The Power of Retail

Don’t you love to find new and innovative products on the market. I simply am amazed at some of these innovations and this is definitely one of them. Foldable shoes that are upcycled, biodegradable and modular. Got your attention, didn’t I? The Radler Trail Camp shoes by Timberland, that’s what they are, and they can be folded in half and zipped up so that they fit into your backpack. Don’t think of them as flimsy though, they are tough and perfect for hiking or street wear. And if that isn’t enough, these shoes have a water repellent fabric on top, and removable fleece-lined insoles for comfort inside. Loving the innovation and loving the creativity.

Read more about it at Springwise

The retail scene looks like it’s picking up again. There are so many new stores opening up again and many are expanding to newer malls as well. In one of the local malls, some stores that are doing well are taking over space from the non-performers. In some cases, it’s just a case of bad location, but many successful stores who are able to draw customers are opting for lower profiles walkways in the malls, as a counter balance for the higher profile locations. It’s all a question of understanding what customers want and unfortunately, customers can be fickle at times. The trick is to not put all your eggs in one basket, to balance some high profile locations with other locations that don’t cost a bomb but are still effective in terms of profits. Most retailers, for example, send the bulk of their sale and discounted stock to a low profile location, so that it’s high end store is not filled with old merchandise, and so both high and low end stores will end up being winners and pulling in different categories of customers. Understanding who shops where and why is key.

Retail in this part of the world is constantly changing business. One day it’s all about opening stores in the older, more congested parts of town offering competitive prices and discounts and another day it’s about a stores targeting the wealthier parts of town, even announcing that they will be charging higher prices, and that the wealthier customers will be happy to pay for the convenience. I say, that’s quite a silly strategy. I mean you have to be competitive and offer good prices, else no one, no matter how rich will come to shop at your store. Really, do they think that the rich got that way by wasting money by paying more for something that they could easily pay less on by going slightly further away. Not a chance. The wealthy are always shopping around for good deals, just as much as the budget conscious, and if you don’t understand that then, sorry, you’re just not going to make it in retail.

If you really want to open stores, in the “wealthier” parts of town, then make sure your merchandise matches the customers, and offer a greater variety of open kitchen items, where you can make a larger profit in comparison to branded merchandise. To me these seem like very basic things, not only because I have a background in retail, but I am a customer, just as you are, and you know why you shop at certain stores more than another one. Unless a store puts themselves in the place of it’s customers, it’s not going to get anywhere.

Since we have to equip an entire house of furniture and household items, I have to figure out the best place to buy everything I need, not only in terms of design but also in terms of price. Rather than going from store to store checking prices out, it just makes more sense to use a shopping comparison site like BizRate, where I can get all the details I need without having to leave home. So, whether it is designer pillows or a DVD player I can see where I can get the brand I want at the price I want. Sounds like a winning way to shop doesn’t it!

They have a wide selection of items that you can compare prices on, and more than just prices, it gives consumers information on store ratings, product reviews and much more, making the purchasing decision a much more informed one. When designing a room, I think that just that one designer pillow can make all the difference, which you might not have bought if it weren’t for finding the right price.

There is so much going on in the world of retail, that it can get hard to keep up with it all. How many publications and papers do you read on a daily basis, how many online sites do you subscribe to, how many conferences do you attend. The best way to handle all the information is to do a bit of everything, but to stay within one’s focus area, to specialize and become an expert in just that segment alone. One of the really good sites that I read on a regular basis on retail and especially on retail trends is Trendwatching.com, which not only has daily updates on retail trends but also publishes several reports on the subject as well. Take a look at the Retail Renaissance report that highlights the key focus areas in the retail sector.

The world of retail is changing constantly and nowhere is it more apparent than a ever-changing city like Dubai. Malls and shopping centers take on a whole new meaning in this desert city. The heat of the summers means that being outside is not a viable option, so the malls become more than just a place to go shopping. A typical mall in Dubai will have all the utility companies so bills for water, electricity, telephone etc can be paid. They will also have banks with teller counters so one can conduct regular banking activities. One of the anchor stores will be a large hypermarket which will sell everything from the usual groceries to large electronics. So, it’s not for nothing that life in the summer centers around these malls.

When it comes to retail and retailers, a lot of things have changed and yet nothing has changed at all. It actually all coming down to the perspective. So, from where I stand, things have changed a lot. In my neighborhood alone, we’ve got several small retailers who have adapted very enthusiastically to new things and have changed the way they do business. This has led to an increase in their customers and an increase in sales as well, although they have spent on putting all these changes in place. Everything from store displays, inventory management systems, signage, point of sale displays, order systems, it’s all new to them, but by going for the changes, they have carved a place in this new community. On the other hand, one of the most recent entrants, is a small shop nearby that refuses to even take credit cards or do deliveries for small amounts, which is going to make it hard for them to survive. We ordered a few items from them on the weekend, and they took about 4 hours to deliver, which is quite a bad way to start off. Just by instituing a few changes in the way they function, they can increase their customers twofold. It’s all about making small changes that lead to big results.

The retail industry has been responsible for creating a lot of events that make customers feel good about themselves, and boost sales of retailers. There are so many special days now, for mothers, fathers, bosses, secretaries, friends and so on, that the real winners are actually the retail stores. It all comes down to marketing and social acceptance. Consumer think that if everyone else is also taking part and accepting these special days, then they must accept them as well and that is the birth of new reason for shopping.

There really isn’t much else going on in May and June, so they are the perfect times for mothers and fathers day and a chance for retailers to increase sales. So, if you are like me, then you have decided to be part of this consumerist society and participate in gifting mothers and fathers on their special days, then here is a good place to head to.

The time for gifting is almost here….so have you completed your shopping? Usually, the hardest ones to shop for are men. I mean, how many ties and scarves can one buy. I think it’s best to stick to the basics when it comes to shopping for men’s clothing and stay true to the person’s style for whom you are buying the gift. Don’t try something radically new or trendy since it’s really not going to make a good gift at all. I think, it’s also a good idea to build on the person’s existing wardrobe, so if he wears mostly earthy colors then stick to the general color palette since that’s going to be more appealing. By following these simple rules, shopping for men is going to be a much simpler and more fun event with definitely better results.

Hard to believe, but it is November already and before you know it the holiday’s will be here, and so starts the shopping season. I still haven’t really thought of what gifts I will be buying although I’m getting a good general idea on items that my family would love to have. One of the best places to buy gifts is online, using coupons that one finds at coupon sites, which makes shopping there so much more fun and cheaper. When it comes to gifts, you simply cannot go wrong with electronics and this is where the main focus of my gift shopping will most likely be. I am also planning to use some special deals to get some stuff for the home. The holidays are a special time for everyone, but getting the right gift for everyone can make it a tough time as well, so this year, I’m making all my decisions in advance and getting my shopping done as early as possible.