Retail Therapy: Fun, Fresh, and Fired Up at the WhizBang Retail Success Summit

Lets give a big applause to the Retail Success Summit, hosted by WhizBang! Retail Training in Grand Rapids, Michigan! Held in late July, this was a truly invigorating experience that left me with a renewed appreciation for the power of independent retailers. Led by the dynamic duo Bob Negan and Susan Negen an ( a husband and wife powerhouse), the two-day event was a masterclass in retail excellence, brimming with energy and insight.

From the moment the Negans took the stage, it was clear that this summit was going to be something special. Their enthusiasm was contagious, and they wasted no time in reminding us of the vital role independent retailers play in our communities and the broader retail landscape. It was inspiring to see how well they complemented each other, seamlessly working together to deliver a presentation that was both informative and engaging.

Bob and Susan did a good job in structuring the sessions to help guide the retailers in the room through a comprehensive examination of their business models, encouraging them to get honest with themselves about areas that might be hindering their success. They covered the core aspects of retail, from addressing staffing concerns and creating effective training programs to ensuring inventory is displayed in innovative, engaging ways, to even incorporating ai to their marketing and data efforts.

The core learnings were further reinforced later by Bob's powerful reminder: "It's not your customers' job to remember you; it's your job to be remembered." To achieve this, retailers need to create experiences that are unique to their store and energize customers so they can share and help buid an organic following and community with word of mouth.

The summit also included industry experts who were skilled in particular topics that came out to lend their voice and advice. One of my favorite topics was on the art of the upsell, presented by Josh Orr of Capital Commerce . Josh emphasized that the #1 goal in retail is to drive more purchases. He shared data showing that 99% of the time, customers who purchase more frequently have a higher lifetime value, regardless of what they spend per visit. The add on buys could be as simple as providing an opportunity to provide an eye glass tool kit and cleaning solution should the store offer reading or sun glasses.

Another great session was held by Dane Cohen from Management One who dropped some serious knowledge on inventory management. His advice? Keep things fresh, be bold with markdowns, and always have a plan. It’s about staying agile and responsive, knowing when to hold 'em and when to fold 'em. His top 5 list when it comes to mark downs:

1.) Plan them.

2.) Use 10-12 weeks as your goalpost—if an item hasn’t sold in this period, it’s time to mark it down.

3.) Your first markdown should be the steepest; avoid the trap of starting with 5% and spending the month continually marking it down.

4.) Learn from every markdown.

5.) Have an exit plan for offloading goods.

He had some great examples of major retailers highlighting Zara as a perfect example of a retailer that excels in this area, adhering to philosophies such as no reorders, no recuts, a six-week shelf life, and constant remerchandising to keep things fresh and exciting.

Another key takeaway was the importance of tracking inventory to get a pulse on what’s selling. With 52% of cash typically invested in inventory, underfueling your best-selling category can lead to significant losses. It’s essential to avoid overbuying, select the right vendors, and maintain a balance of 3-4 vendors to keep control.

Overall, the sessions where great and what really stuck with me was the emphasis on community—both within stores and in the broader retail landscape. The summit wasn’t just about learning new tricks; it was about reaffirming an independent's business a place in the retail world and recognizing the incredible impact they have on customers’ lives.

In short, the Retail Success Summit was a whirlwind of ideas, energy, and inspiration. If you’re an independent retailer looking to recharge your batteries, learn from the best, and have a little fun along the way, this is the place to be. I walked away not just with new strategies, but with a renewed love and a belief in the bright future of independent retail.

Highly recomend any retailer who needs a little help to check out their website and their tailored programs that help businesses thrive:

https://whizbangtraining.com/