The Six Rights of Retail

 

Retailing is one of those oxymoron businesses – it’s simple and complex. It’s fun and it’s hard work, Many successful retailers take great pains to focus on the basics and that strong focus and attainment helps them then develop the more subtle or complex strategies necessary for creating excellent customer experience.

Right_Turn

The six rights of retail are extremely basic, yet important concepts for any good retailer to practice:

  1. The right product. It starts here. You must have the right product for your store, and your customer. It needs to fit your niche and carry the quality you feel your customers require.
  2. The right place. Good product needs to be merchandised correctly. Shopping cannot be hard, it needs to be fun and create a feeling of discovery. Even the best product in the wrong place won’t sell.
  3. The right time. This not only applies to seasonal offerings but style and trends as well. It’s no good to have inventory of heavy coats in August, nor is it right to have too many dial phones in stock. Your store needs to reflect both the calendar season as well as the trend season for that product.
  4. The right person. Your product selection needs to reflect your customer. If you are a specialty store, who is your customer? What do they expect from you? Find out and carry products that reflect your customer, not necessarily your personal taste and affinity.
  5. The right promotion. Dollars can be so easily wasted on poorly executed promotions. Make sure you have well-planned and executed promotions that are also in line with the products you are featuring.
  6. The right price. Not everything needs drastic pricing. You need to focus on the mix of your selection as well as the promotion of price. Too often retailers spend so much time on price they leave precious margin dollars on the table. Your products need to reflect the best price, not necessarily the lowest.

Keep the six rights in mind as you merchandise your store and as you work to attract and keep customers. Execution on these six will help you then spend your time on creating the store your customers will shop – frequently.

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Trust is the winsome wedding of faith and hope.

Brennan Manning

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