I've worked in retail for a good portion of my life. If asked, what was the one thing that I would say was the "take away" from those years in retail......I would say it was being able to not only deal with change, but to welcome it. My father would often say "Change is good, it keeps you sharp". Now that I am older I would have to enthusiastically agree. It does make you sharp. Change forces you to focus on the "now", make decisions and flex your mental muscles. Today, changes in competition, and rising fuel prices are testing the abilities of all retailers. Rapid increases in oil prices are forcing retail prices to change almost daily. In this environment price changes bring a whole host of complex issues to consider. Price changes have an affect on your profits, your price image and your customers shopping habits.

As a retailer you set your retail prices based on your replacement cost. Normally, the process of price maintenance is not hard to keep up with. However we are not in a time of normality, things are changing rapidly. Your profit is at stake. Price changes need to be made active as soon as possible. Review your process for implementing price changes; it could make all the difference. Protect that profit!

Competition in retail is a constant, but turbulent conditions vary. So pay particular attention to your price image. It must be given greater attention during times of change. Price changes should be made on image items only when you have two things, your replacement cost and the price that your competition has set. Price shopping your competition is a great way to keep your price change strategy in check.

With money tight right now, your customers have starterd to change their purchasing habits. Shoppers will try to plan their trips, and group their errands to save gas. This will lead to fewer return trips to your store each week or each month. Your store will have fewer chances to influence their purchases. Efforts must me made to highlight products, whether on end caps, sampling products, or improving store signage. Look at possible layout changes to expose customers to more products.

Often the best way to deal with change is to step back and ask yourself, what is causing this change and what will it affect. Dealing with and overcoming these changes will challenge your abilities, and that is good! Welcome those challenges, because they will make you razor sharp.