STORES Magazine - May 2009 - (Page 12)

trEnDS COMPILED BY STORES EDITORS Facts to Chew On Consumers are battling through the recession by cutting back on some purchases — and cutting others out completely. Market researchers at Chicago-based Mintel International Group are keeping tabs on some of the foods and drinks that appear to be defying the recession. Bread, a basic core of American eating, is among the products bucking the recession trend. The category – which Mintel predicted would grow 2.1 percent in 2008 – increased 7 percent. What’s a good slice of bread without peanut butter, jelly and other sweet spreads? Not much, apparently. The PB&J sandwich is experiencing a resurgence: A healthy, cheap source of protein, peanut butter is expected to drive a sweet-spread sales increase of 26 percent between 2008 and 2013. Frozen meals are also getting a boost from the recession: Mintel expects a total sales increase of 4.5 percent when all the 2008 numbers are tallied – quite a bump from its prediction of a 0.3 percent decline. And led by another old standby, mac and cheese, side dish sales rose more than 5 percent. Mintel’s research finds that the retail coffee market grew 6 percent in 2008, further proof that more Americans are brewing their own these days. As consumers adopt healthier lifestyles and look for new beverages to go with them, Mintel has seen rapid growth in the number of people who regularly choose non-soda options: 24 million more Americans drank bottled water in 2008 than in 2003, and the number of energy drink users nearly doubled to 34.5 million over the same five-year period. Cost-Cutting Techniques for Retailers 1 2 3 4 5 Peter Hsia, a partner at Kurt Salmon Associates, recently published a white paper titled Leaner Retailing: Overhauling your cost structure for sustainable, long-term effectiveness. The paper details a series of cost-cutting techniques for retailers, and STORES asked Hsia to boil his recommendations down to a Top 10. Rethink store-level minimums. Low-velocity SKUs can be presented on walls or shelves to minimize the visual impact of reduced inventory. Inventory savings of 3 to 5 percent. Change lighting to LED. Technological advances have improved the quality of LED lights that can be retrofitted into existing fixtures. While more expensive up front, the payback is typically a few months. Slow the frequency of in-store signage changes. Instead of a monthly changeover, make a portion of the signs appropriate for an entire season. Savings can be 10 to 15 percent of the POS budget. Rebid your telecom, transportation services and travel contracts. Given the economy, any contract that is more than a year old can yield savings of 2 to 15 percent. Reduce initial buys on low-volume apparel SKUs. Hold 50 percent of the inventory at the DC and flow to the stores as needed. Given the slowdowns in revenue and inventory, many DCs now have the storage space. 12 STORES / MAY 2009 WWW.STORES.ORG http://WWW.STORES.ORG

Table of Contents for the Digital Edition of STORES Magazine - May 2009

STORES Magazine - May 2009
Contents
Executive Editor's Page
President's Page
Facts to Chew On
What Shoppers Think
Deals "R" Us
10 Things You May Have Missed
Numbers Worth Counting
Full Price/Markdown
Retail People
Cover Story: Brand X Power
Cross-Pollination
Home Improvement
Credit Where Credit's Due
Locate, Locate, Locate
New Playbook
Staying in the Fast Lane
Clean and Green
Driven to Please
Farm System
Rx for Shrink
Zeroing Out Zombies
Rogues Gallery
Ounce of Prevention
Loeb Retail Letter
Chain Action
Optimism Rocks
ARTS Update
Point of View
Retail Crossword
Retail Industry Calendar
End Cap

STORES Magazine - May 2009

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