The shoe retail industry is highly competitive, with the top traditional and online retailers offering a wide variety of shoes. Pure-play online retailers such as Zappos.com have also become a strong competitor for any mom-and-pop shoe retail store business. Given that the shoe store retail business requires significant capital outlay, it is important to understand the strategies needed to succeed in this business to give your small store a chance to compete in the marketplace and survive.
Below are the factors you need to succeed in the shoe retail store business:
You must create a particular image – and stick with it – in the minds of your customers. Are you a discount shoe store where branded shoes can be purchased at a discount? Do you offer the lowest prices in town? Do you have the widest selection? A clear market position conveys a clear and consistent company image.
Ability to control stock on hand
You need to put adequate stock control in place to reduce inventory costs and increase stock turns. Loss prevention is critical in any retail establishment, as theft and shrinkage represent lost dollars for the retailer. Have systematized procedures for doing physical counts of your inventory, as well as clear policies on employee theft.
Strong financial management
The ability to manage finances and control debt is critical for any type of business.
Selection of products based on market demand. You need to have a keen sense of predicting the market and knowing what customers want. Your success depends on offering items that the market wants.
Attractive product presentation.
Success in retailing entails knowing how to maximize every square inch of the store and warehouse (if any). With good rental space getting more expensive, you need to carefully plan your space through effective use of floor patterns, location of merchandise, amounts of merchandise and use of appropriate displays. Store layout and product display induce product purchase and reinforce company image.
Well-trained and experienced work force.
The quality of the sales force is important in the success of a retail store. Your sales employees are the face of your business, and you need to ensure that they provide quality customer service. One of the leading shoe retail chains, The Athlete’s Foot Group, even train their staffs to measure the foot’s length, arch, and width of the customer to find the right shoe brand and style.
Ability to Choose the Right Merchandise
The type and quality of your merchandise will shape the image of your retail store. Customers will come and patronize your store due to the quality of your inventory (among other reasons such as customer service). Your inventory can also spell the success or failure of your business: choose too much of a shoe style that no one wants to buy, you may be staring at the death of your business.
Read other articles on starting a shoe retail store business:
- How to Start a Shoe Retail Store Business (Starting a Shoe Retail Store Business Part 2)
- Financing a Shoe Retail Store Business (Starting a Shoe Retail Store Business Part 3)
- Starting a Shoe Retail Store Business
Recommended Books on Starting a Shoe Retail Store Business:
- How to Start a Shoe Design Business
- Sneaker Store Athletic Shoe Shop Start Up Sample Business Plan NEW!
- Step-by-Step Guide for Running a Retail Store Business: How to Operate and Market a Retail Shop to Maximize Profits
- The Retail Doctor’s Guide to Growing Your Business: A Step-by-Step Approach to Quickly Diagnose, Treat, and Cure
- Fashion Entrepreneurship: Retail Business Planning