I’m going to presume you know Taylor Swift, the pop superstar with widespread public appeal and a vast fan base, who has influenced not only the music industry, but popular culture, politics, and economics. Her recent $5 billion Eras tour had a fiscal impact greater than 50 countries. The Taylor Swift economy has reached every town in America, measured in national retail sales figures, global inflation, and municipal economic bumps where concerts were held. The Swift microeconomy reaches ...
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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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It’s a 40th anniversary for the company founded by Colin Riggs (left) and Ned Voelker’s parents, Abigail and Ed Voelker. Over the last four decades, the entire family has created a curated collection of handmade tableware and giftware for the nation’s independent store retailers.
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Congratulations on a milestone 40th year in business. Are you surprised Abigails has endured? Ned Voelker: We are surprised. It’s a tribute to Ed and Abbie ...
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I have a friend who recently took a job with a respected women’s clothing retailer after 13 years of retirement. My friend, Leslie, a former school teacher, wanted to be of use and knew that retail was a great opportunity for seniors. She was all bright-eyed and bushy-tailed her first week. She loved that the manager asked her to try on clothes she liked and then suggested outfits that would look good on her. Leslie even purchased a few of those suggestions, couture she never would have ...
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I got to thinking about the generational make-up of today's workforce when I realized all the folks I interviewed in the current issue are well-experienced, older workers with decades of expertise and know-how, who are still creating and innovating with alacrity. (Yours truly included.)
There was a time when you entered the labor force, worked until a certain age, and retired. Now, more and more people are working into their golden years, a trend that's expected to continue fueled by aging ...
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What universal standards can teach us about simplicity regarding e-commerce platforms.
September 25, 2023
When Apple launched its new iPhones this month, one of its most noteworthy updates was replacing its Lightning charging cable with a USB-C. This was not a voluntary move or extension of Steve Jobs’s love of simplicity. Apple changed it because the European Union required them to, according to Ben Cohen in The Wall St. Journal. Now, just about every mobile phone in the world (forget just little ol’ Europe) will have one charging solution (USB-C).
How technology hurts the entertainment industry just like Amazon hurts the retail industry.
August 1, 2023
Over the last three decades, Hollywood and many that rely on the entertainment industry have embraced ordering goods over Amazon.com. Recap: Amazon is a technology company that often cuts costs by replacing humans with code and robots and bypasses local red tape like, um, taxes and labor rules. Hollywood writers, producers, and ticket goers embraced a technology company that made their lives easier but often at the cost of others (aka retail workers).
Bath & Body Works reduced the time it takes to make a bottle of soap from 90 days to 21, shares The Wall Street Journal. It also reduced the number of miles the parts travel from 13,000 miles to a just a handful of miles. Part of the solution: the company trimmed out China and Canada.
BBW was able to move production to the US largely due to robots and computers. In China, 50 people may work on a bottle. In the US, labor is too expensive. The company replaced the 40 people with...
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I have a stack of virtual news clippings that either struck my fancy, taught me something new, or just made me shake my head in bemusement. On their own, they may not be enough for me to make a point, but together they have a thought-provoking synergy (and I'm sure I'll figure out what that is by the end of this column).
Our industry has been negatively affected by the loss of American manufacturing after we entered a long stretch of automation and outsourcing in the late 1970s; every ...
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Nice to see this sign at an indie store, The Art of Simple, in Seaside, Florida.
“You may not know this, but if you shop with Amazon.com, you are not supporting small local businesses. If you want Amazon to be the world’s only retailer, keep shopping online at Amazon.com.
If you enjoy shopping in our store, buy from us. We appreciate your support. Thank you.”
If I were asked, I’d recommend these tweaks to this:
Owning a business is no small feat, but in recent years, women have taken on starting their own businesses, leaving the nine-to-five to become entrepreneurs. In 2022, they were more likely to start a business than men. Last year, women-owned businesses had higher earnings growth (27% increase) than male-owned firms (22%). Still, male-owned businesses received $93,000 in funding, while women-owned businesses received $56,000. There are nearly 13 million women-owned businesses in the U.S., and the...
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This weekend’s WSJ shares that retail labor costs continue to rise and will likely contribute to more inflation. Stores either have to cut staff or raise prices—and higher prices result in lower revenue creating a downward cycle. Large players, like Amazon, have more robots and access to capital and may be better insulated from these rising costs. Yet, even Amazon had had to make some cuts, including its recent pause on completing its HQ2 campus in Virginia and its ...
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Ronald Reagan said, “If you’re explaining, you’re losing.” Reaganomics usually refers to tax cuts and trickle down economics, yet I propose that we take the Gipper’s quote and ask: How can simplicity contribute to a business's success?
When we share what leading companies do, we can often skip an explanation and sum it up in a brief sentence. Examples:
You’ve likely had a vodka-Red Bull cocktail in your lifetime, which was followed by a hangover for you—but helped drink co-founder Dietrich Mateschitz amass a $20b fortune. Mateschitz, who passed away last week at the age of 78, discovered the drink in the 1980s in Thailand and built it into a global brand. He promoted Red Bull, whose name is a translation of the drink’s Thai name "Krating Daeng,” via a variety of clever marketing initiatives. In the early 2000s, I ...
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Today’s Gen Z gift registrants want to do everything online, often on their iPhone 14. They want to start a registry, add products, remove products, edit quantities, and view purchases. They don't want to call the store to do this.
In the adoption of digital tools, another trend is also at play: female shoppers are busier than before. Today, more women graduate from college than men. Women are increasingly doctors, CEOs, and world leaders. (Italy just welcomed its ...
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In the early 2000s, the board game Cranium became a hit. The game combined elements of Scrabble and Pictionary with the goal of helping more people enjoy playing a game. Richard Tait, who created Cranium and sold it to Hasbro in 2008 for $77.5m, passed away in July. Like Mr. Tait, I had been a paperboy, but he went beyond what I ever offered: he came up with a new service that sold breakfast sandwiches along his newspaper route. He increased profits and made customers happier. ...
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Last week, Amazon bought iRobot, the company that makes Roomba, the robot vacuum cleaner, for $1.7b. Why? Yes, their 'Rosie from the Jetsons' has AI and is in your home (which is where Amazon wants to be), but the reason Amazon wants it is because customers want it. Which leads us to ask: Why do customers want Roomba? Because it does something that humans find annoying and hate doing: cleaning. Roomba has spotted the value that robots bring to the world and it's not simply being ...
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Parkleigh is hiring! Print out this application (there are 5 pages) and attach your resume. Drop it off in person at at 215 Park Avenue, or submit it electronically to [email protected]. We look forward to hearing from you!
About two weeks ago in Charleston, SC, in spin class where I sounded like I was getting a hair transplant, I enjoyed being at once together with my friends in the class and yet competing with them. When they peddled harder and stood up, I wanted to also. Our competing didn't mean that there was one winner and everyone else lost. It wasn’t a zero-sum game. In that spin class, we all won. After that class, we all felt great. Competition is an ...
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