"Including e-commerce sales in close proximity to a physical store, our comparable physical stores generated an average of $3.2 million in Net Sales in Fiscal 2022 and over $281 in Net Sales per square foot." Online orders are fulfilled primarily using physical stores. The recent annual report states that the company takes a 'bricks' first, omnichannel approach. The list of brand names they carry include: Nike ( NKE), Skechers ( SKX), adidas ( OTCQX:ADDYY), Puma ( OTCPK:PMMAF), HEYDUDE, Converse, Vans and Crocs ( CROX). If that is not enough, they also sell sandals and boots. The company offers a range of shoes from dress shoes, to casual shoes, to work shoes, to athletic shoes. If a shoe company is growing, it can be more than a safe harbor. Footwear can however be recession-resistant, and a safe harbor for investing. Shoe Carnival's management has two different projections depending on the state of the economy. Now, footwear retail is not recession-proof. Consumers are loyal to their footwear in a manner described by marketing experts as "loyalty beyond reason". The consumer will find a way to buy shoes if there are good fashion trends. Shoes can change a look at lower cost than buying a whole new outfit. Shoes support the entire body, and they must be replaced periodically. The article went on to mention four reasons why shoe sales are so resilient during tough economic times: Meanwhile, as the slight retail lull continues, footwear has emerged as an anomaly, almost unaffected by the ebbing and flowing of the market and seeing steady interest even in the toughest of times. These days, recession talk has quieted and the economy has improved…Still, market watchers have expressed some concern lately that American consumers are not spending their extra cash on retail… Or consider this article written in FootWear News, written in 2015: Historically speaking, it did not happen that long ago, less than 20 years ago.ĭuring that time the public could not do without new shoes. Remember that? The Great Recession is considered by some to be the most significant downturn since the Great Depression in the 1930s. This quote appeared in June 2009, during the Great Recession. Boots, booties, sneakers, pumps for the last few months, they have all been selling well as the broader economy struggles toward recovery. ![]() The American public, it would seem, cannot carry on without new shoes. Consider this quote from the New York Times:įor months now, consumers have been hunkering down in an economic storm, buying only what they need to survive, like groceries, diapers, medicine and shoes. Now I suggest investing in the shoe industry, and more specifically, in Shoe Carnival ( NASDAQ: SCVL ). I recently presented an article that Armanino Foods ( OTCPK:AMNF) is a stock that tends to go up when the market goes down. Studies show that happy people buy more – 45% more.Whether a recession is coming or not, there is no question that investing this past year has been difficult. While it’s too early to draw a line between that and sales, Randy and HappyOrNot will be watching this carefully, but all agree the signs are good. Since rolling the Smiley Touches into their stores, Shoe Station has improved happiness by 14%. “I have the HappyOrNot app on my phone and I can see customer comments within seconds,” Randy said.Īnd the results are terrific. ![]() ![]() “They understand that it’s a tool that really helps them understand where their issues might be at any given time.” “Now the managers enjoy seeing their overall scores and how their performance ratings gradually improve,” Randy said. Would they see it as just another way for customers to complain? Or for the company to tell them what they were doing wrong? But they kept an open mind and soon saw the value. Randy wasn’t sure whether store general managers would embrace the technology. “We had thousands of inputs pouring in from customers each week.” Two weeks later the company added Smiley Touches in all 21 of their stores. He agreed to try Smiley Touches (the tablet version of the classic Smiley Terminal which offers additional data insights) in five stores, a mix of good performers, middle performers and stores that needed improvement. I took a picture and when I got back to the office I showed it to our president and founder, Terry Barkin. “I wasn’t sure what it was at first but quickly figured it out. Randy Lambert, Director of Stores for Shoe Station, Inc., was curious about a Smiley Terminal he spotted in the Atlanta Airport.
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