Latest Retail News – 30/1/2014

Latest Retail News – 30/1/2014

1. New home sales have increased for the first time since the GFC hit in 2008.
2. Australian online tailor, Institchu, is expanding into the UK.
3. NZ franchise accused of firing three staff via Facebook.
4. UK’s Barclays Bank to close 400 branches in favour of smaller supermarket sites.
5. Successful US mobile payment company, Square, rumoured to be coming to Australia.
6. JB Hi-Fi’s December half profit up 10% due customer loyalty.
7. Cotton On group prepares for expansion into Brazil, Columbia, and Panama.
8. Deloittes suggest retail will benefit from lower Australian dollar and increased wealth.
9. Starbucks sales growth slows but profit jumps.
10. Coke Zero in 1.25l bottles to be offered for $1 in February Woolies promo.
11. Indonesia’s retail sector expected to grow faster than other markets.
12. Deals Direct lists on Australian share market.
13. US consumer confidence rises in January.
14. David Jones combines customer innovation with marketing and financial services in new executive position. 
15. UK supermarkets Tesco, Waitrose, and Asda, plan grocery collect lockers at tube stations. 

Four Tips for Market Success in 2014.

It’s a new year and advice flies thick and fast for retailers prepared to tackle new consumerism. We have tried to pick through all the various articles and come up with some ideas particularly relevant for Queen Victoria Market traders.

1. New and exciting is the buzz phrase for consumers. Consumers are in the box seat. They want to be excited every time they go out shopping so looking for new things is important. Before you get depressed about all the stock you are already holding, new and exciting may just mean presenting your things in a different way.
2. Know what your competitor is offering. This is talking about your biggest competitor – online. We may be in an old-fashioned, traditional retail environment but our customers are up with the latest technology and doing a lot of their research online. Google your products and see what your customers are looking at. Are the products that come up in a Google search found at your stall? Is your price close? You don’t have to be cheaper. There is growing evidence that consumers are prepared to pay a little more for good personal advice and service. But if Google says the best product for a particular purpose is Widget A, you had better have Widget A, or something really close.
3. Product Individualisation. In a mass production world, customers like to think they can get something that is special to them. If you can provide that special little difference it may be the clincher in a sale. That difference may be in colour or texture or size and it may be very small but also very influential.
4. Seamless Shopping. Shopping used to be around shopping trips. Now it is conducted anywhere, anytime, in many different ways. When your customer wants to buy, you need to be there. And that seamless accessibility can simply be from the business card you gave out on your customer’s last visit with your telephone number and, ideally, your website on it. Or you could be featured on the QVM website which gives you a good chance of coming up in a Google search.

These are just a few ideas and possibly a good starting point for your market business. Look around at some of the better operators at QVM and there is a very good chance that they do each of these 4 things really well.

Have Your Say – click here.

Do Your Genes Say Night Market or Day Market

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An interesting article on Smart Company this week talked about how our circadian rhythms mess around with a normal 24 hour day (adding 15-20 minutes per day) and how our genes often make us more disposed to night time or day time operations. Are you a morning person or a night person, and how do you handle the conflict with your actual working demands?

If you are night person but forced to arrive at the market at 6:30am each trading day then there can be problems. But an Associate Professor at Queensland University says there are ways to minimise the impact of working at your less preferred end of the day and adjusting to that crazy circadian rhythm cycle.

One of the key ways is to establish a routine that helps to override what your body is telling you. Things like regular wake-up times (even on non-working days), regular breakfast patterns, and then scheduling that cup of coffee at the same time, all help.

Light is another important factor. Our bodies produce a hormone called Melatonin which basically makes us sleepy. It is less active when there is light. So when you wake up in the morning and throw aside the curtains to let the sun in you are helping your body wake. On the other hand, if you stay up late looking at strong light sources like your computer or mobile phone you are inhibiting your body's readiness for sleep.

So, there are some tips for handling the various impacts of genes, time and light on our working day but if you work both the night market and the day market, you have our sympathy.

Have Your Say - click here.

Happy Australia Day!

To all traders, their families and staff, and to all members of the management team -

 Happy Australia Day!!!!!!

Have Your Say - click here.

Latest Retail News – 26/1/2014

Latest Retail News – 26/1/2014

1. Confectionary brand, Kit Kat, opens first ever retail concept in Japan.
2. Singapore company buys Gloria Jeans coffee shop global brand.
3. Major US retailer, Overstock.com, accepts Bitcoin.
4. Fake luxury goods booming in India.
5. Burger chain, Grill’d, gives free beer and burgers if temperature reaches preset target.
6. Australian Stationery chain, Smiggle, to roll-out in UK.
7. Young Generation Z’s less likely to buy Australian made.
8. China’s retail sales rise 13.1% in 2013.
9. Credit card signatures phased out by 31st July 2014.
10. ACCC grants interim permission to Victorian newsagents to collectively bargain with Tatts and Intralot lotteries.
11. CBRE says Vietnam presents strong growth possibilities for retail.
12. McDonalds reports disappointing quarterly sales.
13. Reject Shop share price falls 33% following disappointing comparable store sales.
14. David Jones accepts Union Pay, China’s national debit/credit card.

Most Significant Change In Retail Since ‘60’s

Deloittes in the US have described the current dramatic changes in retailing as the biggest thing since the big-box discounters like Wal-Mart began to gain momentum in the 1960’s.
The recent Retail Federation convention in New York described some of the major problems for retailing – 
1. Physical stores have become boring.
2. Mobile phones are being used more often but they are not a great way to shop.
3. Privacy has become a major issue as shoppers are asked to give more information in exchange for deals.
4. Discounting has become endemic and it is hurting the bottom line.
5. Neglecting the retail basics. We need to get back to the basics of an enjoyable, reliable shopping experience.

Have Your Say - click here.

Contact at Shop for Shops

We recently posted about a special deal available to QVM traders at Melbourne's Shop for Shops outlet. They have now advised us that Andy Nguyen is their "go to" man for traders. "Andy works in our Custom Solutions (Shop Fitouts) Team and also has an extensive knowledge of our Off The Shelf range. In an added bonus Andy drives past QVM twice a day so is well placed to meet with stall holders when needed."

You can call Shop for Shops on 1300 11 SHOP

Consumer Confidence Falls

Westpac – Melbourne Institute Index of Consumer Sentiment fell 1.7% to its lowest level since last year’s federal election.

The loss of 22,600 jobs in the December employment figures worked against the usual boost in confidence during the festive season.

Westpacs Chief Economist, Bill Evans, said “Typically the January survey shows a strong seasonal upward bias because of the ‘holiday effect’ and seasonal adjustment is important to gauge the underlying strength of the index - for example, over the last 5 years on a seasonally unadjusted basis the index has risen by an average of 5 per cent in January,” Mr Evans observed in the report. “The unadjusted lift in January 2014 was a comparatively modest 2.5 per cent, emphasising the softish nature of the result.”

Computer Market Comes to QVM

Australia Day, Sunday, is an important day for lots of reasons including the introduction of a computer market under our sheds.

QVM are promoting a special Australia Day with a World BBQ on Queen St. the String Bean Alley Design Market and Victoria’s Largest Technology Market at the Peel St. end of A shed.

The BBQ will be a multicultural treat with Aussie beer available and the Technology market will feature retailers, wholesalers, and importers with a whole lot of tech stuff. More details on the QVM website. Definitely a day to look forward to for lots of reasons.

Have Your Say – click here.

It Was Hot Enough To......

Last week’s record heatwave caused distress and confusion to many QVM traders and customers. Traders who made the decision to stay away may be interested in our photo which shows caricaturist, Ivano’s, drawing pencil during the 43 degree Thursday (probably hotter under the sheds).

Traders who did trade don’t need reminding, but we would be interested in your stories anyway.

Have You Say – click here.

Should We Have A 40 Degrees Rule At QVM?

After the pain and discomfort of 4 consecutive days of 40C+ traders are asking if QVM should have special provisions for trading in extreme heat. There are many ways that extreme heat impacts on traders. There is the debilitating effect of heat on our health,  the lack of business as our customers stay away,  and the impact on our stock and equipment.

Like many issues we face at QVM this is not an easy fix. There are just so many considerations. Customers have a right to expect market service even if they only turn up in small numbers. Not all traders would want to close the market on extreme heat days (as some have suggested). We understand that a number of traders did quite well over this week of heat records although that may be due more to reduced competition than anything else.

It has been suggested that 40C+ days should be free choice days, and that absence on those days should not come off leave entitlements. There is little doubt that more leave would not be favoured by management and balancing the needs of traders with the need of management to collect rent is an ongoing argument. But at least traders should have the choice of trading or not trading in extreme heat and, at the moment, SL traders don't have that choice because they are not allowed single day absences. There is an argument that all traders should be able to choose to take leave in extreme circumstances depending on their personal physical condition, the nature of their business, and their responsibilities to staff and family. This restriction on SL Traders needs to be changed.

There is another aspect of heat that needs to be addressed and it is particularly obvious under the sheds. We haven't yet documented temperatures under the tin roof but it is generally conceded that you can add another 3-5 degrees to the outside temperature on a hot day. Prahran, Dandenong, and South Melbourne markets all have cooling systems of some sort under their roofs. Like with our lighting, it would appear we have a lot of ground to make up just to meet minimum standards. 

Have Your Say - click here

COMMENTS:
19/01/2014 16:42:04 Heatwave "We traded every day and were pleasantly surprised with the take.  It seemed that there were only 10% - 15% of traders and very few visitors, however, those that braved the weather were there to shop, not kick the tyres." Terry Lawn (Airllywood)  

26/01/2014 10:30:53 Heat rule "I agree that we need a rule for the extreme heat. All industries are required under OH&S requirements to have something in place, to ensure the safety of those working. Yes we are all self employed, and therefor responsible for this ourselves, but in saying that, we are all on a license of some form, governed by the QVM PTY LTD, making the market responsible for implementing a rule. I agree that these days should be free days, in both rent, and leave entitlements. I did not work Thursday or Friday, and this was a personal choice, but not due to the heat, but the severe fire dangers predicted in my region. This was justified with several fires that burnt within a few km's of my house, and l was able to take necessary steps to protect my family and property. I would like to point out though, Neil Mitchell on 3AW was advising people the market was CLOSED due to the extreme heat, which was wrong."

Considering Changing Your Product Range?

The New Year brings with it an opportunity to review your market business and make plans for 2014. Retailing is going through a difficult time and it is important that we constantly look for innovative ideas to make our business more attractive to consumers.

Part of your plan may include adding new products or even completely changing your product range. There have been a number if articles on this website about the repetitive nature of some categories at QVM and, maybe you have considered a change of direction. Changes can certainly be made although obviously you need management approval and QVM management have offered a service that may assist.

Victoria Niewalda has been engaged by QVM to assist traders in evaluating their retail operations. Victoria will be attending the upcoming Melbourne Gift Fair and is happy to meet with traders and discuss their product range options. Simply give her a call on 0419 548 815 to start the process or talk to one of your Trader Representatives.

With the Melbourne Gift Fair coming up (1-4 February) the time is right for considering options in the gift, homewares, jewellery, and handbag categories but traders in all categories are welcome to ring Victoria and discuss their retail needs.

Have Your Say - click here.

Finally - A Use For 3D Printing

As a retailer I am always looking for innovative ways to excite my customers and 3D printers seem to have fascinating possibilities. For the un-initiated 3D printers are desktop printers that produce solid 3 dimensional objects, usually made by plastic extrusion, which can do their manufacturing in your home, office, or warehouse. Just program in the item you want and press the button.

I'm sure these things could be very useful and in fact there are some breakthroughs for medical technology but for mass appeal so far all I have seen are some pretty cheap looking plastic figurines that are hardly exciting the senses. But now I see the light. US chocolate maker, Hershey's, have just signed up a deal to create 3D printers that make things out of chocolate. Just put in the right software and you can pretty much produce any item out of chocolate. Now that has real possibilities. And just think, you can eat the failures! 

Have Your Say - click here

Latest Retail News – 17/1/2014

Latest Retail News – 17/1/2014

1. Rolex open their first Australian standalone store in Sydney’s Martin Place.
2. Iconic discounter, Dimmeys, placed in administration.
3. Victorians now considered the nation’s most anxious people due struggling manufacturing and automotive sectors.
4. Costco plans 4th Melbourne outlet at Moorabbin.
5. Target’s US website hacked and customer details, passwords exposed.
6. US outfitter, Brooks Bros, to open first Melbourne store at Emporium in February.
7. Coles and Woolworths rank amongst world’s top 20 retailers.
8. David Jones strengthens local exclusive brands with 6 new labels.
9. Ibisworld predicts slow progress for sun glasses sector over next 5 years.
10. Retail sector welcomes Federal Government push to get rid of red tape.
11. Nike opens tennis court on top of Melbourne Central to attract tennis tourists.
12. Snooze and Freedom unveil new store concept.
13. Super retail Group shares dive as sales forecasts reviewed.
14. US department store, J.C.Penney, announces loss of 2000 jobs and 33 store closures during revamp.
15. Apple to open Australian flagship store in Brisbane.
16. ACCC urges government to sell Australia Post.
17. Brisbane online retailer first to use Australia Post’s 2U2day service for same day delivery.

UK Supermarket Responds To Dramatic Shift In Consumer Habits

One of the UK’s major supermarkets, Sainsbury’s, has just announced that it now has more convenience store outlets than supermarkets.

The chain is embarking on a major expansion of its convenience stores as consumers show a preference for shopping little and often. The trend helps customers to stick to their weekly budgets and cut down on waste.

UK supermarket giants, Saisnbury’s, Tesco, and Morrisons, all reported poor sales in the lead up to Christmas. Sainsbury’s sales growth was only 0.2% in the lead up while its convenience stores sales were up almost 18% and online up by 10%.

An analyst for UK’s Rabobank said that the trend towards convenience stores was also creating “hybrid customers” who were comfortable purchasing at the premium and non-premium ends of the buying spectrum.

Have Your Say - click here.

Four Big Technology Trends for 2014

This year’s Consumer Electronics event in Las Vegas has identified four key areas for domination in 2014.

Self Driving Cars – cars that navigate on auto pilot and a huge range of gadgets and devices for automobiles were a big hit at this years show.

Smart TV’s – not just smart TV’s but big TV’s with even more detail plus TV’s that bend.

Smart Home Integration – Google just paid over $3billion for a manufacturer of fire detectors and home appliance controllers. This sector is set to boom. Everything from electronic locks that automatically unlock as you approach your front door (with your mobile phone) to lights that go on and off as your enter and leave.

Android Operating System – the PC world is dominated by Windows and Apple operating systems but the news that Android is joining the fray could have big implications.

Instant Messaging Replaces SMS

In the UK more messages are now sent by instant messaging apps like Whatsapp and Snapchat than traditional SMS. And this is part of a global trend.

Generally, instant messaging apps require smart phones and can only be used if the particular app is on the sender’s and the receiver’s phone. But, because they are free, instant messaging apps are leading the race. This trend may have implications for retailers as they communicate with their customers.

Beacon Kits Launched for Retailers

Apple has been developing its new iBeacon technology which facilitates connection between retailers and the customers near their stores.

Now a company has released a retail iBeacon kit that brings the concept to reality. The basic kit will provide two iBeacons (with two year battery life and 60 metre range) plus the software to start communicating with customers.

Communication to phone users could include special offers, payment options, or product information. The kit also helps track customer behaviour including how many take up an offer. Kits start at 249 Euros (around A$380). Find out more by clicking here - Beaconic

New Cafe Concept Charges By The Minute

A new concept out of London has turned the cafe industry on its head by charging 3 pence (around 5 cents) per minute for time spent at their tables.

Everything in the cafe is free including tea, coffee, biscuits, toast, and fruit & vegetables. It is all pretty much self serve and customers are given a big clock to put on their table so they can keep track of time. The idea addresses the problem of maximising profit from every seat in the house. It is a global problem for cafes that customers tie up space for hours, often using free wi-fi but only purchasing a cup of coffee.

Industry commentators have called the idea a gimmick that is unlikely to take off in Australia.

Have Your Say - click here.

Which Industries Will Boom and Which Will Bust in 2014

Ibisworld predicts that organic farming will thrive in 2014 along with diamond & gemstone mining, superannuation funds, online shopping and internet publishing & broadcasting.

Australia’s organic farming is expected to increase by 13.7% over 2014 driven by health consciousness and environmental awareness. The sector has experienced supply chain improvements, better processing capabilities, and more variety with a greater range of retail outlets prepared to expand their range.

The industries expected to suffer in 2014 are CD’s & DVD’s, mining, horse racing, sugar-cane growing and newspaper publishing.