Wednesday, December 17, 2008

New Store Hours

The big 3 are shutting down for a month. While this may make the media chirp that the sky is falling, this is going to be something that will set precedent among retailers in the new year.
The need for a 24/7 business, which seems to have put pennies-more-profit over everything else, is coming to an end. It stretched payroll and operating costs. I am going to make a bold prediction but it is one I have made for years. The seven day business week is on it's way out. Retailers, will be feeling massive losses this Christmas. Those who are around to try to survive will find they can make the same amount while spending less by reducing their hours. Remember the 24 hour Kinko's? That disappeared. Do you really need copies at 3 a.m.? Tuesdays may become quiet time at the mall. They are traditionally the slowest sales day of the week. Extended Sunday hours will disappear. Staying open on holidays will become a thing of the past. The Internet will suffice when it comes to late and holiday hours.
The long term effect will be the marriage of in-store shopping and Internet shopping. This will be good for both as the time has come for the two to stop competing with each other.
Every business needs to take some time off. Slow down it's production. Get a grip on its supply to match the demand. "Give the lady what she wants" may have worked in Marshall Field's day, but it's almost 2009 and the lady won't be able to get anything if she is out of work and the store is out of business.

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