Think of a weak-retracting cord reel like a window shade that doesn't fully retract. To fix the shade, it is first extended to cover the window. Then, the flat pin is removed from its bracket, and the shade is rolled by hand—a foot or so. The flat pin is then reinserted and the shade tension is checked for desirability. It can be further rolled or unrolled manually for adjustment.
Applying that concept to the cord reel extend the cord several feet until the pawl catches in the ratchet; then remove the cord reel from its mounted position and carefully wind the cord by hand three turns. Remount and check tension. Repeat as needed.
Hope it works.
Also, an old Electrolux tip to assist in cord operation is to dust the entire cord with talcum powder every year or so—depending on usage.
_____
I'm not sure about the odor.