Retail Doctor
What do you think separates the good retailers from the really great retailers?
Jasmine
Dear Jasmine
As the Retail Doctor, I observe and work with many different retailers and am often asked "What is best practice retailing?" or who is the best retailer and why?
The best retailers that I see share the following characteristics and not surprisingly they are consistently good at doing it.
* They have a plan and a sense of what they want their business to be and achieve.
* They have a "point of difference" from their competition that gives their customer a compelling reason to shop them as their first choice
* They have a clarity of offer with clear branding, a strong message in store , logical layout of POS and inventory that is well presented and
* They passionately love what they are doing. Retail is doubly rewarding if the passion is there and doubly hard if it isn't
* They are very competitive and like to win.
* They do the basics really well. Walk into one of these stores and you can immediately see that they have all the basics from inventory quantity through to rostering and customer engagement operating smoothly and interdependently (We define this as "Fit for business".
* They know that there is no point getting too fancy if the retail basics aren't done well.
* They are very customer centric and do lots of great things for the customers that exceed the customer expectation.
They listen to their customers, value them and even change things for them
* They create a retail "experience" inside their shop for their customers that motivates the freshness and "something new" in their business
* They are positive high energy and can do. Having a positive mindset, being high energy and "having a go" really typify these great retailers. These retailers are positive, optimistic, learn from their mistakes and celebrate their wins. We also admire their resilience and persistence despite the knocks.
* They look after their people and do their best to make their business a great place to work.
* They measure, coach and reward performance. With focus on both team and individual performance.
* Their buyers are always seeking out something new and exciting The role of buying and category management is essential to building a strong retail operation
* Their leaders are visible accessible and "in the field' whenever they can be and not always on the end of a phone line.
* They know what works in their store and what doesn't. These retailers are close to the business in every aspect
* They are innovative and always "thinking outside the box" is just a normal way of life for these retailers
* These retailers always ask themselves the "what if" question?
* Their training systems reward learning and accomplishment.
* Their information systems cut to what is meangiful information in which to make their decisions.