If you are looking to break into the exciting world of running your own retail store, then you should know that achieving your dream is not going to be a particularly smooth ride. You can make things easier for yourself however by paving the route to success with a collection of knowledge on what it is that makes a small to medium retail store a success. We here at Meyersdal Square are here to help! These tips on how to achieve success with your retail store should give you a good head-start, and will put you in front of your up-start competitors.
Brick and mortar stores all have one thing in common, the successful ones have chosen the ideal location. You’ll want to select a location, such as a shopping centre in Johannesburg South, that enjoys a lot of foot traffic, but that’s not all that should concern you about the location.
Consider too how many of your competitors are in the same area, since fewer would be ideal. You also need to consider the location of your ideal target market. If you are situated closely to them, you will have an easier time of attracting them to your store.
To some this may sound like a point not worth mentioning, but it can be easily overlooked. You should strive to foster and maintain a theme in your store that makes it easy to identify. Think of it as your corporate identity, but for retail. It should reflect your brand’s personality, values and the types of products and services that you offer.
Equally important is the need to stay on top of industry trends, and incorporating this in both your stock and in your theme. Your customers will put their trust in whichever store is ahead of the curve, so make sure it is you.
Employment at retail stores generally appeals to a younger crowd, which means that you may have some trouble filling those menial positions with people who have any degree of experience; which can be frustrating. Still, you should look for people who take an interest in the product you are selling. A vape enthusiast might not be the best fit for a sports store, for instance.
Management is a little more difficult, since you should opt for a second-in-command that has at least one year of experience. Finding this type of talent may require a more competitive payment package than for other employees, and you may find that, especially initially, this sits outside of your affordability range. Because of this, you will have to take a hands-on approach until such time that you can hire a manager.
I couldn’t tell you how many times I’ve seen someone adamantly deny a need for marketing, or express that it is just too expensive for them, only to later have their stores close due to a lack of customer interest. Marketing is, however, based on a return on investment, and what you put in, you should get out on multiple folds in sales and returns. Marketing is a key part of your business, even if you run a tiny store. Don’t make the mistake of ignoring it; because your most successful competitors won’t.
If you would like to know more about sourcing the ideal retail space for your store, in a mall that is both bustling and vibrant, contact a representative from Meyersdal Square today, or visit our website for further information.