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Rhys O’Connell: From Beverly Hills to The Hamptons

One common underlying theme among success stories is how powerful passion and dedication are in transforming dreams into actions. In today’s inherently competitive space, these characteristics’ importance can never be emphasized enough. Among those powerhouses who are setting this example in their pursuits of success is Rhys O’Connell, an esteemed leader in the hospitality services industry who is currently making waves.

Rhys O’Connell is a prestigious hotelier who is widely recognized for his incredible track record across the industry. He is highly acclaimed for elevating luxury hotels and resorts, cementing a reputable stance across the trade. While his list of accomplishments speaks volumes of his brilliance and prowess, nothing compares to his passion and dedication to his craft in serving as a catapulting device towards the summits of success.

Boasting colors that exude a zealous spirit and a driven mindset, Rhys O’Connell has always had an incredible affinity toward the hotel business and management. However, before delving deep into the scene, he began carving his path to greatness in the food and beverage industry, sweeping the trade with his impressive command over the craft. He was working at a luxurious Hyatt brand, which allowed him to gain notoriety and the experience he needed to launch himself further. After his exemplary work in the food and beverage industry, Rhys then pursued his true calling and landed a couple of executive roles in the hospitality services trade, including Luxe Rodeo Drive in Beverly Hills and Shutters on the Beach in Santa Monica.

Having gathered enough experience over the years, this power player was then hired as the director of operations for Hotel Zephyr at the iconic Fisherman’s Wharf in San Francisco. Within only five months, he was promoted to general manager. 

While Rhys O’Connell’s career had climbed the summits of success, the world was at a standstill when COVID-19 shook the hospitality services industry to its core. Many businesses, including hotels, closed down, but this power player managed to maneuver Hotel Zephyr towards the pinnacles of triumph during these trying times. The exemplary service he provided to the hotel helped him land a general manager position at Nobu Hotel in Miami Beach, Florida, where he initiated a five-star luxury upgrade from what had been a standard facility. He identified and hired appropriate staff, established best practices, and created an upgraded guest experience. As a result, Nobu Hotel became a standard across the industry, with ratings and reviews drastically improved.

Because of the successes he has contributed throughout the global health crisis, this esteemed personality has been featured in Forbes Magazine and voted ‘Hotel General Manager of the Year by the New York Weekly. Currently, Rhys O’Connell continues to make waves as he leads the unveiling of exclusive resorts in The Hamptons, New York and Moab, Utah.

Even with his established venture and highly lucrative career, Rhys O’Connell shows no signs of slowing down. Determined to keep going, he plans to continue demonstrating excellence and quality service in her future endeavors within the hospitality services industry.

Wealth Assistants Offers Service that Helps Clients Experience a Financial Breakthrough in Amazon

The pandemic has made it difficult to grow one’s financial assets. However, it is also because of the pandemic that building real wealth became more accessible than ever, so long as people knew the proper steps. With the help of the right financial partners, people would be able to make the best financial decisions that would grow their money. That is what Ryan Carroll, founder of Wealth Assistants, firmly believes. 

Ryan Carroll is a twenty-six-year-old businessman who founded Wealth Assistants in late 2021 because people need more money, and they need it quicker than ever before due to inflation being at an all-time high. The company Wealth Assistants is a modern-day wealth management service helping people build a well-diversified portfolio of cash-flowing assets that are 99% managed by their operational teams. The company operates efficiently through its “DFY” or “done-for-you” services. This marker means investors get to make entirely passive income without worrying about personally getting involved in all the operations of the businesses they’re investing in. 

Wealth Assistants’ primary investment vehicle is for its holders via Amazon stores, where investors get to own an Amazon store that is completely managed for them by the Wealth Assistants team. Ryan has a seven-figure Amazon operations team of over five hundred people. The goal with owning an Amazon store is to get a new stream of entirely passive income greater than ten thousand dollars a month and exit the business for a three to five multiple. 

On top of that, Wealth Assistants has funding partners which allow investors to use “Other People’s Money” at 0% interest rates when obtaining these new cash-flowing Amazon stores.

Ryan Carroll skipped the traditional “go to college” to get a nine-to-five job and instead went down his path leading him to sell products online at a young age. He now has seven years of ecommerce experience to date. Moreover, millions of dollars in sold products have led him to establish Wealth Assistants, which focuses on bringing emerging assets to investors with cash flow greater than traditional assets.

As Wealth Assistants grow their network and gather momentum for a bigger market under Ryan’s leadership, they are looking at helping men ages 40 to 65 who consider themselves as sophisticated inventors aiming to diversify their portfolio and nine-to-five workers that want to start investing or planning for retirement.

What makes Wealth Assistants stand out in the saturated industry is their moneyback guarantee. Specifically with Amazon, if their investors do not at least break even in year one on their investment, the company will pay them back the difference. “This brings peace of mind for our investors as it de-risks the investment and guarantees them success. We have this in place solely due to our confidence in being able to build profitable Amazon stores for our clients,” says Ryan.

Ryan realized that bringing in investors and having them fund the business startups would help them expand their ecommerce portfolio quicker, which also adds overall significant evaluation for the company. “Wealth Assistants is a win-win for our partners with their guaranteed revenue and our company valuation.” 

Kris Adams and Marketplace.City Work to Revolutionize Local Governments, Community Organizations, and Small Businesses Across the Country

The most well-intentioned public servants often find themselves elected to local office, seeking to bring positive change to the communities they love. Once elected, these well-meaning community leaders run into a lack of time, funding, and institutional prowess that commonly prevents them from fully meeting their constituents’ needs.

Kris Adams has seen this problem first-hand. He knows local governments and municipalities should have access to the best services at the best value for their constituents. This is why Kris partnered with Chris Foreman to have access to a platform that connects public servants with scalable technologies and solutions.

As the internet expands beyond computers and smartphones to include nearly every device we use, Marketplace.City is here to bring cutting-edge tech to even the smallest municipalities. It helps governments source, validate, and procure technology solutions to bridge the gap between small-town budgets and big-city amenities. Marketplace builds coalitions based on needs, identifies funding opportunities, and creates relationships with service providers.

“Our mission is to simplify the process for local governments to source, validate, and procure new technology, so that governments can be responsive to their constituents and focus on their core mission to serve those constituents,” said Foreman. “Our products are developed with input and feedback from our partner cities, and we are committed to delivering valuable tools at no cost to government partners.”

Marketplace.City was launched to bring local public servants together with scalable service providers through coalitions. They work with any town, city, or country government to optimize resources and provide constituents with the most services and best value. Marketplace.City collaborates with Chief Technology Officers, Chief Information Officers, City Managers, and elected officials.

“For more than a decade, I have built coalitions between governments, non-profit organizations, community groups, and other stakeholders throughout the United States,” said DDA Associates co-founder Kris Adams. “In that process, I identified a disturbing common thread. Localities consistently lack the institutional knowledge and established processes to procure services in a way that provides the best value for their constituents. Too often, these communities have an antiquated system with pre-approved winners for proposals. This leads to rampant mismanagement of taxpayer funds, mistrust of local leadership, and loss of opportunity for growth and prosperity.”

“We will continue to grow as we help the most forward-thinking communities identify and capitalize on the relationships that will help them best serve their current and future stakeholders,” he added.

Shakir Hammadi Revolutionizes the Way Jerseys are Worn Through Jersey Nation

Many years ago, the use of jerseys was mostly confined to a sport such as basketball or ice hockey. Over the years, fans and sports enthusiasts have steadily incorporated them into their day-to-day streetwear to highlight a team, their favorite athlete, or specific advocacy. Today, seeing jerseys being worn by both men and women have become a normal sight. Moreover, using it is a distinct fashion style all by itself. Thanks to Jersey Nation, the current generation is normalizing the use of colorful and stylish jerseys beyond sports. If anything, it is revolutionizing how jerseys are worn and appreciated by consumers. 

Jersey Nation was developed and founded by Shakir Hammadi in 2020. The Australian fashion label has successfully introduced new inspirations in its jersey designs, most of which are inspired by throwback movies, television shows, R&B artists, and big names in the hip-hop industry. 

Shakir boasts of a phenomenal launching year back in 2020, when the business made more than $800,000 in revenue with its celebrity collaborations with the likes of DDG, Nick Young, The Professor, and Emmanuel Mudiay, to mention a few. Shakir prepared a comprehensive marketing plan to promote his jerseys, and the overwhelming response from his target market affirmed that he was on the right track. 

A fun feature of Jersey Nation, which their patrons find exciting, is to create your own jersey. Individuals who have a unique jersey idea finally have the chance to bring their vision to life. All they need to do is send a message to the company email and ask for a designer to help out. There are unlimited colors to choose from when making an order or creating a design, allowing buyers to stretch their creativity and explore their fashion preferences. Clients also get to enjoy customer graphic uploads, no minimum order, and premium quality jerseys that can last for a long period of time. 

There are also ready-to-wear items available on the Jersey Nation website. Among its bestsellers is the Kobe Bryant All-American Jersey, Kobe Bryant Legend Icy Jersey, Kobe Bryant Crenshaw Jersey, Kobe Bryant Lower Merion High School Jersey, Shoresy Summer Christmas Letterkenny Irish Hockey Jersey, Mamba Basketball Shorts, Michael Jordan Birmingham Barons Baseball Jersey, and the Ben Simmons Shanghai Sharks Jersey, among others. 

Other favorites include the Lamelo Ball Chino Hills High School Jersey, Lebron James Irish High School Jersey, Michael Jordan All-American Jersey, Tyler Herro Whitnall High School Jersey, J Cole Bulldogs High School Jersey, Derrick Rose Simeon High School Jersey, and the Michael Jordan Laney High School Jersey, to name a few. 

Jersey Nation offers a wide array of styles that clients can choose from, including basketball jerseys, basketball shorts, football jerseys, hockey jerseys, baseball jerseys, hip-hop rap jerseys, and movie and TV shows jerseys, high school jerseys, and the Jersey Nation customs. 

Happy clients cannot help but rave about their purchases. “I was a little skeptical at first because of the great price, thinking the quality might not be up to par. But once I received my jersey, I was so impressed. I am looking to purchase my next jersey real soon,” said Murphy P.

Jersey nation also ships worldwide. A client, all the way from Germany, was thrilled to get his order. “The delivery was flawless. Arrive in 13 days in Germany. The jerseys are great. We are totally thrilled. Great quality,” Will A. shared. 

At present, Shakir Hammadi is focused on elevating Jersey Nation by coming up with new designs and projects. Doing partnerships with more celebrities is also something he envisions as he aims to add value to the purchases of his clients. 

Business Expert Henry Ma Helps Over 3,000 Startups

The Great Resignation has given rise to a record number of start-up businesses. As more and more employees choose to pursue dreams of business ownership and becoming their own boss, many are turning to life long leaders for trusted business advice — leaders like Ricoma International CEO Henry Ma.

As a leader in the custom apparel industry, Ricoma offers expert training and support in everything from proper usage of their top-of-the-line embroidery machines and custom apparel equipment, as well as how to effectively start and grow a custom apparel business. As a result, Ma has positioned himself as a de facto success coach, teaching entrepreneurs the skills necessary to get their businesses up and running – all for free. 

Ma’s boundless enthusiasm and expert insight has turned him into a beloved personality on YouTube: dispensing advice, answering questions, and racking up millions views. 

“The first step to becoming an embroidery expert is to master your craft,” Ma says. “Whether you’re a beginner who has never touched a machine before, or you’re looking to enhance your embroidery skills, we’ve got you covered.” 

Ricoma offers nine unique educational resources to help custom apparel business owners master their craft and navigate the industry. 

One resource, “Embroidery Hub”, features over 160 YouTube videos detailing practical tips and tricks for embroiderers. Each video explains a different aspect of the embroidering process — from needles and stabilizers, to how to embroider specialty garments like sun hats and Converse shoes

Another resource, “Apparel Academy,” offers business owners expert business advice from Henry Ma himself. In each video, Ma addresses a wide range of topics, including how to price garments, expand your custom apparel business, get the most out of a razor thin budget. Ma says that it is essential to have a business plan before jumping into the intensely-competitive world of custom apparel. Academy students learn various tips and tricks to avoid pitfalls when starting their entrepreneurial journey. 

Other resources include hour-long webinars, cheat sheets, troubleshooting guides, and live Facebook Q&A sessions where Ma answers various questions about the custom apparel industry, and gives out prizes to lucky social media followers. Afterwards, viewers can gather in Ricoma’s Embroidery & Custom Apparel Mastery Facebook group which has grown to more than 30,000 crafters and business owners. 

“It’s important to network because I can’t get to every question, and many of the people in the groups have already experienced the same issues that people want to talk about,” Ma says. “What everyone has in common is that they are investing in their education, so there is more support than competition. We all want to win.”

Ma has also posted a repository of written articles and listicles on a variety of topics of interest to apparel entrepreneurs. Recent issues include “5 best machine embroidery accessories of all time” and “10 profitable niches in the embroidery business.”

Ricoma has grown into an industry leader with a global footprint, serving thousands of small business owners worldwide. “Our success is a direct result of all of our thousands of entrepreneurs,” he says. “They give me my energy; the blogs and videos are my way of giving back.”

Chicago’s Traffic Problem: What’s To Be Done?

Chicago’s traffic is literally infamous. Congestion in Chicago has been rated as the third-worst in the country, just behind Boston. Last year, drivers wasted an average of 145 hours in traffic. In terms of lost productivity, that adds up to about $2,100 per year for every driver on the road.

Not only is traffic congestion causing a loss of time and productivity — accidents and injuries are also on the rise. In 2020, Chicago saw an 11% increase in fatal accidents from the year before. Worse still, 2020’s numbers are a 45% jump in traffic fatalities from the year before. Chicago’s traffic injury and fatality record is much worse than the national average.

The COVID-19 pandemic has played a major part in these numbers. There was a documented increase in drivers exceeding the speed limit during the pandemic, as the fact there were fewer drivers on the road led to less congestion, and, ironically, more accidents. Another reason for the spike in traffic incidents is the increased amount of cycling. Chicago residents replacing walking with cycling as a form of socially distanced transportation led to a 125% increase in bicycle-related traffic accidents.

Another unexpected source of traffic congestion are ride-sharing services like Uber and Lyft. While they’re a popular choice for residents trying to get around, ride-sharing drivers are notorious for double-parking or sitting in front of traffic awaiting passengers. Granted, this was already something of an issue with delivery drivers and traditional cabs, but many believe the ride-sharing is making matters worse. In addition to the safety hazard it poses, this phenomenon also slows down traffic even further. Some have suggested ride-share pickup zones as a solution to this issue, though there’s been no real forward movement on the idea.

There are even wider-ranging consequences to the ongoing problem of traffic congestion — in Chicago and many major urban areas. Heavy traffic increases air pollution, which not only has an effect on physical health, but also sends emissions into the air that accelerate the effects of climate change. Heavy traffic can also cause stress, which is not only harmful to mental health but can lead to phenomena like road rage, potentially making bad traffic situations even worse. And, beyond even the individual financial impact of spending hours in traffic, congestion can cause much wider-ranging financial issues as well: slow traffic can mean delayed deliveries, increased fuel consumption, and wear and tear on vehicles, both everyday vehicles and delivery vehicles. And slow deliveries (as we’ve all found out during the pandemic) can cause widespread supply chain problems.

Heavy traffic also increases the risk factor of driving, not just for the most dangerous intersections in Chicago, but financial impacts like higher insurance premiums because those areas are high-risk — which could send drivers scrambling to find cheap car insurance in Illinois.

While it’s not directly related, traffic issues can fold into a wider negative impact on a city’s reputation, of which Chicago’s is already troubled. Even though, statistically, Chicago is not near the top of the list for homicides, it still has a reputation as one of the most violent cities in America (deserved or not), and rage-inducing traffic congestion surely does nothing to help that perception.

So what can be done about Chicago’s traffic problems?

Some cities are already instituting ideas like congestion pricing, which are essentially taxes to discourage people from driving in certain areas during peak times. This would create express toll lanes that would charge drivers based on the current traffic situation. Vehicles like buses and registered carpools could have access to these faster lanes for a reduced cost or even for free. The money generated by congestion prices would be funneled back into improving Chicago’s transportation system and infrastructure.

There are also some high-tech solutions to traffic problems that may become mainstream in the near future, such as autonomous vehicles. Self-driving cars, though currently not without some issues, could address traffic congestion in a couple of ways. First, autonomous cars can follow more closely than human-driven cars, and also don’t require as wide a lane as traditional cars do. Each of these features can literally double the capacity in the driving environment, leading to a four-fold increase in freeway vehicle capacity.

Of course, another factor that may have a positive effect on traffic congestion in the long run: remote work. Since the changes wrought by the pandemic, employers have become far more friendly to the idea of remote work, and having far fewer cars on the road could mean less traffic, less pollution, and much less strain on both the environment and Chicago’s traffic.

Getting around a major city always has been, and always will be, an ongoing problem requiring new and inventive solutions. The problems may never quite go away, but new tools are being developed that could make life in the Windy City that much easier.

Introducing nnn properties for sale: your one-stop shop for finding the perfect property

nnn properties for sale is your one-stop shop for finding the perfect property. With listings from all around the country, we make it easy to find the perfect home, acreage, or investment property for you. Whether you’re looking for your dream home or a commercial property that will help you grow your business, they have something for everyone. In this article we will introduce nnn properties for sale. Let’s get started!

What are nnn properties and what do they offer investors and business owners?

They are investment-grade real estate assets that offer long-term stability and potential for appreciation. These properties are typically leased to creditworthy tenants on a long-term basis, which can provide a steady stream of income for investors. In addition, they often come with attractive financing terms and can be an excellent option for business owners looking to invest in real estate.

Some of the key benefits of investing in them include:

Long-term stability:

nnn for sale typically have terms of 10 years or more, providing investors with a stable stream of income. Although nnn leases typically have terms of 10 years or more, their stability is not guaranteed. For example, a tenant may choose to exercise its option to renew the lease for another term, but then decide not to do so after a few years. 

Additionally, economic conditions may change, making it difficult for the tenant to continue paying rent. However, investors can mitigate these risks by diversifying their portfolio and investing in multiple nnn leases. This will provide them with a stable stream of income even if one or two leases are not renewed.

Potential for appreciation:

Investors may purchase them for a variety of reasons, but one of the most common is the potential for appreciation. Over time, these types of properties can increase in value, providing investors with the potential for capital gains when they sell.

There are a number of factors that can contribute to appreciation, including market conditions, upgrades or improvements made to the property, and general demand. While there’s no guarantee that a nnn property will appreciate in value, it’s definitely something to keep in mind when considering this type of investment.

Attractive financing terms:

triple net lease often come with favorable financing terms, making them an attractive option for business owners and investors. In many cases, the terms of the loan can be negotiated to fit the buyer’s needs and budget. This can make them a great option for those looking for flexible financing.

Another advantage of them is that it can be a good investment. In many cases, the value of the property will increase over time, and this can provide a good return on investment for the buyer. This can make it a wise choice for those looking to invest in real estate.

How to find the best nnn property deals

If you’re looking for a great deal on it, there are a few things you can do to increase your chances of finding one. First, it’s important to understand what they are and how they work. They are generally commercial real estate investments that have triple net leases. This means that the tenant is responsible for paying all property taxes, insurance, and maintenance costs. As an investor, this can be a great way to minimize your own expenses while still earning a return on your investment.

There are a few ways to find great deals on them. One is to search online listings sites such as LoopNet or CoStar. These sites list thousands of commercial properties for sale or lease, so you’re sure to find something that meets your criteria. Another option is to contact a real estate broker who specializes in them. They’ll be able to provide you with a list of properties that fit your investment goals and budget.

Once you’ve found a few potential deals, it’s important to do your due diligence. This means taking the time to research the property, the tenant, and the market conditions in the area. You’ll also want to have a realistic understanding of what your return on investment will be. With careful planning and research, you can find great deals on them that will provide you with a solid return for years to come.

Bottom Line

If you are considering purchasing nnn property, it is important to consult with an experienced real estate agent to learn more about the benefits and disadvantages of this type of property. They can help you determine if nnn property is right for you and your needs. 

Prime Spot Tourmake Helping Businesses and Brands Advance with Virtual Reality Solutions

Businesses now have a wide range of advanced tools to benefit from, thanks to the digital world. Advanced technology like virtual reality has helped many businesses connect with their customers better, and Prime Spot is at the center of implementing this technology for businesses and brands.

Prime Spot, founded by Iv Tase, provides game-changing services that assist clients in incorporating digital breakthroughs that propel their businesses and services to the forefront of their respective industries. Prime Spot has been able to provide better outcomes for businesses to be at the top of their niches thanks to its adoption of Tourmake technology.

Since 2016, Prime Spot has worked with the belief that virtual reality, unlike any other technology before it, has the power to change the world. It’s also the only piece of technology that allows people to see things from a different perspective than their own. Prime Spot has assisted numerous clients in becoming more digital by utilizing that technology.

Prime Spot creates a variety of digital and interactive virtual reality solutions. Rolex, Ferrari, Ralph Lauren, Swarovski, Swatch, European Bank, Interreg, and many other major brands and companies have worked with the company. Tourmake VR technology, interactive virtual reality, media production services, digital marketing, marketing and communications, and brand awareness are some of its services.

Iv Tase gained expertise as a television director before deciding to invest in his company as a founder. Iv Tase, an entrepreneur from a tiny country like Albania, experienced several challenges but found ways to use them as fuel to build a firm he is truly proud of.

Everything Prime Spot employs to provide services to clients is manufactured in Iv Tase’s country Albania. “We have a lot of outstanding boys and girls, and the way they all work together to achieve success is an encouragement to everyone,” IV remarked.

According to an Equidam-certified estimate, Prime Spot is worth 118 million dollars. The company also has over 650,000 businesses using its platform to address their digital demands across 110 countries. “Technology is not something we discovered by accident. It is a part of our identity. It’s not about the technology; it’s about putting in place the right digital solutions that are adaptable, scalable, and secure. It also necessitates a grasp of and response to your commercial difficulties in addition to your technological requirements. “Prime Spot breathes life into your company,” Iv explained.

Iv Tase’s goal for the next few years is to break into the American market and offer new items in order to attract new clients and enterprises. He also sees Prime Spot being the first Albanian-owned firm to be listed on American and international stock exchanges.

Prime Spot continues to demonstrate that it can help organizations create sustainable change in their growth trajectory with a staff that blends technology and industry experience with operational skills that drive progress.

Filip Boksa, Local Chicago Entrepreneur Shares What It Takes To Grow A Successful Business

The secret behind a successful venture lies in the efficiency of team members and the entrepreneur itself. There are many examples of people who wish to establish a business with a strong foundation, but they fail to consider all loopholes that need to be filled in the planning stage. This story will walk you through the idea behind becoming an accomplished entrepreneur and what goes into running a business after successfully establishing it. We all know that the main challenge in the business arena is to run it profitably and reach the break-even point after considering all the investments made.

One such example is Filip Boksa, co-founder of BookingKoala, a cloud-based booking solution that allows users to manage appointments, marketing channels and track sales growth. Boksa’s primary focus here is to turn the SaaS into a unicorn without taking outside capital setting an example of a self-funded initiative. Going back in time, Boksa commenced his entrepreneurial journey back at the age of 19 with King of Maids, a home cleaning service in Chicago that he started with his best friend. With a combined investment of $6,000, they could generate $5,000,000 as revenue by the time Boksa reached 23 years of age. This instance in itself is a testimony of Boksa’s entrepreneurial and calculative mindset which can serve as an asset for aspiring entrepreneurs. 

The success of Boksa’s service business is his team’s ability to recognize what matters and what doesn’t. The foundation of BookingKoala lies in its client satisfaction and offering new features with coming days and advancements in technology. He adds that making it attractive to your customers with an easy to use interface is equally important. 

“I still remember back to the first morning when I woke up to clients booking our services overnight. It was something special, and we figured out how to make money while we were asleep”, says Boksa. 

“At the end of the first year after we implemented the full software we looked back on the numbers and saw that we had saved over $100,000 by getting rid of three staff members simply because we didn’t need them anymore. This was huge because we used that money for marketing, which made us grow even faster”, he adds. 

Boksa advises budding entrepreneurs to start right away and not be afraid of making mistakes. “You will never be ready until you go through the process”, believes Boksa. He adds that as an entrepreneur one ought to trust their team members to get the work done while you figure out how to grow your company. “You need to let go of the old ways that are no longer needed or necessary and get with the new trends”, asserts Boksa. 

Accounting for Retail

Ever since the pandemic forced the closure of many brick and mortar storefronts, the future of the retail industry has been bleak. The outlook for 2022 has its own share of issues, including shipping, empty shelves in stores, inflation, and unprecedented employment problems.

Although, wherever there are challenges, there are also opportunities. Closures have forced retailers to do a thorough analysis of the systems that have existed in the industry for years. The pandemic has provided a chance to hit the reset button, leading to more stable industry standards, systems, and processes.

Retail Accounting Reform

One area of the retail industry in need of reform is accounting. Should the industry be able to merge its accounting methods, this could lead to more holistic retail and cost accounting practices.

Proxima360 is a high-impact solutions management consulting company that addresses critical business needs within the complex retail landscape. Proxima360 is leading the way in retail renovation and assisting businesses in creating a roadmap for a successful future.

“I believe the new normal is all about a harmonized retailer,” explains Anil Varghese, an enterprise analytics leader and CEO of Proxima360. “In this model, the customer gets to determine what they want, how they want it, and when they want it — all done seamlessly. A retailer who can provide that experience will win in the new normal.”

According to Proxima360, there are three primary issues facing retailers in 2022, including:

  1. Multiple accounting systems and perspectives across different departments
  2. Mixed retail and cost accounting – in one organization
  3. Absence of holistic accounting solutions requires a significant investment in ad hoc reporting

In light of these issues at the forefront of the retail industry’s current status, Proxima360 recommends retailers implement the following solutions:

  • Key Retail KPIs
  • New systems with shared, holistic KPIs across the organization
  • KPIs to ensure one shared, Omni view of sales, inventory movement, growth, and customer satisfaction
  • Inventory evaluation during markdowns to help manage open-to-buy accurately
  • Dashboard and KPIs for all metrics across all departments’ platform
  • Consolidate functions across departments, create a holistic reporting platform allowing departments to review and react to metrics
  • Import historical data to help businesses analyze current trends versus comps

Amazon versus Brick and Mortar

As physical retail stores adapt to the continued growth of powerhouse platforms like Amazon Prime, the question looms; will retail stores or malls continue to exist in a post-pandemic ‘new normal’?

“Just before the pandemic, the topline from brick-and-mortar stores was 90 percent,” says Varghese. “The physical spaces are not going to go away; they’re just going to change. Malls will be more of an experience destination, rather than just shopping centers filled with products. The physical spaces will have a different meaning and purpose than what we know today. Physical stores would, primarily, act as showrooms or pick-up centers compared to a store with a full assortment of products. Today’s store in a shopping mall will be replaced by virtual solutions.”

There are signs of optimism amid change. In a recent report from Deloitte, “2022 Retail Industry Outlook,” respondents were optimistic about revenue growth. 54 percent expected an increase of up to 5 percent, and 32 percent predicted growth of 5 percent or more. Close to one-third of executives surveyed expect higher operating margins year over year, while 38 percent expect margins to remain stable.

The savvy retailers are looking for ways to turn this time of change into an opportunity for growth — 58 percent see inflation as an opportunity to raise processes and improve margins. With limited products to sell, some businesses have stopped promotions which boost profit margins. Others have looked ahead, and are closing unprofitable locations and reducing inventory.

“The customer is always right.”

While businesses seek to reinvent the wheel, some business philosophies will remain valid. “Listen to your customers and engage with them constantly, educate them about your product and services,” says Varghese. “In the long run, customers always trust the quality and the experience. Focus on what you can control, and be agents of change. The rest will eventually fall into place.”

Indeed, the coming years will find retailers facing challenges and opportunities to restructure and strengthen their businesses. This will require new practices and ways of thinking about how retailers conduct business.

The pandemic has permanently changed consumer purchasing behavior. Businesses that will adapt will be the ones to succeed in the future. In this era of flux and instability, they expect 2022 to be a turning point, ushering in stabilization in retail and eCommerce spending and solidification in shopping habits.

Proxima360 is a high impact solutions management consulting company. They address critical business needs within the complex retail landscape. Their holistic approach in implementing retail solutions will optimize operations and improve revenue. Proxima360 is a preferred advisor and solutions provider for nations top retail brands meeting their operational desires with their technical needs. Proxima360 is here to advise, implement, integrate & support the complete Oracle Retail Solutions Suite.