It's tiiiiime (to start planning for the holidays)

High gear for the holidays. Making sure your inventory, operations and marketing are locked in before November can help avoid holiday meltdowns­—and leave you space to pivot if necessary, because nothing ever goes as planned. 

Meanwhile, department stores aren’t dead. In fact, they’re winning on the customer service front, and younger generations and smaller retailers should take note. We’ll get into these stories, plus how small business owners can develop coping strategies in trying economic times.

But first, check out why some people are spending hundreds on Halloween candy.

Cat’s out of the bag. How Lowe’s found its lost mascot, the feline Francine. 

Spooky season. Off-price, home improvement and craft stores are winning Halloween. 

Clocking in. More vacant retail spaces are becoming offices.

It’s personal. Consumers are more likely to choose brands with human agents.

Getting duped. How “dupe” culture disrupts retail as more lawsuits proliferate.  

What small businesses can learn from department stores

Department stores may have more Boomer and Gen X customers, but they still know what makes great customer service. They offer perks that online retailers can’t compete with, such as generous return policies, free messenger service and one-on-one human interaction. And while Macy’s is closing many locations, it’s opening up more Bloomingdale’s stores because they are performing better with their focus on luxury brands.

Why this matters: Smaller brick-and-mortar retailers already know customer service is everything, but so is product assortment. With higher-income shoppers less likely to be cutting back, it could be an opportunity for smaller boutiques to showcase higher-end brands. (CNBC)

The key to winning holiday: Plan before, during and after

There’s plenty you can and should do well ahead of the holidays, from demand forecasting to planning holiday campaigns and building social media posts. Other items on your checklist should include segmenting, personalizing and automating your marketing, understanding the psychology of holiday buying, strengthening operations, focusing on customer retention, monitoring data daily and pivoting in real time if something isn’t working. And don’t forget “New Year, New You” campaigns, January discounts and “thank you” sales.

Why this matters: For small businesses, especially, the holidays are a great time to highlight community and brand values and collaborate locally. And the best practices work year-round. (Forbes)

Paris department store workers say “non” to Shein 

Which factors are affecting holiday hiring?

Retail theft declines by 12% in New York City 🔥

20% of Walmart’s traffic comes from ChatGPT

Month-on-month retail sales slowed but YoY sales up

How to keep calm and carry on under economic pressure

Small business owners carry a lot on their shoulders, especially if they have employees. Management consultant, author and speaker Dr. Nika White addresses the emotional toll the economic environment takes on leaders and how they can plan for emotional resilience with the 3 A’s: awareness, authority and agility. Understand you’re not alone and acknowledge the anxiety. Pause before you react, look inward and talk to a trusted peer or mentor. Use storytelling as a leadership strategy to connect with your team.

“By tending to your inner equilibrium—through self-assessment, small reflective pauses, peer support and storytelling—you strengthen not just your own leadership but also the collective resolve of your organization." - Nika White

Why this matters: Prioritizing emotional health and coping techniques like deep breathing, journaling and mindful pauses shouldn’t be seen as indulgences but as leadership essentials. Being calm and centered benefits both your mind and your business. (Kiplinger)

How small businesses can use AI to compete with larger companies

Speed now trumps size. AI can handle time-consuming tasks in minutes and doesn’t require big budgets or staff. But knowing exactly how you can and should be using it is half the battle. With AI, generating social media content has never been easier, with captions and images that look a lot like what big agencies create. It can also help with SEO, writing content and meta titles and descriptions. And you can use it to respond quickly to customer questions, appointment bookings or quote requests, leveling the playing field. As easy as it is, AI still needs guidance and proper prompting to get it just right.

Why this matters: The bottom line is, AI enables you to do more with less. Having smaller budgets or staff no longer means having to do without social media or customer service call centers. Gap narrowed. (Entrepreneur)

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The SKUpe is curated and written by Marcy Medina and edited by Bianca Prieto.