Archive for the ‘Retail News’ Category
Analyse and act now to maximise performance.
With September reporting a month of dipped consumer confidence it seems like the first week of October has been a week of launches and ‘firsts’ to drive increased footfall, sales and loyalty.
There was the John Lewis new online pledge, Marks and Spencer’s first stand alone beauty store, the Waitrose concept store and Boots adding 50 retailers to their loyalty card. Each retailer focused on their strengths, looking to turn them into further competitive advantage.
We have also seen retailers deliver short sharp sales like House of Fraser and Next and as the Christmas cards and wrap are laid out we are left wondering what the next few months will bring.
Independent and small retail businesses may feel like they are getting left behind, or even that all this is irrelevant to them. However now is the time for analysis and action.
Now is the time for smaller retailers to review their offer, their own competitive advantage and ensure they really are focusing on the customer and their own strengths.
Now is a good time to revisit the position with regard to stock and sales and re-forecast their projected performance through the Season of Goodwill and make adjustments where necessary.
Now is the time to look again and focus on the plan for the next 11.5 weeks as regards their windows, visual merchandising and shop layout. How will these changes entice the customer in again and again over the next 3 months, to maintain the customer’s interest within the store and lead them to make a purchase?
Now is the time to re-consider any activities, marketing and promotions that can be instigated to drive footfall and sales.
What we have seen over the last week are high street retailers grabbing our attention with the launch of the new or the sale of the old. Get in amongst them and grab your customer’s attention too!
Nature, naturally.
When nature strikes a blow to the retail trade, rally the troops to maximise sales.
As news of the volcanic ash in our skies reached us, many thought of the travel plans that would be affected.
My first thought was to those I have worked with at the airports around the UK. To how the retail businesses both land (before passport control) and airside (the departure lounges) would fair in this new onslaught on the industry.
Initially there will of course be those who will thrive as passengers hang about the landside concourse looking to fill their time and tummies. However as passengers leave the terminals and stop arriving both landside and the tax and duty free shopping of the departure lounges will be hit once again. As this is down to nature, naturally they will not be insured for the losses.
Airlines are talking of the impact and longer term implications on their businesses which will result at best in drastic cost cutting and at worst bankruptcy. As I have travelled through the UK airports I have talked to those I once worked with. As the economy has dipped, the retailers are suffering in the same way as the high street. This will be a further blow to a fragile travel industry as a whole.
There is not much you can do when you literally have no customers no serve. Some airports are using the time as productively as possible, carrying out necessary maintenance to their runways for example.
Those retailers who are still able to work in their airside shops should follow suit. When faced with enforced “down time” and fixed staffing costs, shops should do everything they can to improve their offer.
All those tasks which ordinarily take the attention away from the customer, tasks which usually require overtime, or extended operating hours to complete, tasks which divert from maximising sales in any given moment, can be blitzed with a vengeance.
Stock takes, stock discrepancy investigations, thorough cleaning of the shop floor and its display equipment are all time consuming, costly activities. Strike while the iron’s hot and get all these jobs ticked off the list.
Ask the team what jobs they have on their list that they never get to. We all know there is nothing more satisfying than completing that task languishing at the bottom of the to-do list. Give everyone a feel good factor by allowing them to address theirs.
Take a fresh look at the shop – are there any layout changes or major moves that have been shelved due to lack of time or staffing? Tackle them now ready to welcome the customers’ return.
When all the administrative and operational tasks are completed, consider using the time for valuable staff meetings to discuss opportunities for new business, areas of concern, or any niggles the staff may have. Many shop owners and managers know they need to make more time to listen to the staff working on the shop floor, finding the time can be more difficult.
Review training needs and act on them. Training is an area which is frequently overlooked or cut when time and money are tight. Impromptu training on the shop floor can have a greater impact than many planned classroom courses, so maximise the time available.
With positive momentum this devastating blow to trade can at least benefit the organisation by allowing it some time to sort itself out, to clear the decks. By doing so it will ensure that when the customers return they are greeted with impeccable displays, groaning shelves and staff eager to delight and serve them.
With news, as I write, that the eruption is worsening, my thoughts are with those in the travel retail industry. I am keeping it crossed that the ash moves through swiftly and services can resume as quickly as possible.
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