What your business can learn from the celebrated economist Daniel Kahneman
April 3, 2024
Daniel Kahneman, the celebrated economist, passed away last month. The Nobel Prize and Presidential Medal of Freedom winner gave us insights into the economics of the mind, such as people fearing loss more than gain, making short sighted decisions, and overly relying on feelings.
We can often use Mr. Kahneman's insights in our business's daily operations.
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.
Jim Shreve made Baccarat hip. Now, he and his longtime partner, Mark Brashear, along with Sally Burnside, the former Baccarat sales V.P., intend to do the same for DeVine Corp., the 32-year-old distributor of elite European brands. You're invited to the opening!
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Congrats to you all. This is very exciting. Tim, we’ve known each other since before you started DeVine Corp., 32 years ago. You’ve been looking for the right opportunity to retire. TIM ...
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MIKASA’s powerhouse COUNTRYSIDE franchise continues its domination decades after their launches. Tapping into the zeitgeist of the times, the patterns’ staying power is testament to compelling classic design, line extensions, and passionate fans.
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IT’S BEEN 50 YEARS SINCE MIKASA’s FRENCH COUNTRYSIDE DEBUTED, the perfect panacea to a formal-dominated dinnerware domain. The scalloped, edged, and curved creamware provided the ideal ...
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A McKinsey study found that the average life span of companies listed on the S&P 500 was 61 years in 1958; today, it’s less than 18 years. McKinsey believes that by 2027, 75% of S&P 500 companies will have disappeared. New businesses have an 81% chance of surviving their first year; in two years, a little less than 70% of businesses are still standing. Only 25% make it to 15 years or more. There’s a clear long-term trend of declining corporate longevity, with this figure ...
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We support the shop local ecosystem, and an ingredient in that is local jobs. Marc Levinson in The Wall St. Journal reviews two books that address made-in-the-U.S.A. ventures.
Spoiler alert: Doing the right thing often costs more. These all likely cost more: Shopping local, using local labor, and running local manufacturing. If you’re involved in one of these area, we hope you’ll appreciate those in the others. I’ve met local shop owners that outsource their ...
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How Store Owners Can Trade Wasted Labor Costs For a New Tesla Car
March 10, 2024
No one likes to pay for gas—just ask Tesla drivers. Chris Kornelis, a reporter for The Wall St. Journal, shares this week how he switched to a Tesla to save $100 a month ($1,200 a year!) on gas.
This story is important to us because if someone will pick a car to save $1,200 a year, we should be able to find what they need to save in order to pick Shop Local’s Online Store. Let’s learn from Chris and his Tesla choice.
Making Replacement Savings Easy to See
The new ...
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RetailDive reports Target is offering new loyalty programs to better compete against Amazon Prime and Walmart+ services.
Excerpt:
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Target on April 7 plans to debut Target Circle 360, a paid membership program that builds on its Target Circle loyalty program, the company announced Tuesday. The new program will offer unlimited free same-day delivery for orders $35 and up, along with free two-day shipping, rivaling similar offerings from Walmart and Amazon.
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I saw this Instagram post from official Mark Levine and thought, “How much are the Amazon lobbyists paying our officials?” NYC continually over taxes our indie businesses and fines them—but we’ll build six marinas for Amazon? (Mark said three marinas, but it’s actually six marinas.) The main culprits behind this: Mayor Adams and the Economic Development Corporation (EDC). Amazon is one of the richest companies in the world. Jeff Bezos, the founder,...
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I often describe flatware as jewelry for the table, the accent that gives table settings a special flair.
Of course, unlike jewelry, flatware is essential. Used everyday, whether to savor a quick snack or enjoy a thoughtfully prepared meal, you put a spoon or fork in your mouth more often throughout the day than your toothbrush. For nearly two decades, I have worked in the metals division at Lifetime Brands, so I fully understand that choosing flatware relies on many factors. Our team has done ...
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It’s hard to believe that MEPRA’s sophisticated technicolor collection FANTASIA is celebrating its 35th anniversary this year because its incandescent chromatic complexion is as fresh today as its 1989 debut.
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The brilliantly-hued fantasia comes from the Italian silversmiths Mepra, post-war business founded in 1947 by the Prandelli family, four generations fashioning flatware in the industrial Lumezzane Valley, about 90 minutes east of Milan. ...
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Designer Don Estabrooks just may have the most compelling flatware portfolio ever. The longtime Towle Silversmiths designer joined the company in the mid-’60s and has created hundreds of flatware patterns in an almost six-decade (and counting) tenure.
Perhaps his greatest achievement is Wave, which debuted in 2004 to rousing fanfare and has been at the top of the charts ever since. Chris Wile, another longstanding staffer (33 years), is president of Lifetime Brands/Metals (which owns ...
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As the new year is underway, there’s reason to be bullish (or, at least, not bearish) about what 2024 may have in store. Holiday retail sales increased 3.1% despite lingering inflation, thanks to robust job growth and strong wage gains, which came as a big relief for retailers. Price-conscious consumers are still spending, suggesting the economy is strong. “What we’re seeing this holiday season is very consistent with how we’re thinking about the economy, which is that it...
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We follow the travails of indie stores and the Internet in real life—and on the silver screen. The Times shares how the blockbuster film “You’ve Got Mail,” a story about an indie bookshop owner who finds love online, has fared over 25 years.
The Atlantic shares how Chinese factories have found a new way around U.S. retailers and into our homes: Chinese apps. SHEIN and other Chinese apps are bypassing Amazon to be a new leader in Chinese goods. In addition to Amazon, Target, Walmart, and indie shops now have a new group of digital competitors embedded in customers’ pockets.
Except from The Atlantic article:
MATERIAL WORLD
IS THIS HOW AMAZON ENDS?
An open embrace of cheap foreign products has helped ...
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Staff at manor department stores like Saks are finding success with Instagram and social media. The Information shares this:
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Tyler Bell was encouraging all her clients to “tag your bag.” Every time Bell, a Saks Fifth Avenue stylist in Troy, Mich., closed a sale, she asked the buyer to show off their purchase on Instagram and tag her account, @tyler.saks. Bell posts Saks inventory multiple times a day on Instagram Stories. Her 27,000 followers will...
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