Is this a sign?
Yesterday, I was shook! In a good way.
For some context - most retailers have a markdown/increase schedule. Typically, once a year (January) new prices are dished out. This is usually the timing that we have to comply with certain vendors (there are oh so many rules) to increase our pricing. You know, because they compete with us instead of working as a unit to sell their products (again, there are some gems out there that are amazing). So, they are allowed to have sales on said products, but we aren't. It's super fun.
However, I'm not typical, so I don't follow that schedule. I like to make my own rules. I have the boutique marked in sections, and do price changes according to MY schedule (unless I HAVE to by said rules). Basically every section gets reviewed FOUR times a year. And by review I mean, not necessarily increased, but decreased if possible.
Also for context, and I promise I'll get to what has me shook...
When I first opened, 2 months before Covid, I was super competitive in pricing - even with the big guys. If I was a dollar more for a shoe, I chalked it up to our always FREE fittings and getting the right size the first time is always a win. I even heard from customers how our prices on xyz were cheaper than another one of the big guys! Go me!
However, since Covid, we have all been dealing with backorders + price increases. It's awful. Especially one of the most horrific increases last fall that I have ever seen. I mean, completely ridiculous. It was painful to do, but again, no choice. I understood it then, but I've been saying for a while, I'm not understanding why the prices are not coming back down. If demand/backorders on MOST things are no longer an issue, why is the pricing not reflecting that?
Well, yesterday ( I told you I would get there)....
I was able to LOWER the prices on multiple of our high sell through products, and I'm not done yet! I didn't think I would see the day! I truly hope this is a sign for things to come, but just know, from one parent to another, I will ALWAYS stay as competitive as I'm allowed to + will continue to use our loyalty app + whatever else I can to save you time and money. Plus, we're pretty fun + cool around here, so if you haven't tried us yet, you should :)