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    Retail Shop Success
    Retail Shop Success
    Retail Shop Success
    Ebook156 pages1 hour

    Retail Shop Success

    By Vincent Gabriel

    ()

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    About this ebook

    I put down what I have learnt when I had to run a retail shop. It was a humbling experience because retailing is so complex.

    Customers depend on you, and suppliers always have their own agendas and push what they think you should sell. However these are not what customers want to buy. Your duty is to the customer.
    At the same time, your investors trust you to bring back a certain return on their backing and support for you.

    Finally I found the secret of Success and I am sharing it with you. This book is dedicated to the thousands of hardworking vendors. Never give up. Retailing will always be rewarding.
    LanguageEnglish
    PublishereBookIt.com
    Release dateApr 26, 2016
    ISBN9789810786441
    Retail Shop Success

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      Book preview

      Retail Shop Success - Vincent Gabriel

      Retailing

      UNIT 1

      More Is Key To Successful Retailing

      After reading this unit you will know:

      • the future of the retail shop business

      • where you stand in the cusp of success

      Introduction

      In 1978 I published Success in the Retail Trade when retailing in Singapore was beginning to pick up as the Shoppers Paradise theme was used to bring tourists and other foreign visitors to Singapore.

      About that time the traditional village shop went extinct as newly rich locals thronged the sparkling new shopping malls along Orchard and Marina, the fully stocked supermarkets and the Japanese and managed department stores, that reflected Japan’s economic might.

      In 2013 the scene has changed. Shopping malls are located in every area with large concentrations of people. The latest to open (June 2013) is the Jurong East Mall (JEM) and the enthusiasm of the curious has not waned.

      Customers go to Johore, if they want good value, as the exchange rate between the dollar and the ringgit works in their favour.

      Customers who want variety (or in retailing jargon product depth). go to the category killers.

      Customers use technology to bring retail products. More e-books are sold and downloaded than print books. The bookshop of old, where most of us have fond memories of browsing at books and magazines, is just that: a happy memory.

      Getting Your Bearings

      My recommendation is for the newbie to start in one of the thirteen retail formats (see Unit 2).

      However the sheer variety in retailing makes it necessary for us to categorise the retail organizations. The most straightforward start is product lines, as shown in Fig 1.1

      Fig 1.1 Product line as a category

      Another way of looking at retailing is to classify according to emphasis on price as in Fig 1.2

      Fig 1.2 Degree of price emphasis as a category

      A third way is to look at where the retailing is taking place, based on rentals and history, as shown in Fig 1.3

      Where you stand

      The special feature about you is that you are a little bit of everything. You have a stake in the product line, you want customers to buy, so price is a concern, but you have to be careful about the location. If you are isolated, no one comes to the shop.

      Retailing is so diverse that you simply cannot offer everything – variety of goods, low prices, a convenient location for the customer.

      Simply put you have to make choices. That is done by targeting the customer. Whom do you think you want to sell to? Then what does he or she want to buy?

      What is the price they are prepared to pay?

      At those prices, how much are they going to buy?

      What accompanying services do they need, before or after they have bought. As examples: if you sell a ready to wear office clothes, some customers need alterations before they can wear the clothes. If you sell a flat screen TV customers may need installation, help in linking the screen to the video recorder or simply a guarantee of service on breakdown of the equipment.

      UNIT 2

      Thirteen Retail Formats

      After reading this unit you would be able to:

      • explain the 13 distinctive retail formats

      • identify the business opportunities associated with three formats

      • identify the threats in the market

      Introduction

      Speciality merchandising in shops that display, market and sell a narrow range of goods is an effective way to outwit and outperform the department stores, hypermarkets, retail chains and multi-national retail organisations.

      Speciality shop

      Speciality shops have become more important after 2013 as a consequence of:

      I have arranged the 13 areas of specialisation for small shops to start with the letter ‘Q’ and the table below explains how they appeal to customers and their characteristic features.

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