Reviving Retail: Recent Episodes
Paul Watkins
A spike up after lockdown can be due to the novelty of being able to shop again. But what then? How do you keep your retail traffic flowing?
Growing the gross margin in retail may seem impossible due to your heavily discounting competitors. But there are some surprisingly easy ways to do this. This episode covers terms of trade
The tactile experience. In retail stores customers can touch feel, smell and try on items. How are you making sure this works for you?
Lockdown has created changes to retail that are far more significant than those due to SARS or the GFC or any other trading glitch. What are these? Click and collect, the retail experience, subscription retail and other changes are very apparent.
Getting your retail store back into profit after lockdown can be accelerated using this key step. Use your database of customers and of you dont have one create one. Right now that may get easier to do than you think.
Reviving your retail store after coronavirus and its resulting lockdown is going to have its challenges. Things have changed. Buying patterns have changed. Stores need to evolve rapidly to survive and social distancing may be around for a while yet. The process for marketing your store for growth has taken a new direction. The bottom line is that you must ow have strategies for growing your customer count, growing their spend at each vist and maintarjni g or growing your profit margin on each item sold. Not easy, but can be done. Each episode will focus on a key element in reviving your retail story's profit.