Despite the SBA statistics on failed businesses, this is a great time to be a retailer. And George Troy’s new book, The Five Laws of Retail: From de’ Medicis to Macy’s: A roadmap for retailing in the 21st century gives us two compelling reasons why:
- There are five time-tested laws of retailing that have operated under the radar screen throughout history. This pioneering book marks the first time that these laws have ever been brought to public awareness. It makes it possible for anyone to understand the Five Laws’ formerly well-kept secrets, and to consciously use them to avoid retail failure and create enduring retail success. Furthermore,
- Everyone is a retailer. Retailing is hardwired into the human genome. It doesn’t matter what you do for a living: you are retailing something, and understanding and applying the Five Laws of Retail will help you do it better.
This means that anyone who is a retailer (which, according to Troy, is pretty much everyone who isn’t a hermit) can achieve lasting success on every significant level (financial, personal fulfillment, community-building, social contribution) and in any format (bricks-and-mortar, e-commerce, omnichannel, even face to face) by learning, understanding, and applying these Five Laws to his or her own enterprise, whatever it may be.