What Influences The Chances of Retail Success?

February 24, 2020admin
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There’s a lot of talk about online shopping right now, and rightly so, since it’s an important segment of the market. Yet, judging by how people talk, you’d think that online shopping had the entire market sewn up. This is not the case — there is, after all, a pretty strong “real world” store economy, and there’s no reason to think that it won’t be even stronger in the future (people increasingly desire “the human factor” of high street stores, after all). But what determines whether a retail store will be a success or failure? We take a look at some significant factors below. Be sure to have a read if you’re thinking of opening your own store!

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What You Bring

One problem that many store owners have is that they expect that if they’re there, then people will come. After all, it worked for a similar shop in town; why wouldn’t it work for your store? Well, here’s the thing to remember — in this case, there was already a store in town. The new store wasn’t needed, since the demand has already been covered. When you’re thinking about opening a business, think about what you’re going to bring to the table. There should be something unique for consumers; they should have a reason to choose your business rather than a rival.

Where It’s Located

You could have the best store in town, but if it’s located in a hard to reach place, then you may struggle to get the customers you need to succeed. While there are some expectations to this rule, for the most part, it’ll be best if you find a site for your store that’s central and easy to reach, especially if you think foot traffic will play a big role in your success. If you can’t find the perfect place straight away, it’s probably worth having an inch of patience and waiting for the right place to open up.

The Design

Retail success depends on so much that just what you’re selling. It’s the overall experience that counts. Shopping at your store should be an enjoyable experience for your customers; it’s not just about finding the item and getting out of there. Spending some time thinking about the design can increase customer engagement, and also have a positive impact on the perception of your company. If you don’t know where to start when it comes to designing your space, then look at working with a company such as Design4Retail. Once you have the perfect design, it’ll be all about adding those extras, such as incense, which will help to create a pleasant environment.

Friendly and Helpful Staff

Finally, be sure to think about your staff. They can have a tremendous impact on the customer experience, and thus play a big role in how successful you can be. Don’t just hire anyone for the roles you need to fill; stay patient, have a robust hiring policy, and bring the right people on board — and don’t forget to train them, too! 

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