This is the time of year that you, as a retailer, need to reassess your vendor relationships. Are the vendors good partners who are supportive or are they problematic?
Retailers need to understand that vendors expect growth. But growth should not come at the expense of your ROI, unnecessary paperwork, customer relationship follies with product availability, or a lack of true support when products fail. At the same time, vendors need a clear understanding from you where they stand and what you expect from your key vendor partners. After all, good vendors are thankful for the relationships they have with retailers…right? These are different times in retail. You don’t have time to deal with manufacturers who continually burden you with poor service, lazy representation, or bad products.
Good vendor partners are also excellent at reimbursing co-op funds, reinvesting in your team and your stores, and partnering with you in order to grow. If you have a vendor who is floating and existing without putting forth an effort to grow their business, it may be time to move on.
