There are no guarantees when it comes to taking on a new store – even the convenience channel’s most successful retailers have had failures with new outlets.
However, the expert retailers who make up Partners for Growth Retailer Advisory Panel say that focusing on some key factors when considering adding a new store to your fledgling retail ‘empire’, can really improve your chances of making it a success.
“The prospect of opening a new store can be really exciting” comments panel member Ramesh Shingadia “however it is a huge task to undertake. All the research in the world won’t guarantee the store will be a success – numerous things can go wrong which is why careful planning and attention to detail is essential if it’s going to stand a chance of working.”
The panel members, all of whom are successful retailers who have committed to sharing ideas to benefit their fellow retailers, offer these top tips to avoid potential pitfalls:
1. Do your planning
Consider what you want to achieve from the new store and build a business plan as well as a project plan. Ensure these plans include key activities, dates, costs and additional resources required. Keep these plans updated and share them with all relevant parties, including current staff members as they will be required for the store’s future success.
2. Research the store and the area
If it’s already a convenience store, look at its range, profitability, overheads, accounts etc with a fine-tooth comb. If it’s not, is it the right location for one? If you’re not already operating in the area, do your homework. What are the demographics? What’s the competition? Remember to look at this from the customer’s perspective and include fast food outlets, bakeries etc, if you are thinking of providing ‘food for now’.
3. Keep a balance between your creative vision for the new store and the risk factors
What could go wrong? What might the consequences be for your existing business if the new one fails? If the prospect is exciting but there’s something niggling in the background, work out what that is; it could be crucial.
4. Think carefully about the new store’s USP
This takes time but will pay off. Understand the type of customer you are trying to attract (age, affluence, life stage) and what is important for them. Don’t forget to ask, rather than assume. You may be able to replicate success from your current store but remember, what works well in one location will not automatically work in another – research is key!
5. Provide strong management
You won’t be able to be in two places at once so having experienced and trustworthy managers, either for your current store or the new one, is vital. You will need to communicate your business plans for the store with key measures and targets that are reviewed regularly.
Sharing your vision and performance with the staff members will build a commitment to success.
6. Schedule regular and targeted meetings
These are necessary to keep the project on track. Follow up on ‘action points’ in between times.
7. Have passion and time to dedicate to the project and be hands-on
Ultimately, unless you’re prepared to invest yourself fully into the new venture, there’s no point in starting. Being hands-on is vital to ensure its success.
8. Work closely with your Symbol group
If you are part of a symbol group or looking to make the new store part of one, work closely with them and see what advantages they can bring – whether it be clout with the fitters or financial support or advice. But remember, the success of the store will depend on you, your hard work, dedication and ultimately your vision.
Retailer Advisory Panel member Kishor Patel comments “If you get it right, it could mean much bigger profits; if you get it wrong, there will be serious repercussions – both to your confidence and to your business. Go into it with a clear head and keep focused!”
62 Responses
oftbe4
zw16di
k79evo
wylsof
5x1zob
mf2c72
ny2tbe
22nolc
4ezxjc
ih80h9
gh6xr6
im6kek
310hpe
6aflgt
8bk3p6
obznau
s7ex0i
jrwffx
8hgq05
eqkrck
a782cc
I’m not sure where you’re getting your information, but great topic. I needs to spend some time learning more or understanding more. Thanks for magnificent information I was looking for this information for my mission.
ojxh9s
x65t6q
ithhd7
zlp7yv
01wdad
Really enjoyed this blog post, is there any way I can receive an email every time you write a fresh update?
It is perfect time to make some plans for the future and it is time to be happy. I have read this post and if I could I desire to suggest you some interesting things or suggestions. Perhaps you could write next articles referring to this article. I want to read even more things about it!
certainly like your website but you have to check the spelling on quite a few of your posts. A number of them are rife with spelling problems and I in finding it very troublesome to tell the truth on the other hand I?¦ll certainly come again again.
whoah this weblog is fantastic i really like reading your posts. Stay up the good paintings! You realize, a lot of individuals are searching around for this info, you can help them greatly.
I was very pleased to find this web-site.I wanted to thanks for your time for this wonderful read!! I definitely enjoying every little bit of it and I have you bookmarked to check out new stuff you blog post.
You are my intake, I have few web logs and very sporadically run out from to post : (.
I like this website so much, bookmarked.
Thank you a lot for sharing this with all people you really realize what you are talking about! Bookmarked. Please also consult with my site =). We may have a link alternate contract between us!
It is really a nice and useful piece of info. I am glad that you shared this useful info with us. Please keep us informed like this. Thanks for sharing.
Oh my goodness! an amazing article dude. Thank you However I’m experiencing concern with ur rss . Don’t know why Unable to subscribe to it. Is there anyone getting equivalent rss downside? Anybody who knows kindly respond. Thnkx
As I website possessor I believe the written content here is rattling excellent, regards for your efforts.
50n298
hkb375
tfl0g2
I simply couldn’t leave your web site prior to suggesting that I extremely loved the standard information a person supply on your guests? Is going to be back steadily in order to inspect new posts
Hi there, I found your web site via Google while searching for a related topic, your web site came up, it looks good. I have bookmarked it in my google bookmarks.
agmg13
I’ll immediately grab your rss as I can not to find your email subscription hyperlink or newsletter service. Do you’ve any? Kindly permit me know so that I may subscribe. Thanks.
Woh I like your posts, saved to favorites! .
cagb2h
I would like to thank you for the efforts you’ve put in writing this website. I’m hoping the same high-grade website post from you in the upcoming also. Actually your creative writing abilities has inspired me to get my own site now. Really the blogging is spreading its wings quickly. Your write up is a good example of it.
Hello this is kinda of off topic but I was wondering if blogs use WYSIWYG editors or if you have to manually code with HTML. I’m starting a blog soon but have no coding knowledge so I wanted to get advice from someone with experience. Any help would be enormously appreciated!
Unquestionably consider that that you stated. Your favorite reason seemed to be at the net the simplest factor to consider of. I say to you, I certainly get irked at the same time as other folks think about concerns that they plainly don’t understand about. You controlled to hit the nail upon the highest and outlined out the whole thing with no need side-effects , folks could take a signal. Will probably be back to get more. Thank you
I am really enjoying the theme/design of your website. Do you ever run into any browser compatibility issues? A couple of my blog audience have complained about my site not operating correctly in Explorer but looks great in Opera. Do you have any solutions to help fix this problem?
You made some good points there. I did a search on the topic and found most guys will consent with your website.
You made some decent points there. I looked on the internet for the subject matter and found most individuals will consent with your site.
What¦s Happening i’m new to this, I stumbled upon this I have found It absolutely useful and it has aided me out loads. I hope to contribute & help other customers like its helped me. Good job.
It’s hard to find knowledgeable people on this topic, but you sound like you know what you’re talking about! Thanks
UK Personal Protection Ltd offers SIA-licensed bodyguards for hire in London, across the UK, or worldwide. Their operatives are highly trained in close protection, anti-ambush, hijack response and first aid, delivering confidential, bespoke security solutions to VIPs, executives, diplomats, and high-risk individuals.
UK Personal Protection Ltd offers SIA-licensed bodyguards for hire in London, across the UK, or worldwide. Their operatives are highly trained in close protection, anti-ambush, hijack response and first aid, delivering confidential, bespoke security solutions to VIPs, executives, diplomats, and high-risk individuals.
Those are yours alright! . We at least need to get these people stealing images to start blogging! They probably just did a image search and grabbed them. They look good though!
After study a few of the blog posts on your website now, and I truly like your way of blogging. I bookmarked it to my bookmark website list and will be checking back soon. Pls check out my web site as well and let me know what you think.
obviously like your web site however you have to take a look at the spelling on several of your posts. A number of them are rife with spelling issues and I find it very bothersome to inform the reality nevertheless I will definitely come back again.
What does a Farmasi Europa Beauty Influencer account mean? Earn money at your own pace and personally with Farmasi Europa. Five major European countries have joined Farmasi Europa: Spain, Great Britain, France, Italy, Portugal. A bunch of countries that have accumulated tens of thousands of Farmasi Europa beauty influencers.
What does a Farmasi Europa Beauty Influencer account mean? Earn money at your own pace and personally with Farmasi Europa. Five major European countries have joined Farmasi Europa: Spain, Great Britain, France, Italy, Portugal. A bunch of countries that have accumulated tens of thousands of Farmasi Europa beauty influencers.