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McGraw-Hill Education has no responsibility for the content of any information accessed through the work. Under no circumstances shall McGraw-Hill Education and/or its licensors be liable for any indirect, incidental, special, punitive, consequential or similar damages that result from the use of or inability to use the work, even if any of them has been advised of the possibility of such damages. This limitation of liability shall apply to any claim or cause whatsoever whether such claim or cause arises in contract, tort or otherwise. To my husband, Eric: You are the best partner in every way. We can do anything when we do it together, and I’m most grateful for what we’ve already created— Claire and Jackson. To my parents: Mom, you are my best friend, and I admire you very much. And Dad, knowing you are watching over us from above is both comforting and bittersweet. I love you all so much. —Nicole Leinbach Reyhle To my future wife, Dominique: Your six years of support have given definition to the journey. I can’t wait to dedicate the next one to My Wife. I love, thank you, and feel alive every day with you by my side. —Jason A. Prescott Contents Acknowledgments Introduction Part I: Being Indie in a Big-Box World 1 Standing Out among the Crowd Action Guide 2 Stepping Outside Your Comfort Zone Habits of Successful Retailers Action Guide 3 Leaning on Outside Organizations Getting Involved with Outside Organizations Benefits That Organizations May Offer Action Guide 4 Identifying Your Unique Store Story Creating an Inventory Assortment That Stands Out Unique Traits of Your Store General Interview Questions for Potential Employees Action Guide Part II: Practical Steps to Increase Your Store Visibility and Sales 5 Sourcing Products Through Trade Shows and the Internet Benefits of Sourcing as a Retailer Working with Wholesalers Understanding the Value of Trade Shows Managing Orders Placed at Shows Using Online Sourcing Platforms Action Guide 6 Buying for Customers Versus Yourself Understanding the Basics of Retail Math Introducing Customer Feedback for Inventory Management Using Point-of-Sale Software to Help Manage Inventory Action Guide 7 Selling Your Products Introducing and Managing Store Events Highlighting Inventory Through Displays Using Modern Technology in Your Store Identifying Whether Mobile Commerce Matters Action Guide 8 Applying Press and Marketing to Your Business Using E-mail to Communicate Store Messages Using the Internet as a Marketing Platform Resources Every Independent Retailer Should Know About Action Guide Part III: Making a Mark in the Economy 9 Making Your Presence Online Embracing Ecommerce Social Media in Today’s Retail Marketplace Action Guide 10 Taking Part in Shop-Local Initiatives Understanding Buy-Local Campaigns Finding Success Through Small-Business Saturday Introducing Commerce and Charity Action Guide 11 A Crystal Ball for Independent Retailers The Future of Independent Retail The Future Beyond Technology When Retail Isn’t in Your Future Parting Words from Jason Prescott Parting Words from Nicole Leinbach Reyhle Conclusion Appendix A: Resources for Independent Retailers Appendix B: Common Retail Terms and Definitions Notes Index Acknowledgments Nicole Leinbach Reyhle FIRST AND foremost, thank you to Jason Prescott for being such a great believer and supporter of Retail Minded and myself since day one. You were among the first industry leaders to reach out and work with me as a retail resource, and I’m grateful for our continued support of each other over the years. Furthermore, I can’t thank you enough for the opportunity to coauthor this book together. Your wisdom, energy, and experience are invaluable. Next, I want to extend a huge, general thank you to all the businesses, organizations, and people who contributed content and research material to this book. Jason and I both are very grateful for the insight, time, energy, and experience that you all provided. Without your support, this book simply would not be possible. Thank you again, and we wish each of you continued success in the future. Next, I want to thank the people who were involved in the literal creation of this book. To start, Bill Gladstone, thank you. I appreciate your taking a chance on a first-time author and look forward to working with you much more in the future. Also, Tara Gladstone, thank you for your wisdom and support in creating the book proposal. While I had hoped to work with you more, our limited work together taught me so much, and I look forward to the chance to work with you again. Last, but certainly not least, thank you Thomas Miller, our editor at McGraw-Hill. Your guidance and enthusiasm throughout this project have been fantastic, and Jason and I both are grateful for your overall support. Dannalie Diaz from McGraw-Hill, I also appreciate your taking the time to give me some extra first-time author coaching as well. Finally, I want to extend special thanks to some key contributors and supporters of this book. While there are too many to highlight, the following people went above and beyond to really help make this book the best it could be. Suzy Teele, COO of SnapRetail, thank you. Your constant support is truly appreciated. Courtney Symons, marketing manager with Shopify, thank you for digging and searching for all the exact details we needed to make this book come to life. Camille Candella, group marketing director for Emerald Expositions,