With evolving tariff regulations, we know that now, more than ever, every dollar counts as you plan when and how to restock or invest in new brands. Here are three tips to help guide your business.
1. Stay Calm & Plan Ahead
- Ensure you have supply in your store, particularly your bestsellers. During this period while vendors are strategizing price increases and working with their suppliers, you’ll want plan ahead. If budgets allow, secure some additional backup stock.
- Don’t panic. Reactive and emotional decision-making may be tempting but could negatively impact you in the long run. Stay informed and connected by reading the trade publications, attending webinars, participating in forums and engaging with your community. Stay abreast of the latest developments by following trusted news sources like these:
- Use your sales reps! Contact them for the latest on your options and their plans for price or tariff surcharges, if any. Seeing all your vendors at Markets will help you make smart sourcing decisions.
2. Stay in the Game by Attending Summer Markets
- Markets are the most effective and efficient way to stay in the loop with vendors and sales reps. You’ll get more done in 2-3 days at Market versus dozens of phone calls and email exchanges.
- View new products, plan inventory allocations on in-stock bestsellers and discuss merchandising strategies all in one visit.
- Easily source immediate-ship goods and meet new vendors with products at a range of price points, styles, origins and stories.
- Don’t be left out. By networking with your peers, attending panels and mixers, and scheduling appointments with vendors, you’ll stay educated and poised to make the best decisions for your unique situation.
3. Contact the Legislators
Use your voice to advocate for our industry and your business. Join us by making an impact with our collective push. Use this form developed by the NRF or contact your local representatives and senators directly.
Additional Resources