Issue link: http://viewer.e-digitaledition.com/i/955917
W hen I was a young pup growing up in the business, I learned about the three Ps of retail: product, price and promotion. And the three Ps and the occasional fourth – place – served us all well for a long time. But now it's time to phase out the three Ps and replace them with the three Rs: Relevance, Relationships and Reality. Let's start with Relevance, which my online dictionary describes as "the quality or state of being closely connected or appropriate." I would say it's also about being current and meaningful to one's customer base. Old rock bands are dismissed as being "irrelevant," and that's a cruel blow to a group that was once hot and incred- ibly meaningful to its fans. On the other side, classic pieces of art or literature are complimented by saying "it's still relevant today." When true, that's impressive. How does this relate to selling shoes? Here's the tough question retailers need to ask: Is your store, its brand mix and the way you serve your customer relevant to their lives and their needs? I see a lot of stores that seem frozen in time: nice, clean, easy to shop but unchanged in the past five, even 10 years. We all agree the world has changed dramatically, yet many stores are locked into old formats and ways of doing business. Don't get me wrong. The familiarity of a store or a restaurant can provide comfort in a chaotic world, but it also needs to be relevant to today's consumer mindset. Brands are a big part of staying relevant. Are you serving up similar product from the same brand partners who have supplied you for years? If the answer is yes, go back to the top of this column and read again slowly. I love it when new brands come into the business and make an impact, or when old brands evolve. Rarely, will a retailer spot a new vendor at a trade show and say, "Oh my, where have you been all my life?" But it's exciting when it happens. New brands create buzz and excitement and pay a lot of bills for retailers. Evolving brands provide the right mix of comfort and relevance. This of course brings me to my second R, Relationships. Often times, retailers will tell me they buy certain brands because they have relationships with the reps, the sales manager, sometimes even the president of the company. That's wonderful. I am in favor of strong relationships that work for both parties. But in certain cases these relationships get in the way of progress. Often, retailers are buying from their buds when they should be looking to make new relationships. The critique of big stores is that they are often ruthless when it comes to vendor sell-through. Perform or you're out. I'm not advocating that stores be draconian in their vendor relationships, but they should be ruthless in their desire to bring the best brands and products to their customers. Because the Reality of today's market is that if you don't provide that to your customers, they will go elsewhere to get it. O TIME OUT | MARK SULLIVAN RELEVANCE, RELATIONSHIPS AND REALITY New brands create buzz and excitement and pay a lot of bills for retailers. Evolving brands provide the right mix of comfort and relevance. the healthiest shoes you'll ever wear ® Featuring Lynco ® or thotic suppor t and memory foam cushioning for superior comfor t