The Key Components of Retail
Fifteen years ago, someone asked me, “What is the most important thing about retail? If you were to develop a retail program what would be your #1item?” I still get this question today.
In response, I use the metaphor of real estate. When you ask a realtor what’s important about a building or a home the answer has always been three things: location, location, location.
My retail experience includes my own retail stores, managing and expanding other stores in multiple states, and being part of the executive team of one of the largest retailers in the world.
Over the years, I learned that retail also has three key components:
Merchandising, Merchandising, Merchandising.
It’s all about the merchandise.
What is the merchandise, whose merchandise is it, who is the likely buyer, what story does the merchandise tell the customer, and what are you telling the customer about your merchandise by the way you display it?
It is all about merchandising no matter how you look at it.
If you are interested in retail, think about merchandising, merchandising, merchandising.
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BEFORE YOU GO:
We see our blogs as opportunities for dialogue. Please share your thoughts as comments.
- What merchandise do you carry?
- What story does your display tell about the merchandise, and about you?
- Why should a customer come to you to purchase it?
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Faris Alami is Founder and CEO of International Strategic Management, Inc. (ISM). He works internationally, presenting Exploring Entrepreneurship Workshops and other entrepreneurial ecosystem related ventures.
#entrepreneurship #retailentrepreneurship #merchandising #farisalami
