With retail sales trends the hottest topic in the spa industry this summer, ISPA’s August Town Hall focused on successful retail and product inventory strategies. Several spa professionals shared insights relating to best practices, team training, inventory techniques, post-pandemic ordering practices and more. Panelists included Jennifer Wayland-Smith, owner of Wayland-Smith Consulting; Jamee Taylor, vice president of spa and retail at Tricoci Salon and Spa; Maylin Rojas, director of spa and retail at Nobu Eden Roc Miami; and Timothy Williams, director of spa and resort shops at The Ritz-Carlton Key Biscayne, Miami. Kelleye Martin, ISPA vice chair, participated as moderator. ISPA thanks Body Bliss for sponsoring this Town Hall.
TWO BIG QUESTIONS IN RETAIL ARE:
- How can spas determine how much inventory to stock?
- At what point in the year should spas begin buying for the next season—or even for the next year?
Consumers want great stories. They want a story they can believe—something they can grasp, invest and hold stake in. It is a spa professional’s responsibility, then, to define and tell a great story in the context of their spa. Great stories command attention, and when you can gain your consumer’s attention, their dollar is not far behind.
As spa directors continually search for ways to create authentic experiences for their guests while also increasing revenue, many have decided the best way to do that is by tapping into local resources. Businesses need revenue-boosting partnerships to succeed, and spa directors have decided that looking at local resources does that and also distinguishes them from their competitors.
Gina Jacoby-Clements shares her top tips on how to utilize spa space effectively and visually in Retail Merchandising.
In its most traditional sense, yield management is a variable pricing strategy based on understanding, anticipating and inﬂuencing consumer behavior in order to maximize revenue or proﬁts from a ﬁxed, time-limited resource (such as airline seats or hotel room reservations—or spa services). As a speciﬁc, inventory-focused branch of revenue management, yield management involves strategic control of inventory to sell the right product to the right customer at the right time for the right price. This has worked for airlines and the hotel and hospitality industries for years.