Opening a Shop: Some Tips for Success in Retail

A lot of us love retail. Some of us love it so much that we want to work in it. Then there are those of us that want to own our own retail space. It can be a wonderful experience opening up your own store. But it can also be a tough one. There are so many factors that will influence your business. No matter what kind of retailer you are (clothes, food or more obscure items), there will be factors you can’t affect. Here, however, are some tips on opening a shop that you can influence:

Choosing a Location

Location, location, location. Where your business is located is going to have a big influence on its success. This is one of the most important decisions you are going to make when opening a store. It doesn’t matter how good the products are, or how great your customer service is if nobody visits your store. You need to select an area where traffic is high – whether that is foot traffic or vehicles. Most people won’t go out their way to visit a new retail shop unless it’s an established name. Getting walk-ins will be vital to your success.

 

Selecting Your Merchandise

Selecting the merchandise that you are going to sell is a big decision. It is also one of the most time-consuming and expensive ones. When you are in this process, it is a good idea to visit a range of wholesalers. Get a feel of the types of product you would like to sell. You need to think of not what you like – but what your target audience is going to buy. Be constantly thinking about how high you are going to mark-up products, and remember to keep what you’re selling within the theme of your store.

Opening a Shop: Hiring Staff

If you are going into retail, the chances are you are going to employ young people/students. You need to make sure that you are hiring the right kind of person. Make sure that the younger people getting hired are going to share the passion for what you are doing. Getting to know their interests and hobbies will let you know if they are a good fit. A good example would be hiring fashion students to work in your clothing store.

Attracting and Retaining Customers

You need to be able to get people in to your store, and you need them to keep coming back. Retail shops thrive on returning customers. One way that you can get people coming back to your shop is by placing sale items in the right place. If you put your sale items at the back of your store then customers will have to walk past all the regular stock first. Chances are something will catch their attention and draw them in.