2018 Buying Group Roundtable: Jim Ristow, BrandSource/AVB
Retailers, in their never-ending quest to compete for customers’ hard-earned money alongside major big-box retailers and the ongoing threat of Amazon, can really use any advantage that comes to pass. For some, it’s leveraging their local connections within their community. For others, it’s providing a service that attacks a gap in the marketplace or does so at a level no major corporation could ever dream of.
Another strategy: Aligning oneself with a retail buying group.
Buying groups have a way of bringing this industry together for not only the promise of getting better deals on some of the top products in their particular category—though that’s, understandably, one of the biggest benefits for store owners. However, in addition to that, buying groups offer members top-notch education, the ability to network with and learn from some of the top minds in retail, and—maybe most important of all—share their battle stories with other retailers who are likely in a very similar situation to their own.