Ancillary Retail

MAY 2018

Ancillary Retail magazine is the retail industry’s resource for ancillary income markets. Ancillary Retail will provide relevant news, best strategies and practical tips to help developers and retailers grow and sustain successful businesses.

Issue link:

Contents of this Issue


Page 40 of 46

36 Ancillary Retail | May 2018 I think one of the main problems is actually financing growth from very small to the next step. There is a lot of money for retailers from investors, but you have to have scale and the ability, time and money to go out and hunt for money for growth. Also at the top of the list are two critical items: (1) Shall they expand their product lines and concepts? (2) Where to go next? Many small retailers do not know how to deepen or broad- en their product selection to be able to increase sales. They also do not know what the next step is to grow their business. Is it creating a fran- chise model, or owning and running their own retail? And if so, where? The retail environment has changed a lot in the past 5 to 10 years. With much of the spend- ing going to online retail, it can be very diffi- cult for smaller retailers to stay afloat. Learning about and getting involved in e-commerce can help supplement if not expand a smaller retail- er's sales. Also, it is important for retailers to utilize social media platforms to market and advertise to targeted customers. It has definite- ly become the modern way to get the most bang for your buck in advertising your business. Dave Ferber Owner, Street Talk/Talk N'Fix Deborah Kravitz CRX, CLS, President, Pro Retail Inc. Ancillary Retail Editorial Board In an effort to ensure Ancillary Retail magazine is covering the most appropriate and relevant information for our readers, we've complied an editorial board of industry experts active in a variety of retail segments. For our premiere issue, we asked our colleagues to tell us what they think is the Number 1 issue facing small independent retailers now and how retailers can try to overcome those issues. EDITORIAL BOARD Q & A Lori Lesko VP, Real Estate, Go! Calendars, Toys & Games Retailers need to be evolving all facets of their business all the time. There are many challenges facing the retail industry today. It is difficult to summarize one problem. I feel the stress for re- tailers is that all areas of their business are in consistent motion and state of flux. Retailers can't use the same business plan they had 2 to 3 years ago — even plans from a year ago need to be reviewed and parts re-written. There are several areas where re- tailers can evolve. In regards to customer service, retailers need to be the expert on their product or brand; this will allow them to build loyalty with their shoppers. It's important to know what the consumer wants and offer it. Even better, to be a step ahead of them and offer items they might desire. Retailers also need to invest in staffing and training. The job market is tough right now, but it is more important than ever to have good associates — as- sociates who will provide customer service and an experience for the shopper. Employees can't just be clerks. Retailers need to hire the right staff while managing payroll expense. Retailers also need to allow the time in the store be an expe- rience by offering demonstrations, personal shopping, event nights; give the shopper a reason to come to the store (alone or with friends) and feel like a VIP. If customers are happy with the shopping experience, they make a purchase and are less likely to leave and go buy on the web. Speaking of the web, retailers should strive to have an omnichannel presence. It allows for connection with the customer before they walk into the store. Through websites, social media and consumer emails, retailers maintain a connection with the consumer even when they are not in a store. Lastly, it's important that all members of the team understand the operational expenses. Everyone needs to be managing all the parts of the business and closely monitor the operating expenses; retailers need to be reducing costs whenever possible to have a healthy bottom-line. Don't allow expenses to creep up — it a can be a costly mistake. We live in a fast moving world with instant gratification and competition is everywhere. Retailers need to evolve and stay relevant within the changing industry in order to continue to succeed.

Articles in this issue

Archives of this issue

view archives of Ancillary Retail - MAY 2018