Many years ago, as a new assistant at Lord & Taylor, the buyer cautioned me to not get too attached to people or merchandise. His wisdom was not cold-hearted, but a cautionary tale to keep emotional attachments in check. I was there to deliver strong financial results and if something wasn’t selling, I shouldn’t harp on it, but mark it down and move on. And, as far as work relationships were concerned, I should be a good coworker but not get attached to colleagues.
All these years later I see both valid wisdom as well as tunnel vision in this approach. With merchandise, a valuable piece of advice from a former boss was only wine improves with age; if it’s not selling, mark it down. It’s better to mark it down 50% off and sell it on December 15 than sell it at 75% off on December 26. I definitely understand not getting attached to product, but when it comes to people, that same attitude just doesn’t hold for me. I’ve been in the tabletop and home industry for 20 years as a buyer, a GVP/DMM at Macy’s, an SVP/GMM at Boscov’s, and now as a fractional and consultant. It’s my connections, my professional relationships, and, in many cases, the supportive friendships I’ve created that have paved the way for my personal successes and the results I’ve delivered for retailers and clients.
Years of building and nurturing mutually beneficial relationships, supporting colleagues, vendors, and team members, and being committed to professional behavior is why I’ve been able to tap contacts/friends for advice and information over the decades. My connections are why I was given exclusive launches, marketing and financial support when the brand didn’t support other retailers, or the right of first refusal on off-price buys. I treat all of my professional relationships with attachment. I’m richer for it, and the results I’ve delivered for the organizations I worked with, and now my clients, have benefited. Here are a few more pieces of unsolicited hard-earned wisdom, whether you’re a multibillion-dollar retailer, a boutique owner, a vendor representative, an up-and-comer, a brand everyone knows, or just a fresh-faced intern.
Always be shopping and looking for the next great thing. Get out of your seat and off of your own website. Whatever your position, you need to be in stores, on retail websites, signed up for competitors’ emails, reading industry trend reports, and watching NRF webinars. Be the expert at your own business, but also be out there learning, seeing what’s interesting, and gauging customers’ reactions. It’s the equivalent of listen more than you talk. Learn from your competition, industry experts, vendor/retailer partners, and the next generation, including assistants and your Gen Z kids.
Make time for people, including those with a new brand, a one-location store, or a burgeoning D2C brand. Make that 15-minute appointment to see what they’re doing in between market appointments with your established brands/retailers. Not only does it show respect, but you never know where your next big thing will come from. An item
or brand that isn’t right today could be exactly what you need in six months; trends and strategies always change.
................................ Years of building and nurturing mutually beneficial relationships, supporting colleagues, vendors, and team members, and being committed to professional behavior is why I’ve been able to tap contacts/friends for advice and information over decades.
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Discuss all financials up front. Whichever side of the table you’re on, settle all financials before you write/ accept that first order. Never think: If they don’t bring it up, I won’t, and they’ll take the hit. Everyone needs to make money and everyone wants the best deal. The most successful merchants and wholesalers build relationships that are mutually beneficial and do right by each other. Don’t try to pull one over on someone; it all comes out in the wash and you’ll pay the price in the long run.
Never give up. If you’ve emailed a buyer multiple times, asked for appointments, and sent samples all for naught, keep trying. Keep an eye on what the retailer is doing. Follow the company and the CEO on LinkedIn, Instagram, TikTok. What stories are they telling their customers and colleagues? Do they have a new theme they’re going after and can your products align? Keep the buyer updated. I saw on your quarterly results that you’re going after the Gen Z customer. I wanted to share XYZ, which would be perfect for you.
While early advice told me to detach from people, I learned true power lies in forging connections with colleagues, vendors, and even competitors to deliver results. Be aggressive on markdowns. Prioritize relationships. Always be on the hunt for the next great thing, in people and in merchandise. Never stop learning. Keep your door open to newcomers. Play fair with financials. Persistence pays off, even with seemingly unresponsive buyers. Embrace the unexpected, build your network, and watch your career, and bottom line, flourish. In retail, it’s not just about what you buy, but who you buy it from.
................................ Michelle Hsiao is the CEO/founder of Revenue Growth Advisors (RGA), a consultancy for retail, ecommerce, and wholesale/D2C. Previously, she led merchandising teams as senior VP/GMM for Boscov’s; group VP/DMM for Macy’s; and chief merchant/head of ecommerce for online marketplace, Gugu Guru. RGA specializes in merchandise assortment planning, profitability improvement, manufacturing/sourcing, and ecommerce strategy across start-ups to enterprise clients.