How stores can thrive in the modern trading landscape
Retailers and other organsations with a branch network have to meet the dual challenges of the changing economic environment and shifting consumer behaviour driven by online and mobile technology and multichannel retailing. Successful companies are refining the role and reach of their bricks and mortar outlets not just to survive but to thrive in this new trading landscape.
Whatever need might trigger you to review your branch network – cost reductions, the identification of revenue opportunities through expansion or repositioning, the identification and closure of under-performing branches, a better understanding of customer behaviour, a structured store rationalisation programme due to a merger – Tech4T can support the development of a strategic road-map to help you thrive.
Our work can answer the following questions:
- Which of your stores are sustainable and which should be closed, and when?
- If you’re closing an individual branch with an imminent lease renewal, is there unexploited potential in the local market which might justify renewal?
- Which branches are in declining centres or in a part of town with worsening quantity and quality of footfall? The outlet may be in the wrong location and would benefit from relocation or it could have an offer which is not relevant to the local market or the surrounding stores – too upmarket, too downmarket or stocking the wrong product range.
- Is there a high turnover of traders or a large number of empty units surrounding some of your outlet? This would suggest a worsening trading outlook.
- Do you understand changing consumer or business buying habits and channel preferences and their impact on the sustainability of your network?
- Which retail centres are benefiting from investment and what has been the impact on surrounding retail centres? Is retail centre polarisation affecting the sustainability of part of your network? Are the anchor stores surrounding your locations moving out of town? If so, what is the impact?
- To what extent do your store catchment areas overlap and does this create an opportunity for you to consolidate your network?
Whether you’re looking to rationalise or expand your branch network, Tech4T can help you to optimise the size and shape of your organisation with our deep and informed insight.