On 26th January 2010 it was announced that GDP has grown by 0.1% and the UK has moved out of the worst recession since the 1930s. This is great news as it shows that consumers have more confidence and a more optimistic outlook for 2010. Consumer spending is moving slowly in the right direction, but it will take time for retailers to reap the benefits of this. With such a small amount of growth what does this really mean for retailers?
Retailers must continue to ensure that they remain competitive; too many times customers will visit a shop and purchase online to make savings. Retailers must acknowledge this and if they cannot compete solely on price, they must give consumers another reason to buy from them e.g. excellent service or a little extra such as promotions for additional purchases. The internet cannot compete with the impulse buy or instant delivery of products in your shop. Equipashop suggest considered making better use of POS or giving your shop a revamp with new retail displays or shop fittings to make your shop and items stand out.
Retailers must also consider using the internet to their advantage. It can be used as a simple tool of promotion or another channel for your customers. It can be as grand or as simple as you choose it to be; you could have your own website, a Facebook page or even a presence on directories such as yell.com. Many consumers will not hit the high street without an idea of what they are looking for and so they may look on the internet before they make the trip – if your shop has an online presence they could be more likely to visit. Equipashop have a showroom in Belfast and customers regularly visit the website, see a particular product such as a mannequin or clothes rail and visit the showroom to make their purchases.
There are many issues outside of the retailers’ control that can affect their business, road works or the construction on nearby buildings can severely affect footfall. Retailers should consider grouping together in order to work with councils and landlords to minimise the impact of these activities. Equipashop supports Retail Week’s “Manifesto for the High Street” to help retailers, particularly in town centres. Retailers can also help themselves by ensuring that customers are aware that they are trading as normal by using prominent posters or A Boards.
So it is good news that the economy is moving forward into 2010, however retailers must ensure that they are keeping ahead with promotions this year to encourage their customers to spend.
Equipashop, the Retail Equipment Superstore has a huge range of retail equipment and shop fittings to suit any retail outlet. If you are looking for displays, shop fittings, point of sale or office supplies have a look through our website and you will soon find what you are looking for.
For more information please contact:
Unit 16, Prince Regent Commercial Centre
Phone: 028 9079 9990