Today, we can shop (almost) anywhere. We’ve grown used to a culture of discounting and daily, if not hourly, sales.
What makes these top retailers so successful? They
absolutely know their markets and they have a solid
understanding of their customers. Whether the retail you
own or manage includes old-time street retail or a luxury
mall, here are some ways you can apply these successes
to your own market.
Top-tier retailers and managers:
Provide a compelling reason for customers
to come in: If you don’t believe this, stop by an
Apple store, pronto.
Cultivate a sense of scarcity or luxury: Just consider the Stars & Bucks (yes, you heard it right) café I visited in old-town Bethlehem. This owner was definitely dialed in to his customers’ cravings for a cool coffee anywhere on the planet.
The Power of Consistency
It’s happened again: in the last week, two
retailers at the neighborhood center you
manage have asked for rent relief due to
lagging sales. You sense that their complaints about poor foot traffic aren’t the
whole story, but what could be the reason for their dragging sales figures?
I turned to a few of the world’s top
retailers for advice on translating cus-
tomer experience and quality of service
•;Apple’s ability to seamlessly combine
the newest technologies with stellar
service put it at the top of the list with
a jaw-dropping estimated $5,000 per
square foot in sales.
•;Top-tier jeweler Tiffany’s eye for luxury and market expansion have boosted its sales to a whopping estimated
$2,974 per square foot.
• Women with a penchant for how
good athletic-wear retailer Lululemon
makes you look no matter what you’re
doing have contributed to its eye-popping sales of $1,910 per square foot.
Although these retailers represent the
best of the best, you can apply these same
concepts to your shopping centers. Deloitte’s study agrees that retailers should
tie their key performance metrics to the
need to consider new, innovative technologies that will marry the virtual with
What will the future of retail look like?
Clearly, the store of tomorrow must have
both a twist—the newest of the new, and
a wink—excellent entertainment value.
Now, if someone could just figure out a
way to get me that delicious pougi from
SHANNON ALTER, CPM, (SHAN-
GROUP.COM) IS PRESIDENT OF
ALTER CONSULTING GROUP IN
SANTA ANA, CALIF.