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5 Tips For Succeeding In The Retail World

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By Published On: February 8, 20180 Comments

The difference between a great retail concept and a successful business isn’t the quality of the idea itself – it’s where and how you sell it.

Choosing the right retail space is the first step to ensuring you’re backing a winner when it comes to launching your retail business. Factors like aesthetic, location, accessibility and area demographics play an enormous part in the success of your brand. The following five retail tips will help you achieve success in the retail world.

Do Your Homework

Ask any successful business owner what their secret to success is and they’ll all tell you the same thing – research. Lots and lots of research.

Before signing on the dotted line, you need to be aware of what will be required of the space once your store’s up and running. This includes the area and facilities needed for day-to-day operations, the scope of growth expected in the first twelve months, how many points of sale are needed and the amount of inventory you’ll have on hand at any given time. Figuring out requirements like this will help narrow down your search for the perfect space and ensure your business runs effectively and consistently.

Know Your Customers

Before you set up shop, it’s important to be completely across who’ll be crossing the threshold onto your floor. These are the people who’ll be driving your business, so you’ll want to be sure your retail space fits their image and lifestyle. Try accessorising your space with items that complement the local community, so it feels relatable and comfortable to your customers.

A great way of ensuring this is by creating an ideal customer profile. Ask yourself, who buys my products? If you sell youth clothing for example, add popular artists to your store playlist and make sure your décor is contemporary, modern and engaging.

Find The Sweet Spot

You wouldn’t buy a house without checking out the neighbourhood first, and it’s the same with retail spaces. When assessing a location for your store, you’ll want to be aware of things like local competitors, nearby shopping centres, proximity to car parks and public transport, and any upcoming residential or commercial developments that could affect foot traffic.

You’ll also want to be aware of what your local customer demographic looks like. What’s the population of the area? How much does the average household earn per month? How fast is the population growing? What age is the average resident? Each of these demographic factors will play a part in the success of your store. So, you’ll want to make sure you’re moving into an area whose neighbourhood compliments your ideal customer profile.

Dress To Impress

You know the saying, dress for the job you want? Well, the same goes for retail stores – fit them for the customers you want.

Retail is a competitive industry. Almost every business will have at least a handful of major local competitors, which is why you need to give customers a reason to shop at your store. Some barber shops like to run cafés from the front of their stores because it’s a point of difference, and it brings in a different market and more business. Other businesses like to wow their customers with interactive visual displays or incredible attentive customer service.

Locate The Perfect Space

Once you know what your space should look like and the kind of customers you’re marketing to, the only thing left is to find the perfect retail space. Juggling property inspections and phone calls from real estate agents can make finding the ideal space very stressful and time-consuming. Fortunately, it doesn’t have to be. Retail search tools like Stall Square can help you find your ideal retail space in as little as 30-seconds. Using a huge database of shopping centres, customer data and sales figures, you can find a retail space that matches your brand and target market in moments.

The success of your business largely depends on your retail space and it’ll only work for you if you’ve done the research. Once you’ve identified your target market, calculated the ideal location, optimised the customer experience and factored in growth, you will have laid a solid foundation for success.

 

 

About the Author: Power Retail

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