ChoiceStream

Patricia Pao, CEO of Manhattan-based fashion and luxury good consultancy The Pao Principle submits that there are eight things retailers can do to increase profits and assure survival during the econcomic malaise and holiday shopping season. Among her advice, Pao says retailers must stop overly aggressive discounting and instead focus on maintaining margins. She also notes that it is vital to make the in-store experience an “oasis” for the consumer – one which isn’t cookie cutter like Urban Outfitters and Anthropologie – whose stores are all unique. Pao also thinks retailers should recognize/reward the best customers with small gifts among other suggestions.Read the full article