“It’s got to be the right brand with the right focus in the right market,” said Solomon Lew in an article that highlights the shift in retailer expansion and branding in 2010, compared to the stagnant development seen in the past 18 months.
If I didn’t know any better I would have thought Lew was a Buxton client.
Retailers are being smarter when it comes to new site selection and shop expansion for the New Year. It’s more than location, location, location in this economy and any business savvy developer can see this from the record number of store closures and deficits they’re being faced with.
Knowledge of who your consumers are and what they’re buying will contribute to longevity for a retail location. Stores will be able to keep a smarter inventory and market more effectively to their core customers if the right steps are taken. There is little room for wasted dollars, on marketing efforts to the wrong consumers and poor selling items in stores, to be lost profit down the road.
I see a bright future for consumer analytics with a growing diversity in the market place as we head out of the recession. People like variety and accessibility, it’s a matter of finding where those people are and what they are seeking to buy that will translate to success for retailers looking to expand and establish new brands for the future.