(image via istock)
I was asked to share this topic at a franchise event last week and thought it would make a great post this week. How do you build a successful & profitable retail business?
I believe it starts with understanding who your customers are and where are they hiding? These are the few details to look into.
- Are they time pressed which would mean constantly rushing from place to place or are they looking for healthier food choices (i.e. lifestyle) ?
- What are their expectations on value?
- Are they willing or able to pay for your product or service (i.e. demand)?
- Where do they work, live and play (i.e. location)?
These are some of the very important facts and information which are needed before you begin planning the different aspects of your retail business. In my next post I will share Step 2 of the 5 Steps to Building a Profitable and Successful Retail Business.
At Visata Creative, we work together with our clients to Design Profitable Spaces. We work strategically as partners to our clients to ensure that they are equipped with the with the necessary insights and guidance for their businesses based on our years of experience in the retail industry through our interior design, graphic design & strategic marketing services.
To us, bigger space is not always better, what matters most in retail is the profitability of the space. We believe in winning the award that really matters in our industry – Helping our clients achieve the highest profitability possible within their retail business.
View our case studies to see how we have helped our clients achieve their goals and helped improve their businesses.
If you have any inquiries, email us at email@example.com and we will get in touch with you very soon!