We live in a rapidly changing economy. The internet has irrevocably changed how consumers shop, and that, in turn, impacts how retailers are faring. Those who are able to capitalize on these changing values are thriving, but those that are staying stuck in their ways are finding themselves left in the dust. Whether you are thinking about opening a local branch of a major retail chain or you are opening the flagship store of your own brand, here are some recent commercial trends to consider before you put pen to paper.
1. It’s better to be a jack of all trades than a master of one
Many of the stores that have closed their doors permanently are what would be considered specialty stores or department stores, specifically stores that only sell one kind of item, such as Payless ShoeSource and Radio Shack. Consumers are becoming less and less likely to want to travel to multiple stores on a day out when they could order everything they need from the comfort of their own home, so if you are thinking of opening a brick-and-mortar store, make sure that your wares have enough variety to bring in shoppers accustomed to the limitless variety of the internet.
2. Don’t discount discounts
Another way that the internet has radically changed the attitudes of shoppers is how much easier it is for consumers to shop around to find the best prices on whatever they are looking for. With major internet retailers like Amazon, consumers can find twenty different listings for the same item, and then find the one with the lowest price and proceed with their purchase. While that kind of model doesn’t work as well for physical stores, there is something to be said for the fact that the sector with the largest number of openings right now is discount stores. Discount clothing retailers like TJ Maxx and discount grocery stores like Aldi have all seen massive growth in recent months. If you can’t compete with the internet’s variety with your store, you can at least compete with the internet’s prices.
3. Make it an experience
While almost everyone can say that they enjoy shopping online, you would be hard-pressed to find someone who would claim that online shopping is an enjoyable experience. Online shopping trades experience for efficiency, but this is exactly something that brick-and-mortar stores have in spades. Take monotonous major retailers like K-Mart and Sears being shuttered as a warning. If the experience of being in your store isn’t enough to bring in customers, you may not want to invest in a physical location.
Do you feel more informed about getting your own commercial property? If so, please contact NAI Isaac today to get started. We are located in Lexington, KY and proudly serve the surrounding area.