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Competing with Big Box Stores Article by Shari Waters Presentation by Kati McCoy, Sarah Casavan & Janelle Powell.

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Presentation on theme: "Competing with Big Box Stores Article by Shari Waters Presentation by Kati McCoy, Sarah Casavan & Janelle Powell."— Presentation transcript:

1 Competing with Big Box Stores Article by Shari Waters Presentation by Kati McCoy, Sarah Casavan & Janelle Powell

2 Tips for Retail Competition Independent retail business owners worry about competing with large retailers Independent retail business owners worry about competing with large retailers Studies show people purchase a higher % of goods from larger retailers than from local merchants Studies show people purchase a higher % of goods from larger retailers than from local merchants Many small retailers continue to thrive (and profit) in a highly competitive marketplace Many small retailers continue to thrive (and profit) in a highly competitive marketplace Hasty Freez Burger King Hasty Freez Burger King

3 Tips, con’t The key to survival is to offer products and services that your competition does not The key to survival is to offer products and services that your competition does not Strategies must be implemented to overcome the lower prices and wider selection that the larger retailers provide. Strategies must be implemented to overcome the lower prices and wider selection that the larger retailers provide. Jean’s Health and Happiness

4 Don’t Panic We can be our own worst enemy We can be our own worst enemy When you hear a big company is coming, don’t automatically think you have to close or relocate When you hear a big company is coming, don’t automatically think you have to close or relocate Recognize that you may need to make a positive change to the way you do business Recognize that you may need to make a positive change to the way you do business Assess whether or not you have the desire to make the changes Assess whether or not you have the desire to make the changes

5 Do the Research Seek Advice from your trade association or consider hiring an industry consultant Seek Advice from your trade association or consider hiring an industry consultant Conduct a formal study of what customers value most and least about your business Conduct a formal study of what customers value most and least about your business Understand your store’s competitive edge Understand your store’s competitive edge

6 Do the Research, con’t Don’t be afraid to shop your competition Don’t be afraid to shop your competition The best way to be educated about the way your competition does business is by experiencing it first hand The best way to be educated about the way your competition does business is by experiencing it first hand Talk to their customers, find out what they like and dislike about the store. Talk to their customers, find out what they like and dislike about the store.

7 Dare to be Different Mass Merchandisers generally have a little of everything, whereas smaller specialty stores can focus on a narrow but lucrative niche Mass Merchandisers generally have a little of everything, whereas smaller specialty stores can focus on a narrow but lucrative niche Examples: Examples: The Party Store Scrapbooking Stores

8 Dare to be Different, con’t Establish your store as the place to go when buying these items Establish your store as the place to go when buying these items If your niche is very small, consider keeping a few products and services that appeal to a wider range of customers but have exceptional product depth If your niche is very small, consider keeping a few products and services that appeal to a wider range of customers but have exceptional product depth Focus on what makes your business unique Focus on what makes your business unique Emphasize the originality of your inventory Emphasize the originality of your inventory

9 Dare to be Different, con’t Customers are intrigued by the unusual and are often attracted to the idea of getting something special from an independently owned merchant. Customers are intrigued by the unusual and are often attracted to the idea of getting something special from an independently owned merchant. Smaller retailers also have the luxury of creating a comfortable atmosphere, giving their retail space a special personality, which is often lacking at larger stores Smaller retailers also have the luxury of creating a comfortable atmosphere, giving their retail space a special personality, which is often lacking at larger stores Boccherini’s Coffee and Tea House

10 The Power of Pricing Be open to a little haggling where price is concerned Be open to a little haggling where price is concerned Bargain shoppers know the independent retailer has the power to negotiate a sale and customers are more inclined to shop there Bargain shoppers know the independent retailer has the power to negotiate a sale and customers are more inclined to shop there It’s all about customer perception It’s all about customer perception Using Loss Leaders (goods offered at steep discounts in order to attract new customers to a store ) can also help Using Loss Leaders (goods offered at steep discounts in order to attract new customers to a store ) can also help

11 Personal Attention Treat each customer like your BEST customer Treat each customer like your BEST customer You can concentrate on small details You can concentrate on small details Superb customer service is the biggest asset to the independent business Superb customer service is the biggest asset to the independent business People shop where they feel comfortable and cared about People shop where they feel comfortable and cared about This is the least expensive change This is the least expensive change

12 Staffing Your Store To keep your employees from defecting to the competition, treat them fairly To keep your employees from defecting to the competition, treat them fairly Motivate your staff & pay attention to their needs Motivate your staff & pay attention to their needs

13 Staffing your Store, con’t Help them become proficient in their respective departments and make sure they’re readily available to meet customer needs Help them become proficient in their respective departments and make sure they’re readily available to meet customer needs Will give customers an extra incentive for doing business with you Will give customers an extra incentive for doing business with you

14 Conclusion These tips can help level the playing field These tips can help level the playing field Exceptional customer service or unique products will NOT win out over low prices every time Exceptional customer service or unique products will NOT win out over low prices every time As shopping choices change, so should our thinking As shopping choices change, so should our thinking To succeed, you must lead or at least keep pace with the change To succeed, you must lead or at least keep pace with the change

15 Article Link _box_stores.htm _box_stores.htm


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