The Making of a Great Retail Store: How to Prosper in Buyer or Seller Market (Case Study Restaurant or Retail Store #8)


 

Today is Tuesday. The weather is nice in San Francisco and the sun is hit as it hits you. I expect a mixed day and frankly do not care about the weather. I have ample time before work to get a few things done. I am getting closer to doing active marketing. This requires arriving and setting up at specific location to sell wireless devices. The basic concept is easy to grasp for anyone who understands how conventions work. This approach works the same way. One needs a location or occasion with many and many potential prospects. It is a gathering of similar vendors (as in a trade convention) or different vendors (as in an ad hoc market of some occasion or event) and provides the pool of prospects for a few hours or the whole day at the most. The work is tedious and long but is far more rewarding and productive than traditional indoor retailing especially in a buyer’s market. The buyer’s market by definition means too many vendors compete for the few buyers and the buyer rules the market. This requires marketing approaches different from those of a seller’s market. Most retail locations are established to be productive in a seller’s market. The location is available and the many buyers compete for the products and services offered. Today, the poor economy and the availability of products and services through the many vendors means a strong buyer’s market exist and those waiting in stores for consumers are at a disadvantage until the next seller’s market arrives which may be never because Generation Y has changed the way we shop. This approach is new and always misunderstood by the morons who hold corporate jobs but is frankly one of the only means left to make money by a retail company in a buyer’s market. I have no doubts I will be doing it and no doubt the process will work. The process is tedious however but no alternatives unless one is lazy or does not care and would rather hide inside a building. The same should work for food establishments. Food trucks are a sign of the times by taking the cuisine to the buyers at whatever location for the steady revenues it brings. The established location still works but has problems and will have more and more problems in the long run because of the changing tastes, fashion and the competition for the limited number of spenders. A combination of mobile and fixed offerings should provide some flexibility in all economic times by benefiting from whatever is available in a buyer or seller market. It will work.

*This post belongs to this week’s edition of Wine by Cush Magazine blog and published early in World of Cush also.

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