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Retail Fitness Tips
Failing to Plan is Planning to Fail
Since the start of The Retail Doctor Group some five years ago, I would say that only 30-35% of retailers that I have observed had some form of desired business outcome or plan which they could articulate. These leaders are clearly capable of strategically mapping out their business destiny however for some reason or another they haven’t. So what stopped them?
Any number of reasons would be possible, although in my observation most were attributable to:
· Not separating themselves from the day to day business (The forest from the trees syndrome)
· Always pedalling to drive sales and margin to pay higher rental and wage costs.
· Not having a simple business plan methodology.
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The Doctor's Diagnosis
Loss Leaders or Fragmented Followers?
In the struggle for survival, the fittest win out at the expense of their rivals because they succeed in adapting themselves best to their environment.
Charles Darwin
We see every day that competition has its victors and for them the spoils. Competitors resort to every strategy available to win the hearts and minds of their customers and we see this is so many retailers strategies, with the current supermarket price war being an example of this claim for increased market share at the others expense.
These brands are using a loss leader strategy whereby they reduce the price of essential base price items especially perishables that are needed regularly. Loss leaders can also be used to influence customer price perceptions and give them the perception that the brand is less expensive. This technique is often used by, and may work for large corporate brands who are trying to position themselves as the best price supermarkets.
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Retail Pulse
Retail Doctor News
The Retail Doctor has been approached by various media sources over the past weeks to present our expert opinion on the latest trend of Coles and Woolworths lowering the prices of everyday basics like bread and milk. Some media sources that we have been recently quoted in include:
A Current Affair - (channel 9) Slicing the Cost of Bread Click here to view
Today Tonight - (channel 7) Milk Markdowns Click here to view
Start up Smart - Supermarket Price war to Impact Independents. Click here to view
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