Competing with Big Box StoresTips for Retail CompetitionTips, con’tDon’t PanicDo the ResearchDo the Research, con’tDare to be DifferentDare to be Different, con’tSlide 9The Power of PricingPersonal AttentionStaffing Your StoreStaffing your Store, con’tConclusionArticle LinkCompeting with Big Box Competing with Big Box StoresStoresArticle by Shari WatersArticle by Shari WatersPresentation by Kati McCoy, Presentation by Kati McCoy, Sarah Casavan & Janelle PowellSarah Casavan & Janelle PowellTips for Retail CompetitionTips for Retail CompetitionIndependent retail business owners worry about Independent retail business owners worry about competing with large retailerscompeting with large retailersStudies show people purchase a higher % of goods Studies show people purchase a higher % of goods from larger retailers than from local merchantsfrom larger retailers than from local merchantsMany small retailers continue to thrive (and profit) in Many small retailers continue to thrive (and profit) in a highly competitive marketplacea highly competitive marketplace Hasty FreezHasty Freez Burger King Burger KingTips, con’tTips, con’tThe key to survival is to offer products and The key to survival is to offer products and services that your competition does notservices that your competition does notStrategies must be implemented to overcome Strategies must be implemented to overcome the lower prices and wider selection that the the lower prices and wider selection that the larger retailers provide.larger retailers provide.Jean’s Health and HappinessDon’t PanicDon’t PanicWe can be our own worst enemyWe can be our own worst enemyWhen you hear a big company is coming, When you hear a big company is coming, don’t automatically think you have to close don’t automatically think you have to close or relocateor relocateRecognize that you may need to make a Recognize that you may need to make a positive change to the way you do positive change to the way you do businessbusinessAssess whether or not you have the desire Assess whether or not you have the desire to make the changesto make the changesDo the ResearchDo the ResearchSeek Advice from your trade association Seek Advice from your trade association or consider hiring an industry consultantor consider hiring an industry consultantConduct a formal study of what customers Conduct a formal study of what customers value most and least about your businessvalue most and least about your businessUnderstand your store’s competitive edgeUnderstand your store’s competitive edgeDo the Research, con’tDo the Research, con’tDon’t be afraid to shop your competitionDon’t be afraid to shop your competitionThe best way to be educated about the way The best way to be educated about the way your competition does business is by your competition does business is by experiencing it first handexperiencing it first handTalk to their customers, find out what they like Talk to their customers, find out what they like and dislike about the store.and dislike about the store.Dare to be DifferentDare to be DifferentMass Merchandisers generally have a little Mass Merchandisers generally have a little of everything, whereas smaller specialty of everything, whereas smaller specialty stores can focus on a narrow but lucrative stores can focus on a narrow but lucrative niche niche Examples:Examples:The Party StoreThe Party StoreScrapbooking StoresScrapbooking StoresDare to be Different, con’tDare to be Different, con’tEstablish your store as the place to go Establish your store as the place to go when buying these itemswhen buying these itemsIf your niche is very small, consider keeping a If your niche is very small, consider keeping a few products and services that appeal to a few products and services that appeal to a wider range of customers but have wider range of customers but have exceptional product depthexceptional product depthFocus on what makes your business Focus on what makes your business uniqueuniqueEmphasize the originality of your inventoryEmphasize the originality of your inventoryDare to be Different, con’tDare to be Different, con’tCustomers are intrigued by the unusual and are Customers are intrigued by the unusual and are often attracted to the idea of getting something often attracted to the idea of getting something special from an independently owned merchant.special from an independently owned merchant.Smaller retailers also have the luxury of creating a Smaller retailers also have the luxury of creating a comfortable atmosphere, giving their retail space a comfortable atmosphere, giving their retail space a special personality, which is often lacking at larger special personality, which is often lacking at larger storesstores Boccherini’s Coffee Boccherini’s Coffee and Tea Houseand Tea HouseThe Power of PricingThe Power of PricingBe open to a little haggling where price is concernedBe open to a little haggling where price is concernedBargain shoppers know the independent retailer Bargain shoppers know the independent retailer has the power to negotiate a sale and customers has the power to negotiate a sale and customers are more inclined to shop thereare more inclined to shop thereIt’s all about customer perceptionIt’s all about customer perceptionUsing Loss Leaders (goods offered at steep Using Loss Leaders (goods offered at steep discounts in order to attract new customers to a discounts in order to attract new customers to a store ) can also helpstore ) can also helpPersonal AttentionPersonal AttentionTreat each customer like your BEST Treat each customer like your BEST customercustomerYou can concentrate on small detailsYou can concentrate on small detailsSuperb customer service is the biggest asset Superb customer service is the biggest asset to the independent businessto the independent businessPeople shop where they feel comfortable and People shop where they feel comfortable and cared aboutcared aboutThis is the least expensive changeThis is the least expensive changeStaffing Your StoreStaffing Your StoreTo keep your employees from defecting to To keep your employees from defecting to the competition, treat them fairlythe competition, treat them fairlyMotivate your staff & pay attention to their Motivate your staff & pay attention to their needsneedsStaffing your Store,
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