growth
The Economics of Retail Expansion
Some of the biggest wealth creation stories have been, and continue to be, achieved through retail businesses. This is because retail trade is a scalable business by nature. It is not uncommon for even the smallest retail businesses to start expanding into two, three and four locations shortly after starting out and seeing how the …
Why Are Retail Stores Closing?
Over the last few years I have closed down many retail stores and in this article we will discuss the most common reasons retail stores are closing. Is it a Bad Sign That Stores Are Closing? Although most of the time closing a retail store is a bad sign, this is not always the case. …
How to Expand Your Retail or Ecommerce Business?
If you are a small retailer and have been trading successfully for quite some time, it might be a good time to expand your retail or ecommerce business. Growing a retail or ecommerce business is quite straightforward, but there are a lot of considerations that have to be taken care of and actioned properly, in …
How to Expand Your Retail or Ecommerce Business? Read More »
Same Store Sales : Understanding LFL Comparison
Same store sales or comparable store sales measure the growth of a retail business on a like-for-like basis, where it excludes the stores that were not operating during the same period last year. It is often referred to as “LFL” or “Comps”. Who Uses This Measure? Same store sales or comps is often used by …
6 (Free) Ways to Drive Traffic to Your Retail Store
We opened and a new shop in a new mall and immediately needed to drive traffic to this store. The mall wasn’t doing any marketing efforts and wasn’t getting enough traffic on its own, and even people who visited the mall for grocery shopping couldn’t easily see our shop on the second floor. Sales were …
6 (Free) Ways to Drive Traffic to Your Retail Store Read More »
Cannibalization
When you start growing your retail business and open more locations, cannibalization starts to become something you watch out for. Here we will explain why cannibalization could be considered a side effect, rather than a problem, and how you can minimize it, or even use it to your advantage. What is Store Cannibalization? Store cannibalization …
Moving From Brick And Mortar To Online (Step-by-Step)
Moving From Brick & Mortar to Online Step-By-Step ADVERTISEMENT If you are a brick & mortar retailer, you might have considered moving part or all of your brick and mortar business online. You are not alone in thinking like that! We have all seen how it could have been a good opportunity or a lifeline …
Moving From Brick And Mortar To Online (Step-by-Step) Read More »