How to Launch a Successful Retail Business

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The retail industry has undergone some significant changes in the past few decades. The way that people shop is changing, and the sheer volume of e-commerce sites out there is evidence of this change. However, brick and mortar stores are still the go-to place for many shoppers looking for some retail therapy. There’s no shopping experience quite like browsing a physical store and seeing an array of goods right in front of you. Shopping in a physical store is a sensory experience, which cannot be matched by the internet.

The fact is that people love to shop, there’s no disputing this. The challenge comes from encouraging people to buy from your store, rather than your competitors. Retail has always been a highly competitive industry, so launching a new business requires careful planning to make it a success.

Establish Your USP

While the term unique selling proposition (USP) is often overused, it shouldn’t be dismissed as merely marketing jargon. Identifying your USP is crucial if you are going to stand out from the hundreds of other shops on the high street. Think about how you will differentiate your store from those of your competitors. 

It isn’t necessary to be overly gimmicky (unless that’s your thing) but finding a way to set your business apart by offering something unique is essential.

The Right Store in the Right Location

Before your business has established its reputation as the best shop of its kind for miles around, you will likely be reliant on passing trade. To benefit from the footfall that comes from passing trade, you need to make sure that you are in the right location.

Being tucked away on a side street may mean that you rarely get passersby popping in, so consider the location of your store carefully before committing to it.

Pick the Perfect Stock

Once you have decided on your USP, you will be in a position to start purchasing stock for your store. This is one of the most exciting parts of the process when launching a retail business. Think carefully about your target market when purchasing goods to sell, and pay close attention to industry trends to identify what’s hot and what’s not.

Attending an event such as the gift fair 2019 will allow you to shop wholesale for stock from an array of different suppliers. While you are at the event, you should be able to gain further insight into current trends in the retail industry, and you could gain valuable contacts too.

Maximize Your Merchandising

Having the right stock is vital, but merchandising it in the right way is also essential. Designing your store layout so that it best suits the kinds of products that you have in stock will help to make your store more ‘shoppable’ for your customers.

An appealing window display is one of the best ways to entice customers into your store. Think of the window display as the face of your store and a prime opportunity to showcase your business.