E185: Michael Appel - Retail Recovery Tactics: Tips for Addressing Liquidity, Retail Challenges and Customer Needs

Is cash really king? Of course it is! In this podcast episode Michael Appel, Managing Director at Getzler Henrich and Associates, discusses how to turnaround a failing business.  With over 40 years of experience leading and advising retail and consumer companies, working with the likes of Baccarat, Inc., Laura Ashley N.A., Caswell Massey, Ciro, Inc., MacKenzie-Childs, and Wilkes Bashford, Michael knows a thing or two about the challenges facing the retail industry. He shares invaluable insights on the challenges and successes of retail businesses, emphasizing the critical importance of understanding and engaging with customers.  Michael discussed his opinion on the future of retail, how to turn around a failing company and protect your mindset during a stressful period. With a focus on innovation, product offerings, and financial restructuring, this episode offers a wealth of knowledge for retailers navigating tough times. Tune in to future proof your business for longevity and scalability. Listen now!  Topics Covered 0:25 - Michael’s diverse and well respected career in retail  05:52 - How he has saved companies from liquidation 09:56 - Analysing cash flow, managing assets, understanding customers 11:06 - Retail requires understanding diverse customer segments 14:55 - Retailers adapting technology to stay competitive and profitable 18:01 - Analysing merchandise sales with predictive analytics 21:28 - How he managed an eCom business that struggled with sales  26:03 - Difficult to find the right people 28:41 - CEO from Target tried private labels at Bed Bath and Beyond 33:47 - Consumers engage in-store. Capturing feedback with focus groups and phone calls  34:28 - Research, analysis, and customer feedback are crucial 38:19 - Retailers need to focus on omnichannel eCommerce 40:52 - Lululemon focuses on customer experience and retention 45:30 - Excite consumers with newness and innovation 47:48 - Book recommendation