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10 Principles of Successful Retailing

By Geoff Lurie

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
       

 

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