solutions savvy Q: 130 Responses collected by Duffy Weir
1. Thoroughly research product and market. Select the right merchandise mix based on market demographics and existing competition. 2. Keep it simple and sharp. The “less is more” approach will typically hold true, especially if launching on an RMU. The visuals and signage also need to be simple and fresh. The merchandise must immediately “pop” and capture the attention of every shopper. 3. Render exceptional customer service. Remember that customer service is part of what’s being displayed and sold, and customer-friendly signage and team members are essential, in addition to positive attitudes and smiles. —Rob Rasmussen
1. When opening a specialty leasing business, first and foremost a retailer needs to make sure the product is relevant to the consumer. If the product isn’t going to be of value to a shopper, then it is unlikely the retailer will ever see significant sales success regardless of how it is priced. Retailers can avoid
Specialty Retail Report n Winter 2012 —Anne Militante
1. Location, Location, Location. Ensure that the product you are selling is one that the demographics in your desired location
SpecialtyRetail.com
Rob Rasmussen Regional Manager Specialty Retail
CBL & Associates Properties, Inc.
cblproperties.com
What are the three most important criteria to consider before launching a specialty leasing business?
disinterested consumers by researching concepts and products thoroughly in advance. 2. Second, the retailer should compensate staff with frequent incentives that are, in addition to hourly pay, based on contributions to the profitability of the business. Staff incentives should be part of a retail business plan from the beginning and paid routinely on a short term and predictable timeline as a regular function of business operations. 3. Last, but equally as important as the above two criteria, is location. Retailer location needs to fit the needs of the consumer and product. Not every product belongs on the 50-yard line of Main and Main, but the right or wrong location can make or break a retail store. New retailers: Consider several location options and even test them via shorter, temporary deals, before committing to anything long-term. This allows the opportunity to avoid paying high rents often associated with “preferred” locations.
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