Tag: retail

As major retailers like Sears fall like very large dominos, you’d be forgiven for thinking the death knells have sounded for brick and mortar retail.

Closer to home, Myer is grappling with its own downward trend, with the retailer last month posting a $486 million annual loss.

So how are things going wrong for such significant retail players? And how can brick and mortar retailers’ future-proof their market share?

While there’s no overnight solution, there are reasons that some brands are able to buck even the toughest of economic conditions.

Take these five tips into account and you’ll be on your way to ensuring you have a thriving brick and mortar retail space both now and into the future.

  1. Be customer-centric

Brands can sometimes go wrong by trying to be everything to everyone. Knowing your customer and talking specifically to them, rather than utilising generic messaging, is key. This relates to your physical retail space and fit-out, as well as your other engagement touchpoints, such as a user-friendly website and your social media presence. M.J. Bale founder Matt Jensen is quoted saying that customer service is what sets his high-performing brand apart. Australian Retailers Association executive director Russell Zimmerman agrees, saying that creating a seamless customer experience includes an easy returns process, and good product pick-up and delivery options.

  1. Change it up

Product also must remain fresh and contemporary. Limited edition products and designer capsule collections, like those employed by high street brands Uniqlo and H&M in partnership with the likes of J.W. Anderson and Erdem, create a fear of missing out – and the market responds accordingly.

  1. Show, don’t just sell

In 2018, a brick and mortar retail space must be more than just a place that sells product. Retailers need to be much more interactive, and really showcase their products. In my recent blog postabout my time working at The Body Shop under the leadership of Dame Anita Roddick, I touched on how the company was ahead of its time by encouraging people to not only see but also touch and smell their products. Successful retailers will take up the opportunity to act as showrooms where customers can interact with products in beautiful surroundings. Liberty London, is one example of a destination department store that lovingly curates its products, showcasing artists from around the world, and acting as a launching pad for emerging and undiscovered artists. No wonder the brand has enjoyed success since it opened its doors in 1875.

  1. Encourage interaction

Encouraging interaction and discovery for guests must go further still. Brick and mortar retailers have the opportunity to educate consumers, and provide face-to-face opportunities for interactions with not only products, but also their designers and makers. Retailers must get savvier about how best to do this, and build a real community of supporters. Examples include internal pop up stores within a larger department store, a calendar of travelling artists and producers, and regional roadshows. The key is a space that is always changing and evolving. Matt Jensen of M.J. Balerefers to the “theatre of shopping”, saying, “You’ve got to entertain people as they part with their money.”

  1. Quality is key

Still, repeat sales increasingly come down to quality. Trends suggest consumers are growing increasingly discerning, and are turning away from products that are lacking in quality and ethics. This is undoubtedly one of the reasons why trusted brands such as Swarovski and Tiffany & Co. are continuing to open new brick and mortar storesin a volatile economic climate. Thankfully the trend is not only prompting many retailers to clean up their supply chains, but also to ensure they’re providing real value to customers.

 So whether you’re selling food, homewares, fashion, or something entirely different, remember that outstanding customer service, fresh, quality product, customer engagement, and an interactive retail environment will all help to future-proof your brick and mortar retail space.

 To find out more about Kiikstart’s business planning and coaching offerings for clients in the retail sector, get in touch at enquiries@kiikstart.com.

Head to any successful mainstreet throughout the state and you’ll find it bustling with people. There’s the rich aroma of coffee in the air, people walking laden with bags filled with produce and other local goodies, and possibly even a few art galleries or cultural centres in the mix.

Mainstreet SA describes our mainstreets as “the beating heart of our communities”. They’re where locals and visitors alike come together at the pub or bakery, and where local products are showcased and sold.

But how can we ensure that our mainstreets are sustainable into the future? And, in a regional context, how do we innovate visitor experience and servicing to capitalise on infrastructure growth and other local advancements?

Next week I’ll be speaking at the Mainstreet SA conference in Port Pirie from May 10-11, addressing these key questions.

Co-presenting with Port Pirie Regional Council, I’ll be speaking about innovation in visitor servicing – and its role in future-proofing regional mainstreets.

My experience within the mainstreet space was largely shaped by my 13 years of leading retailing practice in Australia, Canada and Ireland. I’m  driven by smart, cost effective but visionary approaches to the places, people and product underpinning modern mainstreets.

Ahead of next week’s talk, I wanted to share a few little nuggets of wisdom to get you thinking about the future of regional mainstreets.

 

1. Infrastructure is only part of the equation

New infrastructure really is only part of the equation when it comes to creating a successful and sustainable mainstreet. Visitor servicing is equally, if not more, important. When the two work together, you’ll get the best result. A study by Walker – a customer intelligence consulting firm in the US – noted that by 2020 customer experience will overtake price and product as the key differentiator.

2. Generic product and service delivery won’t cut it

So we know that generic product and service delivery simply won’t cut it with discerning shoppers in 2018. But how can we avoid the generic? My presentation will highlight many ways to do so, but these include authenticity and storytelling. Increasingly, customers are favouring quality, but they’re also seeking products and experiences that are authentic and unique to the region they’re visiting. Therefore, interaction with the product or service and its maker will be key. Deliver a high-quality product or service in an interesting and authentic way, and you’re on to a winner. Mainstreets need to be curating the opportunities that showcase the new and emerging artists and talent of a region.

3. Think big

On the day, I’ll be encouraging businesses and communities to think big. It’ll be about overcoming a scarcity mindset, or a mindset where, if I’m paying my bills, I’m doing okay. Thinking bigger and executing a plan that celebrates unique, artisan product, and experiences that are intimate and local, presents both a challenge and an opportunity for our mainstreets and local businesses.

 

We’ll be considering how to best capitalise on your region’s infrastructure, and delivering a modern, innovative service experience that will position your business and mainstreet for great success both now and into the future.

You can find out more about the Mainstreet SA State Conference and view the full program here. I hope to see you there!