Techie types have been hyping the changes that mobile phones would bring to retailing for at least the past decade. Now, thanks to the growing ubiquity of smart phones with Web capabilities, that hype is becoming reality.

Indeed, the Deloitte 2011 Consumer Food and Products Insights study, released in July, found that 40 percent of U.S. consumers are using shopping lists and recipe management tools on their mobile phones today.

Running a store is like building a good baseball team. A lot of people, or in this case, products, try out but not everyone makes the cut. That is where SKU rationalization comes into play. An analytical process, SKU (stock-keeping unit) rationalization determines which items need to be added, removed or kept on the shelves.

Social media is changing how consumers interact with brands and retailers. That spells a huge opportunity for retailers to incorporate a social media strategy into their private label marketing.

More and more food retailers are actively embracing social media and using it to connect with customers and share information about products.

Younger consumers are poised to lead the economic recovery. Retailers need to adapt their private label plans and approaches to appeal to them. To do that, first learn their shopping habits and their wants.