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Risky Retail: 3 Key Challenges Stores Need To Overcome

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Anyone who has ever tried to run a store will tell you how challenging it can really be. Retail really is surprisingly difficult to get right, even if you are quite experienced in the world of business as a whole already. In retail, there are certain rules and regulations which you need to make sure you are abiding by, and that’s not to mention the difficulty of remaining competitive at all times. Retail often seems to be subject to whims of unconsciousness as well as seemingly random downturns in business, and these can affect the performance of a company greatly. If you are thinking of setting up a retail store, there are a few key things you should think about first.

Location

Finding a good location for your store is always going to be hugely important, as it is one of the main determining factors for how successful – or not – your business will be. You should, therefore, spend plenty of time at first finding the right location for your business. If you fail to do this, it might result in a poorer performance almost immediately, and that is definitely not what you want. But finding somewhere which will provide decent football is hard to do, and it can take plenty of trial and error to get right. When looking around, it is a good idea to think about whether you want to buy or rent the property, as this alters the nature of your search. If you’re buying, you’ll have to find a commercial mortgage broker, so that is something you need to consider – and if you are renting, you need to be confident enough in your monthly sales for it to be worthwhile.

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Branding

A successful retail store is one which offers itself up to the consumer unashamedly from the first interaction. To achieve this, you need to think carefully and long and hard about the branding of your business, and how you can make that brand clear in the way your store looks and feels. At every step, you need to be thinking about the customer’s actual experience, and how it will translate from the page when you are planning. Try to design your store in such a way that customers get an immediate and powerful sense of what it’s all about right from the start. This will ensure a much greater return rate than otherwise and is generally the best way to get started in retail.

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Merchandising

The design and layout of the store are not just about the brand, however. You also need to have a strong head for merchandising, and that is something that a lot of people really struggle with in the early days. Put simply, merchandising is the act of knowing how to best present products (and rows and lines of products) in such a way as to increase and improve sales and overall performance. You need to think about what is likely to sell the most, and that can be a hard thing to perfect in a short amount of time.

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