With a shifting market for almost all retail stores, it can be difficult to figure out how to adjust and even how to survive. According to CNBC.com, "there is no time left for subtlety. It is time for reinvention." Additionally, studies show that department stores that constantly implement changes- such as Target and Walmart- are more successful than those who are intimidated by changing trends. There is no denying that online retailing has impacted physical retail stores, but with strategic changes, your store will not only survive, but it will thrive.
What kind of changes should retailers make? The most important change is to offer more products. Target, for example, has a prominent clothing section, makeup section, grocery section and entertainment section, allowing customers to treat is as a "chic, one-stop destination" (CNBC). Some companies have added partnerships that benefit each other. A wider variety of products will bring in more foot traffic and will increase your customer pool.
Another important change is to utilize online resources. Stores have found success in offering pick up services, as well as online shopping catalogs. Using an online platform does not mean a downfall to your physical store, but rather increases the time that customers shop and provides a convenient insight to your products.
Driving foot traffic may seem like a difficult task, but our Visual Merchandising experts at Retail Resource know exactly how to liberate your store. With thousands of products to choose from, we guarantee we have the right displays, fixtures and designs for you. We have the ability to act as a full-service resource from product to guidance. Let us help you reinvent your retail store! Please contact us today or visit our online catalog.
