Detroit City Wire

In this edition of "Ask the Board," Ken Giddon, co-owner of Rothmans, a men's clothing store in New York City, shares insights on staying relevant and resilient amid a rapidly changing consumer landscape.

When it comes to business, nothing is ever permanent, including customers' wants, needs, preferences, and expectations. Therefore, it is essential to stay relevant and resilient in today's increasingly competitive marketplace. Here is Giddon's advice.

**Stay informed**

Reading extensively from industry trade magazines and newspapers can provide valuable information. These sources feature skilled reporters who delve deep into trends. The task is to sift through this information and draw conclusions based on observations.

**Adapt your inventory**

Recognizing changes and adjusting inventory accordingly is crucial. For instance, as workplaces became more casual, Rothmans reduced its stock of suits and increased its inventory of casual pants. Similarly, the surge in demand for wedding attire post-COVID led them to boost their stock in that category.

**Listen to clients**

Clients experience shifts in consumer preferences firsthand. By asking questions like “What are your co-workers wearing now that you’re back in the office?” businesses can gather valuable insights by simply listening.

**Stay flexible**

Avoid overcommitting in one direction and be prepared to pivot if necessary. Maintaining strong relationships with suppliers allows for adjustments in inventory if trends are misread. These relationships also help quickly restock popular items during major trends.

**Travel and attend trade shows**

Leaving one's comfort zone to meet new people and network at trade shows or other events provides a wealth of information and keeps businesses connected to the latest industry developments.

**Maintain your core values**

Sticking to what you do best while adapting to evolving consumer tastes is essential. Observing and adapting without disrupting the core essence of the business ensures stability amidst change.

CO— aims to assist small businesses with starting, running, and growing operations. Learn more about the benefits of small business membership in the U.S. Chamber of Commerce here.