can. By taking care of our customers we are not just referring to "getting and shipping orders." We think of it in terms of creating the same type of partnerships with our customers that we suggest our customers develop with consumers. We have developed extensive computer reports to help independent retailers better manage their inventory. We have developed a truly interactive Web Site (www.koleimports.com) to allow customers to see what is new and exciting within our product line. We continue to speak to our customers in order to learn what they need from us, and we really listen in order to be the best supplier possible.

Just two years ago in various conversations with our customers we repeatedly heard that our customers wanted us to come up with more closeouts. In a period of just 24 months we have transformed our product line from 99% imports to now having 70% imports and 30% closeouts. This transition has allowed us to come up with merchandise for our customers that they can offer at the retail level at prices well below their competitors. We have quickly turned into a true closeout source, and in doing so have come up with a way for our customers (our partners) to keep their stores fresh and exciting and improve profit margins at a time when many people see their margins shrinking.

While times may be tough, there remains the opportunity to thrive and truly distinguish your business from the competition. Many retailers and wholesalers are sitting in a "wait and see" position right now, and while this may feel safe, it is a recipe for failure. Now is not the time to wait and see. Now is the time to take hold of the shoppers in your stores by offering better service, more variety, more value, and more flexibility. By doing so, you will truly be exhibiting your "independent" strength.