Retail Trends & Strategies


  • Better market positioning: This involves more careful identification of market segments and providing service superior to that of competition.
  • Market intensification: This involves clustering more stores in the same metropolitan area and contiguous markets.
  • Secondary markets: Expansion will be increasingly focused on secondary markets  of under 100,000 population because there may be less competition from larger retailers, and costs, such as wages, may be lower.
  • Differences in store size: Retailers will have a more flexible portfolio of different sized stores depending on the size of the community and existing retail competition. More use of second-hand space will occur because this can result in savings of 30 percent or more in rent.
  • Productivity increases: The application of central checkout, self-selection, and low gross margins to areas of trade where these techniques have not been used before will occur. Look now at toy supermarkets, home-decorating centers, and self-service shoe stores.
  • Fewer product options: Product lines will increasingly be consolidated, and new product development will be cut back.
  • Service growth: Services retailing will continue to grow as a percentage of total retail sales. Services already represent about 50 percent of the gross national product.
  • More mergers: Increasingly, smaller and weaker firms will be absorbed as more retail outlets struggle to survive.

My Consultancy–Asif J. Mir – Management Consultant–transforms organizations where people have the freedom to be creative, a place that brings out the best in everybody–an open, fair place where people have a sense that what they do matters. For details please visit www.asifjmir.com, and my Lectures.

What will other people think?


Everyone wants the approval of other people. This is a basic need of human nature. Before doing anything—deciding what to wear, decorating the home, buying a car, or accepting a job—many people ask theselves, “what will my friends say?” “Will they approve?” Most people fear doing anything they feel may shock, offend or upset others.

 

The easy way to deal with the will-other-people-approvre? Fear is to adhere to strict conformity. But living your life to conform to other people’s likes, dislikes, and prejudices stunts your development. Conformists deny themselves individuality, and ingredient you must have to enjoy success.

 

Here are two suggestions to beat the do-other-people-approve? fear:

  1. If what you want to do meets moral and legal standards, do it! Your life is your life. Friends who criticize what you do aren’t really friends. Chances are the people who think your behavior should always meet their standards won’t be there when you need money, a job, or help. And the folks who want you to think and act the way they do would delight in seeing you fail or get into some kind of trouble. Remember this: People who expect you to conform to their way of viewing things are themselves very insecure.
  2. Seek the approval of people you admire most. Select a mentor. Instead of asking, “what will other people think?” ask, Would the most successful person I know approve of what I have in mind?” Think and do as successful people think and do.

 

My Consultancy–Asif J. Mir – Management Consultant–transforms organizations where people have the freedom to be creative, a place that brings out the best in everybody–an open, fair place where people have a sense that what they do matters. For details please visit www.asifjmir.com, Line of Sight