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87 pages

English

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Description

I put down what I have learnt when I had to run a retail shop. It was a humbling experience because retailing is so complex.

Customers depend on you, and suppliers always have their own agendas and push what they think you should sell. However these are not what customers want to buy. Your duty is to the customer.
At the same time, your investors trust you to bring back a certain return on their backing and support for you.

Finally I found the secret of Success and I am sharing it with you. This book is dedicated to the thousands of hardworking vendors. Never give up. Retailing will always be rewarding.

Sujets

Entrepreneuriat

Business

Economics

Entrepreneurship

Employabilité, métiers et formations

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Publié par	eBookIt.com
Date de parution	25 mai 2014
Nombre de lectures	0
EAN13	9789810786441
Langue	English

Informations légales : prix de location à la page 0,0295€. Cette information est donnée uniquement à titre indicatif conformément à la législation en vigueur.

Extrait

Retail Shop Success
Vincent A. Gabriel
Dec 2013
Published And Distributed Rank Books
ISBN 978-981-07-8644-1 Copyright © 2013 Vincent Gabriel
Typeset and Cover Design: Rank Books
All rights reserved. No part of this publication may be reproduced or copied in any form or by any means – graphic, electronic or mechanical, including photocopying, recording, taping or information retrieval systems – without written permission of the copyright holder.
Condition of Sale This book is sold subject to the condition that it shall not, by way of trade or otherwise, be lent, resold, hired out or otherwise circulated without the copyright holder’s prior consent in any form of binding or cover other than that in which it is published and without a similar condition including this condition being imposed on the subsequent purchaser.
Disclaimer The author disclaim all liability and responsibility for loss caused to any person by any act or omission to act directly or indirectly as a result of material contained in this book.
Printed in Singapore
Preface
I put down what I have learnt when I had to run a retail shop. It was a humbling experience because retailing is so complex. Customers depend on you, and suppliers always have their own agendas and push what they think you should sell. However these are not what customers want to buy. Your duty is to the customer.
At the same time, your investors trust you to bring back a certain return on their backing and support for you.
Finally I found the secret of Success and I am sharing it with you.
About the author
Vincent A. Gabriel ran a retail shop for ten years and he was able to bring sales up to a thousand dollars a day.
About the approach
This book is dedicated to the thousands of hardworking vendors. Never give up. Retailing will always be rewarding.
Table of Content
Retail Shop: Success!
1      More Is Key To Successful Retailing
2      Thirteen Retail Formats
3      Knowing Yourself
4      You Can Be Any Where Now
5      How And What To Buy For Your Customer
6      Using Store Design And Layout To Maintain Customer’s Interest
7      How Your Staff Succeeds In Achieving Customer Satisfaction
8      Telling The Customers That You Have Something For Them
9      Online Retailing – The Challenges
10      Using Culture And Events In Retailing
UNIT 1
More Is Key To Successful Retailing
After reading this unit you will know:
•      the future of the retail shop business
•      where you stand in the cusp of success
Introduction
In 1978 I published “Success in the Retail Trade” when retailing in Singapore was beginning to pick up as the “Shoppers Paradise” theme was used to bring tourists and other foreign visitors to Singapore.
About that time the traditional village shop went extinct as newly rich locals thronged the sparkling new shopping malls along Orchard and Marina, the fully stocked supermarkets and the Japanese and managed department stores, that reflected Japan’s economic might.
In 2013 the scene has changed. Shopping malls are located in every area with large concentrations of people. The latest to open (June 2013) is the Jurong East Mall (JEM) and the enthusiasm of the curious has not waned.
Customers go to Johore, if they want good value, as the exchange rate between the dollar and the ringgit works in their favour.
Customers who want variety (or in retailing jargon product depth). go to the category killers.
Customers use technology to bring retail products. More e-books are sold and downloaded than print books. The bookshop of old, where most of us have fond memories of browsing at books and magazines, is just that: a happy memory.
Getting Your Bearings
My recommendation is for the newbie to start in one of the thirteen retail formats (see Unit 2 ).
However the sheer variety in retailing makes it necessary for us to categorise the retail organizations. The most straightforward start is product lines, as shown in Fig 1.1

Product Line
Example(s)
Customer Appeal
Focused Product Lines
Vending Machine
•      buy only one item
•      time saving
Related Product Lines
Courts
Ikea
Kinokuniya
•      deep assortment
•      service staff is knowledgeable
Full Variety in Products
Hyper-markets
•      choice from the deep assortment
•      range of prices
•      personal service
•      better shopping experience
Fig 1.1 Product line as a category
Another way of looking at retailing is to classify according to emphasis on price as in Fig 1.2

Price
Example(s)
Customer Appeal
Most Emphasis
•      Consumer Co-operative
•      One Price Shop
•      Purchase of basic essentials, rice, sugar, cooking oil, salt, milk powder, vegetables, fish, meat
•      Related items: stationary, household items, simple casual wear
Moderate Emphasis
•      Most shops
•      Variety of goods
•      Knowledgeable service staff
•      Range of prices
•      Better shopping experience
Least Emphasis
•      Convenience stores
•      Open all the time

•      Flagship stores of brands
•      Latest brand offering
•      Personal service
Fig 1.2 Degree of price emphasis as a category
A third way is to look at where the retailing is taking place, based on rentals and history, as shown in Fig 1.3

Location
Example(s)
Customer Appeal
HDB neighbourhood
•      stationery
•      medical hall
•      furniture
•      convenience
•      cheaper sometimes
•      friendly neighbourly service
Shopping Mall
•      J8
•      JEM
•      Nex
•      more variety in the goods
•      nearby, at one time customers could only get these at Orchard Road
•      more choices in the goods
•      the shopping experience
Down Town
•      Tanglin-Orchard
•      Marina Bay Sands
•      Raffles Place
•      signature name products
•      chance to keep up with the latest in the rest of the world
•      during the SALE, prices comes down drastically
•      frequented by foreigners, visiting Singapore
Traditional
•      Little India
•      Chinatown
•      Geylang and Geylang Serai
•      Kg. Glam
•      Lucky Plaza, Peninsula
•      the home away from home with the people and the goods of the home country
•      opportunities to speak in one’s dialect/language
•      chance to remit money home and get news from home, that otherwise is not available in the local media
Where you stand
The special feature about you is that you are a little bit of everything. You have a stake in the product line, you want customers to buy, so price is a concern, but you have to be careful about the location. If you are isolated, no one comes to the shop.
Retailing is so diverse that you simply cannot offer everything – variety of goods, low prices, a convenient location for the customer.
Simply put you have to make choices. That is done by targeting the customer. Whom do you think you want to sell to? Then what does he or she want to buy?
What is the price they are prepared to pay?
At those prices, how much are they going to buy?
What accompanying services do they need, before or after they have bought. As examples: if you sell a ready to wear office clothes, some customers need alterations before they can wear the clothes. If you sell a flat screen TV customers may need installation, help in linking the screen to the video recorder or simply a guarantee of service on breakdown of the equipment.
UNIT 2
Thirteen Retail Formats
After reading this unit you would be able to:
•      explain the 13 distinctive retail formats
•      identify the business opportunities associated with three formats
•      identify the threats in the market
Introduction
Speciality merchandising in shops that display, market and sell a narrow range of goods is an effective way to outwit and outperform the department stores, hypermarkets, retail chains and multi-national retail organisations.
Speciality shop
Speciality shops have become more important after 2013 as a consequence of:
a)
the buying power of the consumer (aged 15 to 34) who is seeking an identity and wants to express his/her individualism through quirky items like gothic belt buckles.
b)
the ability of two-income families to purchase quality clothes and personal accessories that reflect the status of the wearers.
c)
the importance of the house as an expression of the achievement of the family and hence the need to furnish with household décor items that reflect prosperity e.g. stoneware fountains.
d)
the acceptance of the power of the quartz and crystal as part of the spiritual dimension of the lives of some consumers.
e)
the demanding pace of work life means that when work is finally over, the ordinary shops are closed, hence the popularity of shops that provide the opportunity for customers to get needed items quickly.
f)
the cash rich career women are seen as “queens” who can afford o pamper themselves with the things they want.
g)
the popularity among “empty nest couples” for western line dancing has led to the demand for ‘cow boy’ items like boots, buckles and bolo ties.
h)
adults and children have grown heavier and the basic clothing sizes are not sufficient and people who want to be comfortable have sought sizes like XXL and even larger sizes.
i)
the hero-worship of TV, film and sports personalities has created a market of “hand-me downs” of these people to customers who indulge themselves on ‘signature’ items.
j)
with more money to indulge their fancies consumers have been able to acquire the things that are considered “quaint” like Peranakan furniture, Dutch colonial lamps.
k)
some shops specialise in the tools of modern technology like smart phones, personal digital assistants.
l)
young people are going on ‘adventure’ holidays into remote places of climatic extremes and hence require special clothes and equipment.
m)
Cable TV has fuelled the “manga” or comic book craze of Japan in Singapore and specialized comic book stores,