Advanced Branding Strategies For Retail Businesses

In a previous blog post, we talked about the basics of retail store branding. This includes choosing a unique, memorable and relevant store name, along with designing a universal logo. Far too many entrepreneurs open up new businesses without taking the time to choose a unique name. This ultimately places places their business in the red zone long before the doors even open. As a retail store owner, you must constantly work to brand your business so that your target audience knows and trusts you. For some advanced retail branding strategies and tips, keep reading.

Create Branded Apparel

One of the easiest ways to brand a retail store is to create, and sell, business-branded apparel. Ever notice how the top retail apparel stores sell a large portion of items which contain their own brand. Each time a customer wears one of these garments, they are essentially helping out the business. You can even lower the price of business-branded apparel to encourage customers to choose it over non-branded items.

Of course, you don't have to be in the retail apparel industry to take advantage of branded apparel. Whether your store sells groceries, convenience items, electronics, jewelry, sporting goods, pet supplies or practically anything else, you can still use this method to spread the word about your business.

In addition to selling branded apparel inside your store, you can throw monthly giveaway contests on social media. For instance, each month you could choose one person who "liked" your company's Facebook page and reward them with a business-branded t-shirt, hat or some other piece of gear.

Magazine Advertisements

Even with all of the smartphones, tablet computers and other internet-enabled devices today, magazine advertising remains a highly effective way for retail businesses to brand themselves. And with more and more businesses focusing their marketing efforts online, you can scoop up magazine ad spots at rock-bottom prices.

If you haven't done so already, contact magazine publishers whom you believe would be a good match for your target audience and ask them for a more detailed list of their demographics and adverting options. If their readers match your store's demographics, consider placing purchasing an ad here with your company's branded logo. In addition to the direct sales it brings, your business will also benefit from the brand exposure.

These are just a few advanced building strategies for retail stores and businesses. Check back with our blog here at AAStoreFixtures.com for more branding strategies!

4 Easy Ways To Reduce Retail Inventory Shrinkage

Retail inventory shrinkage is defined as the loss of product between the manufacturer/supplier and the point of sale. Retail stores must acknowledge, track and deal with shrinkage to prevent it from cutting into their profits. Allowing it to grow out of control can dampen a store's profits. In fact, many stores have been forced to close their doors in the past due to high shrinkage. To prevent this from happening to YOUR store, check out the 5 tips listed below on how to reduce retail inventory shrinkage.

#1) Display Products Correctly

Ever notice a product tucked deep behind or underneath a shelving unit in your store? Whether it's a perishable food product or not, allowing it to sit in the dusty, dirty area behind a shelving unit will ruin an otherwise perfect product; thus, contributing to your store's inventory shrinkage. Owners can protect themselves against instances such as this by displaying product on premium gondola shelves, gridwall, slatwall, rolling racks, etc. Taking the time to display your store's products correctly will naturally reduce inventory shrinkage.

#2) Shoplifting

It's not something most retail businesses want to think about, but shoplifting is a serious concern that can greatly eat into your profits. And since it technically occurs between the manufacturer/supplier and the point of sale, it's part of shrinkage. Each year, U.S. businesses lose billions of dollars from shoplifting, which is why it's important to take preventive measures in your store. Installing security cameras, dye tags, alarms and security mirrors are just a few measures which are sure to help reduce theft.

#3) Employee Theft

Theft doesn't occur only from customers; unfortunately, employees statistically steal more product that customers. Each time an employee steals an item, it adds to your store's shrinkage. Even small items and products gradually build up to create a financial burden for retail stores.

So, what steps can retail stores take to reduce the chance of employee theft? The first line of defense is to hire trustworthy, reputable, experienced employees to run your store. I'm sure this is common sense to most people, but you shouldn't hire employees whom you don't trust. Owners can also install video monitoring systems in their storage rooms to prevent theft.

#4) Move Perishables Fast

One of the most common contributing factors of retail inventory shrinkage is from spoiled perishables. If your store sells perishable food and/or beverages, make sure your employees are trained to move it as fast as possible. Don't just place it in some obscure part of your store where customers can't easily find it, but instead keep it out in the open with signs, banners or other promotional material drawing attention to it.

Tips For Retail Success In a Crowded Marketplace

There are both advantages and disadvantages of trying to muscle your retail business into a crowded marketplace. Lots of competition means the market is popular and in high-demand, which translates into sales for businesses in this industry. However, too much competition can make it difficult (if not impossible) for new businesses to succeed. Crowded marketplaces essentially reduce the market share available for businesses. If you're thinking about tackling a crowded marketplace with your retail business, keep reading for some important tips on how to succeed.

Offer More Product Choices

One way retail businesses can set themselves apart from their competitors is by offering a greater amount of product choices. Rather than limiting your store's inventory to a particular line or niche, perhaps you could branch out into other avenues. By offering customers more products to choose from, you'll naturally attract customers who wouldn't 'normally' visit your store. This is a simple yet highly effective way to help your retail stores succeed in a crowded marketplace.

It's important to note, however, that more product choices translates into more space. Once you start filling up your store's shelves with new product, you may find yourself struggling to display all of your inventory. Be sure to check out the solutions offered at AAStoreFixtures.com, including wall unit shelving, gondolas, and much, much more.

Offer Better Prices

Of course, you're bound to attract more customers by offering lower prices than your competitors. If a competing store across town is selling the same pair of jeans in your store for $40 bucks, you should try to trump their prices by selling the same jeans for $30-$35. Although your profit margins will be smaller on this product, you'll pull shoppers away from your competitors and into your store, making it well worth the cost in the long run.

Market Your Retail Store

Even if your store offers better choices and prices than your competitors, most people won' know this until they actually visit your store. So, how do you get them to initially visit your store? Rather than waiting around 'hoping' that customers walk into you store, you should actively spread the word through any all promotional means necessary. This may include social media, television commercials, radio commercials, mail adverts, billboards, etc. Just remember to track your marketing campaigns so you know which ones are helpful in driving more customers, and which ones are simply a waste of money.

5 Common Retail Customer Service Mistakes To Avoid

Customer service plays a direct role in the success of a retail store. Businesses that overlook or underestimate this element will suffer from fewer customers and ultimately lower sales. Whether your store sells sporting goods, apparel, jewelry, electronics, groceries or practically any other consumer product, you need to focus on your customers' needs. In this post, we're going to reveal some of the most common customer service mistakes made in retail and why you should avoid them.

Mistake #1) Not Greeting Shoppers

Arguably, the single most common customer service mistake retail stores make is not greeting shoppers when they first enter. It only takes a few seconds to greet shoppers, and doing so leaves a lasting impression. A simple "Hello, how are you today?" will set your store apart your competitors. Retail store owners should train their employees to greet each shopper who walks into the store.

Mistake #2) Not Helping Customers Find Product

A second all-too-common mistake is not helping customers find product. If a customer is browsing through a rolling rack of shirts, pants or other apparel items, perhaps you could ask them if they need assistance locating a specific size. You can even go one step further by bringing the customer several different sizes just in case the one they requested doesn't fit.

Mistake #3) Bad Attitude

Of course, bad attitude is another customer service mistake that should be avoided in the retail industry. I think we've all been guilty of showing up to work with a general negativity, but retail employees must put on a 'happy' face to send a positive message to customers. Workers who constantly perform their duties with a bad attitude will spread negativity to other employees and customers.

Mistake #4) Bad Return Policy

A retail store's return policy goes hand in hand with customer service. Stores with a large "ALL SALES FINAL!" sign probably won't win over the hearts of their customers. Sure, it takes time and energy to restock items that customers have returned, but it's well worth it in the end. Allowing customers to return products within a reasonable time frame will keep them coming back to your store for future purchases.

Mistake #5) Always Saying "No"

Employees should be trained to avoid using the word "no" in correspondence with customers. If a customer asks if you have a jacket in a certain size, perhaps you could tell them that while it's currently not in stock, you can order it for them. There are times when employees must use the word "no," but it's important to focus on "yes, we can" instead.

Thinking About Renovating Your Store? Read This First.

Renovating a retail store or business is a big project that shouldn't be taken lightly. Hastily jumping into a major renovation without first planning ahead could result in your store being shut down for days or even weeks. And this translates into a loss or sales and profits. Whether you plan on performing a small or large renovation, however, there are some things you should know to make the process smoother.

Are Renovations Allowed?

If you are currently leasing a store (which most business owners do), you'll want to talk with the owner to find out whether or not renovations are allowed. Some property owners may allow minor renovations, such painting and constructing new fixtures, while prohibiting major renovations. Other the property owners may allow all types of renovations -- as long as you get prior approval. It only takes a couple of minutes to call up the property owner and ask them.

Renovating a store without the owner's permission could result in your lease being terminated (and possibly monetary compensation to reverse the renovations).

Which Walls are Load-Bearing?

Are you familiar with your store's blueprints? If not, you should pull them out to locate the load-bearing walls. Just as the name suggests, these walls are critical to the structural integrity of the building, and tearing them down creates a serious hazard for workers and shoppers alike. You can usually identify which walls are load-bearing and which ones are partition by looking at the blueprints. If you want to tear down a load-bearing wall, you'll have to shut down your store and hire a professional architect to create a new load-bearing wall and supporting structure.

How Much Will It Cost?

Of course, budget plays a big role in store renovations. While there's no way to determine exactly how much a renovation will cost, you perform an estimation based on materials and labor expenses. Sit down and decide how much you are willing to spend on the renovation, and then estimate your total cost. You may also be able to get price estimations from professional contractors.

Create a Plan

You can't expect to have a smooth store renovation without a clear plan of attack. Perhaps you want to install new flooring in your store. If so, plan the type of flooring, who's going to install it, where the installation process will take place, etc. Planning ahead will reduce the chance of unforeseen 'mishaps' while ensuring the process goes more smoothly.

Understanding The Impact of Lighting In a Retail Store

Lighting is a key element in retail stores that's oftentimes greatly underestimated. Whether your store sells groceries, electronics, sporting goods, pet supplies, convenience items, jewelry, clothing or practically any other consumer product, it must feature appropriate lighting. Far too many owners overlook this critical aspect, resulting in a loss of sales and profits for their business. In this post, we're going to reveal the role lighting plays in a retail environment.

Illumination

The primary goal of lighting in a retail store is to illuminate the surrounding area. Without this critical element, customers and employees wouldn't be able to see. This is why it's important to choose high-wattage light fixtures that cover a large area. Opting for smaller fixtures will limit their effectiveness, forcing you to go back and add more later.

While you are designing and setting up lighting for your store, it's recommended that you use either compact fluorescent lighting (CFL) or light-emitting diode (LED) bulbs. Although they cost slightly more than traditional incandescent bulbs, both of these alternatives last longer and use far less energy. LED and CFL bulbs are a smarter, more energy-efficient choice that's sure to pay off in the long run.

Emphasize Product

A lesser-known impact of lighting in retail stores is the additional visibility it places on product. When used correctly, lighting can emphasize certain products in your store, essentially drawing the customers' focus towards it. The trick in accomplishing this is to strategically place the fixtures in a manner so the light shines directly on the product. This is typically done with either flood lights or track lighting depending on the product's location. Don't be afraid to experiment with different forms of lighting to see which type works best in your retail store.

Define Traffic Paths

Lighting can also be used in retail stores to define traffic paths. By installing and focusing more lighting over walkways and aisles, your customers will have an easier time navigating through your store. Try to install either additional overhead fixtures or some type of supplemental lighting around the areas where customers walk in your store. This will have a direct impact by making your store easier to navigate, and it will also have an indirect impact of creating a more pleasing atmosphere. It's just one of the many ways you can use lighting to your advantage as a retail store owner.

3 Features To Look For In a Cooler of Freezer For a Retail Store

Having the right cooler or freezer is an essential element for retail stores. If you own or manage a store that sells groceries or other goods that must kept at a low temperature, you must have a cooler to properly store them; otherwise, you run the risk of the product going bad or spoiling. With so many different types of coolers and freezer on the market, how do you know which one to choose? Keep reading to learn 3 essential features that all retail store coolers and freezers should possesses.

Feature #1 - Adjustable Shelves

No matter what brand of cooler or freezer you choose, it needs to be built with adjustable shelves; otherwise, you'll have reduced space for storing product. Before purchasing a cooler or freezer for your retain store, take a minute to make sure it has adjustable shelves. As long as the shelves can be moved up and down, you should be able to maximize your storage space. Adjustable shelves will also make cleaning is a fast and painless process, as you can pull them completely out to give your new cooler or a freezer a thorough cleaning.

Feature #2 - Lights

A high-end cooler or freezer should have built-in lights to provide illumination when the door opens. This is a simple feature that will allow customers the ability to see exactly what's inside. You'll find that some of the retail coolers and freezers on the market come with LED lights while others have basic incandescent bulbs. Ideally, you should choose a model with LED bulbs since they last longer, use less energy, and emit far less heat than incandescent bulbs. If a cooler or freezer doesn't come with built-in lights, you'll want to check and make sure you can add them later.

Feature #3 - Thermometers

A third feature that you should look for in a cooler or freezer is a thermometer. Instead of "guessing" how cold the atmosphere is inside the cooler or freezer, you can check the thermometer for a more accurate reading. It's a simple and effective way to better judge the temperature, allowing you to make any necessary adjustments. Of course, you can always add another thermometer to your cooler if you want more reading options, but this usually isn't necessary.

Ensuring your cooler or freezer possesses these 3 features will allow you to get more bang for your buck.

Grand Opening Ideas and Tips For a Retail Store

When done correctly, grand openings can prove to be highly effective for increasing a retail store's exposure along with driving more direct sales. Once residents around the area know your store is open, they will naturally be more inclined to visit. This is why it's essential that all serious retail stores have an official grand opening; otherwise, it's a guessing game as to whether or not your store is open. If you are a retail store owner, check out our ideas and tips for throwing a grand opening celebration listed below.

Make It Fun

One of the biggest mistakes retail store owners make when performing a grand opening is not spending enough time, energy and resources to make it fun. If your store looks the same as it does every other day, then what's the point of having a grand opening? People want to enter a fun and vibrant store during its grand opening. You can use this to your advantage by sprucing up both the interior and exterior of your store. Try placing bundles of balloons around your store to really set the atmosphere in "fun" way. In addition, you can hang some streamers and banners inside the store to provide an extra touch to the atmosphere.

Offer Sales

If you really want to take advantage of the large crowds of new customers coming into your store during its grand opening, you should offer special sales and promotions. Whether your store sells apparel, jewelry, handbags, electronics, groceries or practically anything else, you can set a good impression by offering customers highly competitive prices on your products. This will result in more direct sales, and it will also keep customers coming back in the future, which is where the real benefit comes from. Even if you are only making minimal profit margins on the sale items, it will likely still be worth it in the long run.

Spread The Word

You can't expect to have a successful retail grand opening if you don't spread the word about it. Once you have a date chosen for your store's grand opening, start spreading the word through any means possible. You can send out emails, newspaper advertisements, local radio and television commercials, bus stop signs, etc. Be creative and don't be afraid to think outside of the box. Remember, the more work you put into advertising, the more successful your store's grand opening will be.

Retail Wine Store Shelving Tips and Ideas

Are you thinking about owning a retail wine store in the near future? When it's done right, this can be a highly lucrative business venture that lasts for decades. You have to remember that people have been drinking wine for thousands of years, and it's doubtful this trend will end anytime soon. Opening up a wine store will allow you network and connect with customers on a more personal basis, recommending specific wines based on their preference and taste. If this is something you are interested in doing, keep reading for some essential tips and ideas for a retail wine store.

Gondolas

Hands down, one of the most versatile and effective forms of retail wine store shelving are gondolas. These are used in just about every major grocery store chain, and for good reason: they are easily adjustable, maneuverable, easy to clean, durable, and they even look nice as well. With so many different benefits offered by gondolas, it's no wonder it's the top choice by retail store owners.

If you intend on using gondola shelving in your retail wine store, it's important to measure out the areas where you intend on using them beforehand. Gondolas come all different sizes to fit the needs of any retail store Whether your store is small, large or somewhere in between, chances are there's a gondola out there to fit it. However, the only way you are going to be able to choose the right size is by measuring out your store ahead of time.

One of the great things about gondolas is their versatility. By using them inside your retail wine store, you can adjust the shelves so they fit perfectly over your wine product. Doing so naturally maximizes your store's real estate while allowing for a more enjoyable customer experience.

Do I Need a Cooler or Freezer?

Some retail wine store owners overlook the use of a cooler or freezer in their store. Typically, most types of wine are strictly stored at room temperature on basic shelving units. Some store owners may go one step further by installing special dehumidifiers to help balance out the atmosphere. Although wine shouldn't be stored in a cooler or freezer, there are other beverages that prefer these "chilly" conditions. If you sell pre-made mixed margaritas, daiquiris, mixers or other drinks, you'll need to check and see if they require refrigeration. If so, purchase a cooler or freezer for your store to prevent them from spoiling.

Increasing Your Store's Profit Through Special Promotions

One of the easiest and most effective ways to increase a retail store's profit is by offering discounts and special promotions. Whether your store sells electronics, liquor, antiques, clothing, groceries or convenience items, chances are it will benefit from the use of special promotions. The fact is that customers want to feel like they are getting a good deal on their purchase. By placing a bug "special sale" sign on your product, you will give customers this feeling. To learn more about how you can increase your store's profits through special promotions, keep reading.

Follow The Holidays

If you've been in the retail business for any length of time, you've probably noticed that holidays are the best time of year in terms of sales. While the Christmas season draws the most sales, you'll still see higher numbers during other holidays as well. You can use this to your advantage by offering your customers special sales and promotions during the holidays.

Let's face it, trying to keep up with all of the different holidays throughout the year can be challenging, especially when you are busy focusing on the more important aspects of your business. However, allowing these holidays to slide by without using them to leverage promotions is a mistake that far too many business owners make. If you haven't done so already, pick up a calender so you can see exactly when the upcoming holidays take place.

Get Rid of Old Product

If your store has product that simply doesn't seem to sell easily, you can encourage customers to purchase it by offering a special promotion. Simply mark down the price on any stubborn products in your store and chances are customers will snatch it up. This can be extremely helpful for moving out-of-season clothes and accessories that customers aren't willing to pay full price for. Of course, you may not be able to use this method to get rid of groceries that are past their expiration date. In this case, you'll have to toss them out and count them as shrink.

Choosing a "Sale" Price

So, how do you choose a sale price for your products? There's a fine line between giving your customers a good deal and losing money on a transaction. To ensure your business remains profitable, you need to avoid pricing your products too low. Instead, work on finding a happy medium that allows you to profit from a transaction while giving your customers a good deal. Always be aware of your profit margins when offering sales and special promotions.

What To Look For When Purchasing a Retail Store Cooler

If you own or are planning to open a retail store in the near future that sells refrigerated food products, you are inevitably going to need a cooler. Purchasing one is a smart investment that's sure to pay off in the long run with more customers and ultimately more sales. With so many different types of coolers and freezers available on the market, choosing one can prove to be a challenge. If you are having trouble selecting the right one for your retail store, keep reading for a simple guide on what to look for when purchasing a retail store cooler.

Doors

Arguably, one of the most important things you should consider when purchasing a cooler for your retail store is the number of doors it contains. A unit with 3 doors will allow multiple customers to pickup products simultaneously, while a single-door model will force them to wait. With that said, however, there are some potential disadvantages to using a model with a large number of doors, such as the increased amount of space it requires. Ask yourself how much refrigerated product you intend on offering your retail store and then choose a cooler with the right number of doors to meet your needs.

In addition to the number of doors, you should also consider how they are designed to open. Sliding doors are a popular choice because they don't require any additional space. You can stick them in a tight corner or area in the store without worrying about the doors getting in your customers' way. On the other hand, doors that swing open will require a bit more clearance in front to remain functional and operational.

Shelves

Of course, you can't shop for a cooler or freezer for your retail store without taking into consideration the number of shelves it contains. Common sense should tell you that the more shelves it container, the more product you'll be able to store. While this is partially true, it doesn't always work out exactly like this. The fact is that some products are taller than others; therefore, they will require more overhead clearance to fit inside a cooler. Thankfully, coolers and freezers are built with adjustable shelves that give you the freedom to raise or lower based on the product being stored. If a product in your cooler is tall, just raise the shelf above it to the desired height. Doing so will allow the product to fit inside the cooler without bumping into the overhead shelf.