Friday, July 23, 2010

BloggeRhythms 7/23/2010

Mixed emotional day yesterday. My wife and her partner closed their business after 32 successful years of operation. A retail store selling jewelry and giftware, it was not typical for its specialty. Though having only one location, its clientele came not only from its “neighborhood” so to speak, but many traveled significant distances because of its wide variety in inventory, price-range and especially -reputation.

In today’s day and age, the place set itself apart in many ways. First and foremost of which was knowledge. Not only of the merchandise sold –but of its creation, manufacture, value and optimal use, continuing on to its care, cleaning and information on how to insure its longest useful life. Management and staff, all well-trained and knowledgeable about everything sold, happily passed that information on to customers.

There were many aspects of the operation that made it unique. Such as application of customer information gathered over considerable time. And secrets learned that set the business head and shoulders above its homogenized, mass-market-focused, hit-and-run, competition. There was also a very large physical space, housing a wide, wide range of inventory, appreciated by customers in all budget categories and ranges.

Nonetheless, trends by competition toward offering little to no customer assistance or product knowledge -yet the lowest possible prices for aged merchandise- gave cause for reconsideration. Because while quality, knowledge, customer support and reputation all have considerable valuable, if others simply move merchandise out the doors with little to no investment in customer assistance, there comes a time where professionally incompetent competitors are still able to capture significant market-share solely on price.

And that’s when a skilled, successful business owner has to sit back and consider: Can one survive in what this market’s become? In my wife’s case, the answer to that one is unequivocally –yes. The next question is: Is it worth the effort? That one gets a “probably not.” So the decision becomes, leave the game while your still on top and move on to something else.

And that’s why there are many, many truly sad people today, walking around with their heads down and a tear or two in their eye; because they’re all customers that yesterday lost the best place they’ve ever known to shop.

That’s it for today folks.

Adios

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