The Gap finds itself in the news again this week. After years of declining sales and market share, they announced that they are moving the CEO of the Banana Republic, Marka Hansen to take over the top spot at the Gap. Hansen has been the bright spot in the company as she led the successful Banana Republic business. The hope is that she can reinvorgoate the struggling Gap brand and help lead the road to a profitable future. Good luck, Marka!
NEWS FLASH to retailers everywhere-- Your store is no different than the Gap. When it comes to defining your place in the market, the old adage that "Size Doesn't Matter" is true- To be successful in the retail industry today, EVERY store in the market today must carve out a niche that suits its customers needs and delivers products and services that they want.
Ask yourself, have you ever been guilty of losing focus with your merchandise assortments? Have you alienated customers by not keeping up to date with current market needs and trends? Have you talked to your customers lately to ask them what they think about your store and what they need?
The good news for a small store is that course correction is not a multi year process like the Gap is undertaking, you can ask questions and get answers that you need in a very short time. Making the corrections and adding the products you need to be successful can happen in very short order.
It all starts with a simple question---What does my store do better than anyone else?
Finding the answer is your key to retail success!
Drop us a note and tell us what your store does better than anyone else! We'll share it with our readers and spread the word for you.
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