In the first episode of The Retail Show Power Talks, we explore the most recent developments and perspectives from professionals and thought leaders in the field in this series. We had the pleasure of interviewing Juli Lassow, the founder of JHL Solutions and a retail sourcing expert, for our inaugural episode.
Here are the highlights of our insightful discussion:
Background and Journey into Retail Sourcing
Juli Lassow began her professional journey at Target Stores Corporation in the US. She held progressive leadership roles in planning, buying, and sourcing. She served as the Director of OB Seasonal Sourcing, leading significant retail moments like Christmas and Halloween seasonal sets. Her role also included leading the OB Sourcing Strategy and Operations team, where she focused on responsible sourcing, vendor matrix elevation and negotiation expertise.
Juli became deeply passionate about working with cross-functional teams and international supplier partners to transform businesses as a result of her experiences at Target. Because of her enthusiasm, she started her consulting business, JHL Solutions, where she assists retailers in improving their OB strategies and fortifying their relationships with suppliers in order to generate sales and profit margins.
Top Strategies for Successful Retail Negotiations
Juli discussed two essential tactics for successful retail negotiations:
- Be curious as you approach every deal. To learn about everyone's goals and interests at the table, pose perceptive questions.
- Expand the definition of value beyond just cost. Cost is crucial, particularly in an inflationary climate, but taking into account other factors might have a greater influence.
Key Components of an Effective Private Label or Owned Brand Strategy
Successful OB and PL strategies create and fulfill a significant promise between the retailer and its target customers, says Juli.
- She cited instances like Amazon's framing of its new food brand as a national brand equivalent, which is consistent with its pledge to provide the greatest pricing.
- Trader Joe's Sprouts provides distinctive, healthful products that are unavailable elsewhere.
Because they fail to fully assess the intended consumer impact, department and specialty store chains in the United States frequently suffer with OB launches.
Using Circular Economy and Zero-Waste Strategies in Retail
Juli underlined that a retailer's brand promise should be in line with a meaningful zero-waste approach. Every firm has a different level of circularity; the important thing is to make a commitment and figure out how to move forward. Aspirations are essential to guiding businesses toward significant advancement, even when early commitments can be simple. However, a lot of brands are currently delaying commitment dates or unraveling their targets.
Developing Closer Relationships with Suppliers
By being transparent, communicating strategic aims, and showing interest, retailers can forge closer relationships with their suppliers. Addressing any worries regarding the retailer's plan and comprehending partners' strategic growth ambitions are crucial. Deeper collaborations and improved alignment are fostered by this transparency.
New Developments in Retail Sourcing Trends
In order to be agile and adjust to changes in the market, retailers are concentrating on strengthening the resilience of their supply chains in the wake of COVID-19. This covers tactics like dual sourcing, COPs, and investments in technology innovation.
Guidance for Future Retail Sourcing Experts
Juli suggested that individuals who want to pursue a career in retail sourcing focus on topics that pique their interest. Passionate hobbies are the foundation of fulfilling professions. It's critical to be enthusiastic about your profession and look for merchants and brands that appeal to you. While a college degree in supplier sourcing and retail can be a good starting point, it's important to pick a brand that appeals to you.
Final Remarks
Our discussion with Juli Lassow gave us important insights into retail sourcing, emphasizing the value of flexibility, strategic alliances, and curiosity. We appreciate you sharing your knowledge with us, Juli.
