Create Your Own Retail Zone Lynda Collier Create

Create Your Own Retail Zone Lynda Collier

Create Your Own Retail Zone Lynda Collier

What is a Retail Zone? An area in your store that is distinguished from your core business – DME – Breast Health – Lingerie Shop – Orthotic and Prosthetic

What is a Retail Zone? A grouping of products that compliment your core business – Compression Garments – Hats and head wear – Wigs – Skin Care

Business example: Breast Health Retailer • One fitter sees 5 people per day and each of the women is in need of a Juzo compression sleeve. • At $70 per sleeve you are generating $350 additional dollars per day / $2, 100 per week / $8, 400 per month. • If half of this is profit, this product alone is HUGE by year end at $50, 400. . . and this is a cash sale! • That sleeve alone can pay a fitter for a year!

What is a Retail Zone? Products for impulse buying – Jewelry – Hand bags – Cosmetics – Seasonal Items • Pink ribbon items • Holiday items • Spring and fall items

Business Case: Juzo’s Pink Silver Sole Socks • Of the 20 people that browse through your store each day, 7 of them purchase a pair of socks each day during the month of October. • At $15 per pair you generate $105. 00 on the first day/ $630. 00 in the first week/ $2, 520. 00 in the month of October • If you continue to sell 10 pairs a week for the rest of the year, your profit is $3, 410. 00

Benefits of a Retail Zone • Increases traffic, sales and profit opportunities • Customer satisfaction • Gains trust & builds loyalty – Increases sales and profit – Repeat business

Making your Retail Zone Successful • Well designed areas – Well lit and easily accessible – Neat / clean / organized – Keep it freshly merchandised

Making your Retail Zone Successful • Keep it freshly merchandised – New products always draws customer interest • Mix product with posters and displays to attract attention and always allow the consumer to touch and feel the product

Making your Retail Zone Successful • Courteous and knowledgeable staff – Staff must have training on each product in order to sell with confidence • Presentable and professional – Need to be able to recognize sales staff • Business today demands new and improved solutions

Making your Retail Zone Successful • Repeat business is key to driving traffic into your store • Gather email addresses and create a monthly newsletter highlighting special events, promotions and sales • Start a Facebook page • Offer repeat customers special discounts and incentives to get them back into your store • Consider a friends and family day so that your repeat customers can introduce new customers to your products and services

Zone Presentation • User friendly • Neat / clean / orderly • Organized by type / complementary of each other • Colors draw attention to the products

Types of Specialty Merchandise • Seasonal items from existing vendors – Pink ribbon socks, seasonal colors, holiday items, swimwear • Hats & head covers – Seasonal – Special items for chemo patients • Hair care products – Human & Synthetic

Types of Specialty Merchandise • Skin Care • Cosmetics – Both of these can be a large revenue producers – Decide if your store can handle a full line or specialty items • Think impulse buys – lip gloss, nail polish, mascara

Types of Specialty Merchandise • Fashion wear – matching sets, impulse items • Swimwear • Hand bags • Jewelry • Wigs • Pricing strategy

Identifying Your Niche • A niche is something, as a position or activity for which one is particularly suited • Sticking to what you do best and becoming an expert • Learn from networking – what works in similar businesses • You will be known by your good reputation, quality of products and excellent service

Know Your Customers Who do you serve? • Clients • Caregivers • Family and friends • Community / walk-ins

Your Customers are Crucial to your Success • Listen to your customers – They need to feel important to you because they are – Gains their trust • Customer Referrals – Not only will they recommend you but they will stay loyal – Word of mouth and personal recommendation is the least costly marketing tool

Plans for Success • Staff members trained and retrained – Most vendors will be happy to share the qualities of their products • Reward your team members for sales • Superior Service – This is a must “Excitement is money in your register daily!”

Plans for Success • Control your risk – Don’t over buy – proceed with caution in the beginning • Quality products – Ask for referrals, talk to your peers about what works for them

Plans for Success Be open to doing things a little different • Knowledge leads to great sales – allows staff to point out the positives – personalized service • Buy products you know are good • If retail is new to you – be open to doing things a little different • 10% reward for all retail sales works • People who succeed in business are usually excited about what they do