The New Retail Challenge…or is it an Old One?

Retailers seem to be doing it tough and there seems no light at the end of the tunnel. What do they need to do to grow sales? Look at many retailers and their approach is to reduce the price, but how long can this go on for? Working in the USA, Canada and Australia over the last few weeks, I have started to identify five opportunities retailers need to be focused on; Make sure the sales team are interested in the consumer. Tell them what the average sale is, give them a target and reward them if they exceed that target Relook at the price barriers and the price points. You may have to come down to a new price barrier, but make sure you get the top price point. Do not look like the competition, dare to be different Make sure you are looked on as the place where you are a teacher to the consumer rather than the seller of product. Make sure you have a social media policy and you are communicating with your customers Okay, I have discussed these many times before and it may be”common sense”, but take a walk around retail land and you will soon see it is “rare sense” for many retailers. During the next few weeks I will provide new ideas from the USA,Canada and New Zealand on what it happening with the retail and market scene. Not all retailers are doing it tough. In my experience department stores and electronic retailers have been the worst hit. Gyms,movies and food retailers are doing well. Interesting that in Australia food sales are up 3.7% but this has been achieved with a 3.6% reduction in prices.