Wednesday 22 February 2012

Retail Recovery – The Key Points So Far

Retail Recovery – The Key Points So Far
1.       Stop waiting for things to improve – they are simply not going to improve unless you take specific action.
2.       Margin is king. There has been so much emphasis on cheaper retail prices that reduced margins are killing us. Agressively seek products that give margin flexibility and abandon those that don’t.
3.       Screw down your suppliers. There is significant evidence that overseas suppliers have been selling to Australia at higher prices for no good reason.
4.       Negotiate good rent deals. Landlords expect it and have allowed for reduced income.
5.       Give your customers an online option. Put simply, customers now want more flexible ways of deciding what they purchase rather than just walking the malls or the market aisles. The QVM has a website - you should be on it. Google/MYOB are offering free websites for business. -
6.       If you can’t see your way clear to having a web presence, make yourself more available in other ways, like with mobile phones.
7.       Allow for smarter customers. The worldwide retail market is much more transparent and customers now have access to inside information.