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Business Planning Process Planning & Strategy

Factors That Determine Retail Business Success

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There’s a lot of talk about how people are increasingly looking online when they’re trying to buy something, but we shouldn’t entirely discount traditional brick and mortar stores. Indeed, though they may not be quite as strong as they once were, they’re still going strong — and there are reasons to believe that the future is bright. After all, people do enjoy getting out of the home and heading to a real store, manned by real people. There are, of course, factors that determine retail business success or failure, however. We take a look at a few of these factors below.

Your USP

One mistake that new shop owners make is assuming that just because they’re there, then people will come. This couldn’t be more incorrect! If you’re going to get customers into your shop, then you need to give people a reason to visit you. No matter what type of shop you’re looking at getting underway, it’s of vital importance that you’re thinking about your unique selling point (often stylized as USP). What makes your shop worth visiting? It could be the goods that you offer, the price, the ambiance, or anything else. You’ll need something to make your business stand out from the crowd.

Local Competitors

However, while it’s all good and well having a store, it’s important to determine whether there’s a need for that type of store before you get too deep in the planning stages. One such way to do this is to conduct your market research, during which you’ll figure out whether people in the local area will appreciate that type of business, and whether there are competitors. Now, it’s not as if your business will fail if there’s someone else doing similar things, but you will have to ensure that your store will offer customers something different.

Site Selection

You could have a terrific store, but if it’s located out of the way and thus hard to reach, then you’re going to have trouble. While some businesses can be located away from the downtown area, if yours is a business that’ll depend on foot traffic for success, then you’ll need to assure that you’re located in the right area. So be smart when it comes to picking the location of your site. It’s recommended that you use location intelligence, so you can determine which area gets the most foot traffic. After all, being on one street rather than another can be the difference between success or failure!

Moving Forward

Finally, it’s important to remember that it’s not as if you can just sit back and enjoy your success once it has arrived. The popularity of stores can rise and dip, and it’s usually the ones that fail to push forward that get into a permanent downward spiral. Keep on finding ways to improve, move with the times, and give your customers a reason to keep on visiting your store.

With these tips, you’ll find that’s easier to build a successful retail, “real world” business.

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