A frustrated trader came to me yesterday and said “There is
a simple answer to this terrible state of business – they {management} just
need to bring us more customers. We need more advertising.” Getting more
customers past our stalls is indeed the answer, and advertisers would love the
connection, but in reality we need to do a whole lot more than just advertise. Is
there really a simple answer?
I am going to do a
dangerous thing – I am going to delve into the past. We know that the past has limited
relevance in the current retail revolution but for illustration purposes it will
be useful. Why was QVM so popular as a retail destination in past decades?
1.
Price – many of us were buying directly off
wholesalers at cash prices and undercutting main street retailers by a wide
margin. And that applied to both food and specialty merchandise.
2.
Convenience – we were open on weekends when
customers wanted to shop.
3.
Many of us were supplying goods that were not
commonly available in mainstream retailing.
4.
Brick’n’mortar stores and stalls were the only
way to shop. You had to go shopping to get the goods you wanted.
I am sure you have
filled in the blanks –
1.
We are now price challenged by retailers who
source direct from local growers and overseas factories.
2.
Ironically we are now seen as being out of touch
with customer who want to shop at all hours.
3.
Sourcing unusual products is now more difficult.
(Note – this might be why artisan traders will become more important for QVM –
creating that point of difference.)
4.
Retailing is no longer just about bricks’n’mortar.
The reality is that the point of difference between us and
our retail competitors is much finer. We no longer have the huge advantages
that we used to have. We have to be much better at all the other small things
that make up success – in football talk it is called working on all “the one
percenters.” Many traders are working hard at this.
So is there a quick fix? - probably not. No matter how you
look at it, bringing QVM forward is going to take a lot of work in a lot of
areas. Dragging in more customers through advertising has little relevance if
they are going to be disappointed with the offer when they get here. We need to
be a magnet that attracts them. Customers need to come here because we do
retailing better than anybody else by offering a variety of well-priced goods,
at convenient times, in convenient ways, with an element of entertainment. And
that comes down to each individual business working hard and developing an attitude
of excellence. There are a number of traders in our market who achieve that –
we just need a lot more (and maybe less of those who don’t want to make the
effort or are involved in over-represented product categories).
One aspect of retailing that hasn’t changed since the good
old days is that a strong entrepreneurial spirit will see some retailers rise
above the pack. Maybe that is the only simple answer for the future.
Greg Smith – QVMAC Trader Representative.
Have Your Say - click here.
COMMENTS:
08/11/2015 13:58:51 The Simple Answer To Our Trading Dilemma "Greg's comments are well considered and on the money.
The elephant in the room though is the unrealistic rents the lock up shops are signed up to. Anyone would think we traded 7 days a week, rather than for a few productive hours each week.
If the market opportunity has diminished and traders are expected to be innovative, management MUST realise that expecting rents equal to what many retail shops pay outside of the market is unrealistic.
The core issue is traffic. Rents must reduce until traffic improves, if it does. High rents are contributing to the closure of shops. How about looking after existing traders as well as doing deals to get replacement tenants into empty shops ?" Realist.
