Three Options

Today I had the opportunity to walk around Sydney looking at the retailing taking place. It became clear retailers are being faced with making a decision. A decision which has three options; Option One – Do nothing and face the consequences. The consequences for many retailers is a slow death! Option Two – Play the discount game and sell a commodity at a price. All the text books will tell you this will result in the demise of your business. It may work for a short period, but ,many of the retailers I visited have been doing it for months and in some cases years. The problem now is they cannot get out of the trap and do not have the cash flow to invest in the future. Option Three – Focus on adding value to the customers experience. This may allow you to put your prices up, it should definitely allow you to maintain your existing price strategy. It definitely allows you to develop your business for the future. The challenge is which one of the three options are you going for?