What are some things retailers can do to compete effectively? Michael Bergdahl's answer: I think the key is a collaborative effort of suppliers and retailers operating as partners to help each other succeed. It is also vitally important to know your customer and to know your competitors. Analysis of the local competition is vital. Arm yourself with market knowledge and you enhance your ability to make decisions. You have to study the market. In retail I believe the best ideas are available by studying your competitor’s stores. You can copy their best merchandising strategies and you can gather new product ideas. It is much cheaper to imitate another retailers successful strategies then it is to come up with truly innovative new ideas on your own. There is no business that is more competitively transparent than retail. By getting out in the market and studying other retailers by walking around their stores, you can remove some of the risk from the decision making process for your stores. Study your competitors: graphics/signs, advertising, products, merchandising and customer service. Don't concern yourself with what your competitors are doing wrong . . . learn from what they are doing right! In retail you need to take risks, but by studying the market you can minimize those risks when you are making decisions.