4 Tips for Opening Your First Retail Store

Opening Your First Retail Store

Some sections of the media might suggest otherwise, but pick your niche and make some wise decisions, and retail certainly doesn’t have to be dead.

Sure, the effects of the pandemic are still rippling through retail, and there are some very nervous businesses and entrepreneurs out there.

However, get the basics right, and it’s still possible to make a success of a retail store. Let’s take a look at some essential tips to help facilitate this. 

1. Location, location, location

Retail StoreUnsurprisingly, let’s start with the famous cliche.Choose the wrong location – and you’re onto nothing.

Of course, the wrong location can take on many different forms. It might be because of low footfall, and fortunately, there are many methods to predict this before signing your first contract.

The wrong location might be about your target demographics or even the rent. In the case of the former, you’ve got to know your audience and, ultimately, where they shop. In terms of rent, it’s no good splashing out huge sums on your monthly rent and the necessary insurance premiums if you can’t afford to do other elements of your business correctly.

Your desired location might not yet be available, but that doesn’t matter. Bide your time and get the area that will do your business justice. If you don’t, you’ll heighten your chances of echoing the media’s concerns. 

2. First impressions count

When a potential customer enters your store, they will make a judgement on it within seconds. This initial judgement must be a favourable one.

There are many ways to make a great first impression. Make sure that your store is clean, well-lit, and free from any potential hazards from the minute they enter. And, even before they enter, make every effort to get your shop window to do the talking for all the right reasons (more on that later).

Your staff should be friendly and helpful, and your products should be displayed and easy to find.In short, you want your store to be an inviting place where potential customers will want to spend time. 

3. Upselling is crucial

shopping-at-retail-storeTo be successful, you need to be selling as much as possible.To do this, you need to be upselling at every opportunity.

This means cross-selling complementary products, offering customers discounts if they buy in bulk, and generally doing everything to encourage customers to spend more money in your store.

There are a whole host of hacks in the retail environment to help you along your way. It might be by the position of the cashier (back is better) or by placing so-called bargain items near the cashier. Never stop testing the best mechanisms; there will always be ways to improve your average customer’s sales. 

4. Don’t allow your shop window to go stale

Your shop window is one of your most powerful marketing tools. Use it wisely.

If you have a seasonal business, ensure that your window display reflects this. If you’re selling popular products at a particular time of year, make sure that your window display reflects this.

And, even if you don’t fall within the seasonal group, it’s essential to keep your window display fresh. This means changing it regularly and ensuring that it’s always in keeping with your brand.

A stale shop window is one of the quickest ways to turn returning customers away – there’s nothing new for them to come back for.

Article Submitted By Community Writer

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