Big Business Thinking

Our nation’s retailers (not to mention our car companies) have almost universally announced terrible October sales.  Except for Wal-Mart.  Here’s a snippet from a New York Times story that immediately caught my attention:

All of the factors that analysts have identified as hurting October sales at most retailers — unemployment, declining stock prices, the credit crisis, dreary headlines — helped drive shoppers to discounters. In fact, while Wal-Mart is far and away the biggest retailer likely to benefit, some others could have gains for October, including BJ’s Wholesale Club, Costco and Big Lots.

Wal-Mart executives point out that the company’s success is not entirely a consequence of hard times. Wal-Mart spent the last three years decluttering aisles, shortening checkout lines and cleaning up stores, efforts it celebrated at its annual shareholder meeting in June.

Mr. Quinn said Wal-Mart recognized that families were hurting, and it saw an opportunity to connect with consumers who might previously have passed Wal-Mart by.

“Nobody has to shop at Wal-Mart,” he said. “We have to earn their trust, and we’re very aware of that.”

Note my bolding.  This can definitely be applied to your store today.  Recessions are a great time to be the Low Price Leader.  It’s not too late to catch up to your customers’ needs.