{ GUEST EDITORIAL }
FAIL FAST BY MARC WEISS
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he Cloud, and the technology being developed, has changed our behaviors and the way we address our business. The access to real-time data, with smart actionable analytics, provides small retailers with a gateway to the same resources that were previously only available to big-budget stores. Small businesses, and especially independent specialty retailers, now have a runway to compete and grow. Their smaller size can be a powerful, nimble advantage. I was speaking with Robert Rosenthal, President of Next and thing is not working…act on it. The consequences of inaction, esXhibition stores in Cleveland. They pecially when competition is accelerating, can spell trouble to your are one of the premier men’s conbottom line. temporary, advanced contemporary Robert is bullish on the opportunity for independent specialty and streetwear retailers in the U.S. I retailers. He and his business partner, Steve Silver, have helped was asking him about the success build their business through collaboration with vendors and other they are enjoying and his outlook for corporate relationships. Robert sees the playing field as having the near term. Robert has boundless been leveled out; technology has made it much easier to compete. energy and is one of the most creRobert talks about being in a “fast, digitally driven market.” By ative and inspiring retailers I know. hiring creative people, you can “tell your story digitally and look He introduced me to the term as good as the big guys.” By acting quickly on information, and “Fail Fast” and, in his words, “It is a having the digital platform to reach your audience, you put yourphilosophy where speed is everyself in a position to win. thing. It pushes you to answer The availability of bits of information adds up to tell you somequicker.” Robert has been a first thing you can act on. As Robert suggests, “Color trend, size trend, adopter, which plays to his philosotraffic trend all can be pushed to the user instantly. It is all about phy, “First one to arrive wins.” He speed and that information — that “something” — that can lead adds, “Do not expect everything to you to a point faster than your competition.” work 100%.” Busting out of conventional thinking opens the door to a fuLook no further than Zara, with ture full of potential and opportunity. Mickey Drexler’s confession their ongoing collection of data from in a recent Wall Street Journal article sums it up best: “I underesevery store, plus the feedback they timated how tech would upend retail.” receive from their managers and in“Fail Fast” is a culture that early adopters are employing to formation systems. They know what achieve rapid growth and capture market share. The edge of is working, or not working, and act tomorrow is here and, along with it, the opportunity for seizfast on that information. ing information to push your business forward. ● “Fail Fast” is not intended to be a tool to use in your overall strategy. Marc Weiss is CEO & President of Management One™ and Retail Instead, it can serve as a wake-up Orbit®, a predictive retail analytics and consulting company for call. When the data tells you someover 27 years. For information, visit www.management-one.com
“Fail Fast” will be presented as a Management One™ and UBM Exclusive Cocktail Party” event at MAGIC on Monday, August 14 at 5pm at the Mandalay Bay Hotel. Attendance is limited, so RSVP at your earliest convenience. https://www.management-one.com/magic-vip-rsvp/
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MR JULY 2017 | MR-Mag.com