10 Secrets to Creating a

Successful Retail Business

Worldwide, total retail sales were more than $22 trillion last year.  Total annual U.S. retail sales increased an

average of 4.5%.With 76 of the largest retailing

companies in the world based in the U.S. and over $5 trillion in annual

revenue, it is the undisputed retail industry leader.

   

To reach the epic success of these retailers, there are several success

factors to consider.

And, while the retail industry’s success factors vary widely

depending on the type of business, the following practices are

repeatedly observed among many successful retailers.

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Choosing a location is one of the most important factors for retailers. The following factors should be considered:• Potential traffic • Demographics• Accessibility• Visibility • Competition and proximity

Determine the Best Location

Analyze the competition’s product and service offerings, packaging and visual

displays in order to recognize new industry trends, missed opportunities and new

strategies to compete for sales.

Know Your Competition

Curate Great MerchandisePresent a collection of products customers can clearly see have

advantages over the competitors. Source products that your customers want to buy and a product range that will satisfy your customers’ needs and desires. The products must

also deliver a profit.

Keep on TrendKeep abreast of fashion, technology, product and service

trends. Attend tradeshows and wholesale marts to preview upcoming trends and new products.

But, make sure the products fit in with your brand, budget and your customer base or they won’t sell.

Offer Products at the Right PricePrice must be consistent across the

marketing mix and meet all requirements for your business. Price your product range

at the correct level so that you attract customers and provide value.

Hire the Right TeamWhen hiring people, ensure they

understand your business plan and their role in your vision.

Expect employees to dress appropriately for work and respect

customers. Check all management applicants'

references, require a resume and at least one year of management and two

years of retail experience.

Provide Exceptional Customer ServiceCustomer service is key to any

successful business. Each customer should be treated the same and given equal attention. Treat customers with respect, and always go the extra mile

for them. Doing this each time will win them over and make them loyal over a

long period of time.

Manage Inventory Always be up-to-date on your

inventory so that you have enough products in stock for

potential purchases. Keep a close eye on which

products are most popular and most profitable.

Garner Repeat CustomersOnce you get customers, you want to keep them coming back. Utilize promotional offers, incentive programs and

special sales to gain loyalty and lure customers back.The goal is getting customers to buy from you again and

again and again.

Target Your MarketA top priority is to target a specific base of potential customers – and then to market to this group using appropriate marketing strategies. You need to determine:• Who would want to purchase the items

you sell• Where these consumers reside• The amount of money they are willing

to spend

In summary, these are the 10 things to do to ensure your retail

business succeeds1. Determine the best location2. Know your competition3. Curate great merchandise4. Keep on trend5. Offer products at the right price6. Hire the right team7. Provide exceptional customer service8. Manage inventory9. Garner repeat customers10.Target your market