Once a retailer has established their identity — once they know who and what they will be — they must focus on what they must do. These four things are simple. And in their execution they are all hard. When mastered, they guarantee success.
This is the Iron Law of Retail:
Compelling product, attractively presented, in well-located, efficient stores.
That’s all there is.
Ah, you say. “That’s like saying ‘buy low, sell high!’” It’s blindingly obvious. (And here I must repeat that famous definition of a consultant — ‘someone to whom you give your watch so that they can tell you the time’.) As consultants, we start with the obvious. As retailers experienced in execution, we quickly move beyond this.
The difference, and the beauty, of the Iron Law of Retail is in the execution. For each retailer, the magic combination of compelling product, attractive merchandising, great location and efficient operation will be different. And in turn colored by their identity. The possibilities are endless and this is what makes creating one’s connection with one’s customers both fun and rewarding.