| The drop in the U.S. and world economies over | | | | discovered that private label brands are a way to |
| the past 18 to 24 months has created serious | | | | distinguish themselves from their competitors. |
| challenges for retailers and manufacturers. Since | | | | Challenges in the economy have driven more |
| starting this entry, the U.S. Stock Market suffered | | | | shoppers across social economic groups to |
| a Flash Crash which will continue to have a | | | | purchase Private Label/House Brands, recognizing |
| negative impact on the economy. During the past | | | | the value of house brands vs. name brands. |
| year, many manufacturers have had to retool | | | | Retailers have experienced an upside by adding |
| and rethink their product line. Retailers, | | | | Private Label programs that encourage trial and |
| restaurants, hotels, and spas are fighting for | | | | repeat purchases across food and nonfood |
| wallet share amongst themselves. Manufacturers | | | | categories. |
| are teaming up with retail establishments to | | | | Coupons are a great marketing device for |
| create new promotional marketing tactics to win | | | | companies to increase their customer base. |
| market share. | | | | Coupon usage has been on the rise; last year |
| The new norm for the smart shopper is to shop | | | | over 3 billion coupons were redeemed. |
| with a coupon or watch for promotional deals. | | | | Advertisers are using coupons to entice folks to |
| The savvy and even not so savvy consumer is | | | | buy; coupons allow the consumer to pinch pennies |
| not spending money they way they once were. | | | | and buy name brands or try newly introduced |
| The need for a $250 handbag, new outfit or a | | | | products. Companies like Couponmom.com, |
| night out on the town has been replaced for last | | | | Groupon, Valassis, and SmartSource have seen a |
| year's handbag, a less expensive outfit and | | | | significant increase in coupon use. |
| evenings at home. | | | | Restaurants have the biggest challenges in fighting |
| It is not uncommon to turn on the TV or radio | | | | for wallet share in today's market. Many |
| and hear how businesses are struggling or even | | | | restaurants have gotten creative in order to bring |
| closing their doors. When the housing market and | | | | in customers. It just isn't fast food restaurants |
| banks crashed, the bubble burst and Main Street | | | | like MacDonald's, White Castle and Dunkin Donuts; |
| saw the ripple effect in lost jobs. At the same | | | | it is steakhouses like Morton's where a |
| time the unbreakable baby boom generation | | | | three-course meal for two is $99.99. It's not |
| started to hit 50 & 60.The tricks that this | | | | uncommon for some restaurants to offer ½ |
| generation used to rebuild businesses during past | | | | off bottles of wine during the week, while others |
| economic melt downs have not worked. Retooling | | | | have no corkage charge when you bring your |
| and creating a new norm seems to be the way | | | | own bottle. Small dishes are another way for |
| that many businesses are reinventing themselves | | | | restaurants to cut costs and offer meals at a |
| going forward; many companies survived the | | | | lower price. I am all for smaller plates as they are |
| Great Depression the same way. | | | | more figure friendly. Fixed menus and deals at |
| What businesses have done to capture wallet | | | | certain hours assist customers in managing their |
| share these economic times. | | | | dining out budgets. P.F. Chang's has a great idea |
| Major retail chains are working with clothing | | | | for Date Night, a four-course fixed menu for only |
| designers on creating exclusive lines to draw | | | | $39.95. McCormick & Schmick's features daily |
| traffic to their stores. Retailers are looking for a | | | | specials for under $10.00, all of which include a |
| unique point of view in order to pull away from | | | | salad. Family restaurants are offering free meals |
| the pack. Established brands like Ellen Tracy, | | | | for kids under a certain age as well as small |
| Tommy Hilfiger and Dana Buchman have added a | | | | dishes and action packed kids menus like that of |
| lower priced line to attract new customers and | | | | The Cheese Cake Factory. |
| retain loyal ones. Macy's has been running ads | | | | The recession has opened up opportunities for |
| promoting their return policy (up to 120 days | | | | change and creativity amongst American |
| where most retailers have a 30 day or less | | | | businesses. For most companies the theme going |
| return policy). I haven't been a department store | | | | forward on recapturing market share is; Reinvent |
| shopper for the past ten years, but I have been | | | | & Retool=Rebound. The true winners in today's |
| lured back by heavy discounts and generous | | | | economic climate are the savvy consumer and |
| return policies. | | | | companies that recognize that the consumer has |
| Grocery stores and big-box retailers have | | | | choices. |