There does not seem to be a week going by without another high street casualty – often citing reasons such as increasing overheads, falling sales or a lack of investment as one of the reasons for shuttering the business.
With this in mind, Phil Mullis, Head of Retail and Wholesale at Wilkins Kennedy, asks ‘who would want to be a retailer?’
Starting a retail business is a brave move in this day and age – anyone would be forgiven for looking at the current landscape and running a mile, but one strategy that can help the path to success is being relevant.
One of the first thing any budding entrepreneur should do before setting out their stall is look at what has gone wrong with other retailers. Retailers such as Toys R Us, BHS and Maplin are just some of the retailers whose demise can be attributed to their lack of consumer relevance.
In a society where consumers are window shopping and then going elsewhere to see if it’s cheaper or can be delivered for free and quick, arguably these retailers were stuck in a time warp without investing in a clear identity of what they are offering and to whom. Much of their demographic had moved on and their offer did not appeal to a new customer base. In respect of Toys R Us, a toy shop, it seem to extract all the fun and magic out of the customer experience, whereas competitors such as The Entertainer and Smyths, make the shopping experience, through any sales channel, fun and exciting.
One key lesson is that if you are going to start up your own retail enterprise do some thorough homework beforehand on how people are shopping and how you can remain relevant in an evolving world.
With that as a starter try some of these tips to help your retail business succeed:
There is no doubt that the retail landscape is experiencing a fundamental change and the oft used term “retail apocalypse” is citing an end of days for retail. However, retail is evolving and not ending; retailers are understanding that getting close to the customer is key and also giving them a great experience helps to bring those customers back, time and time again. Yes, it can be hard but nothing is given easily and with imagination, planning and insight, you can be a strong, profitable and relevant retailer.
Phil heads up the Retail and Wholesale Sector Team for Wilkins Kennedy. The Wilkins Kennedy Retail and Wholesale team love solving problems and working together with clients to drive and grow their businesses. Please do get in touch with us and see how we can help you in a rapidly changing and dynamic retail marketplace.
Phil can be contacted for further business advice at firstname.lastname@example.org
There does not seem to be a week going by without another high street casualty – often citing reasons such as increasing overheads, falling sales or a lack of investment as one of the reasons for shuttering the business. With this in mind, Phil Mullis, Head of Retail and Wholesale at Wilkins Kennedy, asks ‘who would want to be a retailer?’
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