10 Principles of Successful Retailing

As promised in my earlier blog post 10 Ways Retailers Go Wrong, I have listed below the 10 key principles for successful retail.


10 Key Principles of Successful Retailing

  1. Core Customer /
    Define him / her and merchandise to that group
  2. Be Consistent /
    Must extend to every area of the store...at times it may be appropriate to give up profitable business inconsistent with image
  3. Unique and Differentiated Product /
    Need to create a distinctive reputation
  4. Value /
    What the customer thinks is a fair price...not always tied to mark-up or cost
  5. Shopping Experience /
    While product is paramount, shopping experience creates the image
  6. Technology /
    Has defined the way we shop today...retailers must continually evolve yet be simple in executive
  7. Omni-channel /
    An overused but important expression...today's business is conducted across both brick and mortar and online so the customer experience must be seamless
  8. Execution /
    Carefully developed strategies...great execution 
  9. Manage the Balance Sheet /
    Ensure enough resources to withstand the unplanned
  10. Talent /
    Great stores are built by great people