Lehigh University
Small Business Development Center
Helping Businesses Start, Grow, and Prosper
Welcome to the Retail Institute Online Seminar
Are You Aware of the Latest Retail Industry Trends?
- A growing number of non-traditional households
- Aging of the population
- More working women
- Greater time constraints
- Growth of ethnic markets
- Higher educational attainment
- Geographic migration
- Generation Xers
- Increased storeless shopping
- Convenience requirement
- Retailer/Supplier alliances
- Expanded use of technology
- Micro-merchandising
- Declining labor supply
- Demand for specialty items
- Micromarketing - establishing one-to-one relationships with customers as a way to communicate with and create loyalty among shoppers
Do You Need Advice on How to Compete Against National Chains?
The Center for Retailing offers the following suggestions:
- Systematic approach to understanding what the customers want
- Study the competition and develop a strategy to respond
- Develop a distinct image
- Differentiate and find a specific merchandise niche (unless location is the appeal)
- Compete on value, not price
- Provide special treatment for customers
- Establish hours that are sensitive to customer needs
- View employees as investments rather than expenses
- Budget, review and control all costs
- Take advantage of technology
- Focus on non-price promotion
- Look different
- Do not become a scaled-down version of national chains
Please continue to the course description
© 2012 Small Business Development Center at Lehigh University
