A quick look at the Census Bureau report shows that retail sales are up and forecasts predict a strong holiday season. However, diving a bit deeper into the report, we see that not all retailers report an increase in sales. In fact, for many, sales are continuing to decline. What is driving the increase for successful retailers?
- Operating a nontraditional business. Businesses that seem to be doing well this year are doing more than selling products off a shelf. The traditional retailers like department stores are suffering.
- Adapting to changes in the retail industry. Malls that recognize differences in shopper motivation are creating shopping experiences by adding movie theaters, miniature golf and other experiences that draw shoppers to the mall.
- Finding a niche. For example, the Dollar Store’s success stems from their niche of low price and convenience.
- Merging bricks and clicks. Rather than housing all their merchandise onsite, Best Buy has reduced their footprint and treats the store more as a showroom than a place to purchase and walk away with products.
- Offering services. Other retailers that are doing well include businesses that provide services like fitness centers, home security businesses and massage locations.
Just like retailers, if Randal Retail only manufactured what we built 20 to 30 years ago, we would be struggling, too. Fortunately, Randal is forward thinking and adapts with the industry by working with nontraditional retailers and expanding the products and services we offer, including signage, metalwork, solid surface work and installations. For more information on Randal’s services or our take on the changing retail industry, contact us today.← Back to all posts