Down, But Not Out

During the darkest days of the American revolution, Thomas Paine wrote, "These are times that try men's souls." Economically speaking, I don't think those words could ring any truer for the retail and wholesale community. And while these trying times may seem destined for your demise and the demise of many, many players on the consumer products stage, I submit to you that the final curtain has yet to fall.



It's time to take stock in what your customers need, not what your customers want. I know, I know, this seems to be a paradox that has no real solution. How can an industry that thrives on consumers' wants possibly cater to their needs as well? After all, a company that sells gifts, accents and home decor cannot become a bread, milk and butter distributor overnight, right?



The simple answer to this is no. But the more complex answer to this is.....maybe. It depends on your long term outlook and just how willing you are to take risks and change in this environment.


NEXT: What do lower prices mean for everyone?