Create a successful retail store environment.

Elements combine to create a successful retail store. Store fixtures provide the building blocks for an effective layout, but employees, location, and inventory are just as important. Follow these tips for retail success.

Elements of a Successful Retail Store

• Location. Choosing a successful store location is the first step towards establishing yourself as a dominant retail store. No customers means no sales! Keep shopping habits of your target demographic in mind before leasing a space. Independent stores should choose space in high traffic areas since many consumers will be unlikely to venture to find a store they have never been to before. Keep rent prices in mind as well. Too high a price and you’ll be charging more than the market can bear for your products. If you’re a high-end store, don't choose a location in an outlet mall where savings and low prices are stressed.
• Stock your shelves. Dismal, empty shelves won't attract customers. Stocking your shelves is the biggest initial cost to opening a store. Visit other stores to get an idea of the merchandise you would like to carry and the typical mark-up price. Narrow down your choices to a general theme for the store.
• Stick to a theme. Shoppers enjoy the process of buying when they are presented with a well-rounded experience. Distinguish yourself from competitors by using a distinct theme throughout the store. This includes interior design and decorations, store fixtures, and inventory.
• Hire quality employees. Ask potential employees about their interests and hobbies. A fashion design student is more likely to be a valuable employee in your clothing store. Have interviewees outline what traits they have that will enhance the store to make it a mutually beneficial relationship. When hiring management, require at least one year of management experience and two years retail experience as a baseline. They should be able to field questions about software, cash handling, and management styles.
• Expect theft. It's in human nature to be tempted to take, especially when a situation is conducive to it. Eliminate the possibility of thievery by taking precautions. Keep excess inventory locked up. Use security cameras. Keep small items in secure cases. Following these preventative tips won’t stop all cases of theft, so always prepare for the worst and account for lost inventory in your budget.
• Separate sale items. Sale inventory should be separated from other merchandise in a designated area. Strategically place the sale items in the back so customers are required to view all the merchandise before reaching sale items. This will increase the likelihood of additional sales! Give customers a reason to come into your store by highlighting the sale on signage in the windows.
• Customer service is key. One bad experience can keep even a loyal customer from coming back. Remind employees that customers are the ones actually providing the funds for their paychecks. Customer service is more than a cheerful hello. Always aspire to surprise and delight. Word of mouth from a happy customer is the most powerful advertising there is!

If your retail store is still struggling after following these tips, speak with your customers! Listen to their input and be open to suggestions that may revitalize your store.

Palmer Retail Solutions strives to offer our clients the absolute best combination of innovation, quality, service, and value for our diversified custom store fixtures and merchandising displays. For more information about our designs, retail fixtures, cash wraps, kiosks, or point of purchase displays, visit our website at http://www.palmerretailsolutions.com.