What exactly does it take to conceptualize, open, run, and promote a successful retail store? Chances are if you've ever looked into it, you'll know that it's a pretty large undertaking, with very few shortcuts for those who've never done it before.
There's also plenty of rookie mistakes that not only end up costing a fortune but could derail the entire operation.
Luckily for you, we've partnered with Mercedes Gonzalez, a seasoned industry expert with 20+ years of experience under her belt who's been consulting with retailers both small and large through her company Global Purchasing.
Not only has she worked with some of the most important buying offices in the country, but she's helped open or restructure hundreds of retail stores in the US and internationally, including the inaugural Sears store in Panama.
In this video series, she provides hard-hitting questions you need to ask yourself, concise advice on what you can expect from running a store, and insider tips and tricks that previously you'd only be able to get if you paid her a large retainer fee.
From understanding your own motivations, finding the right location, purchasing merchandise that will sell, and advice on everything from retail math to hiring, this video series will equip you with everything you need to know to get out there and open a successful retail store.
Let's get started.
What You'll Learn
This video series is broken down into eleven chapters that are organized as follows:
- Chapter 1: The 5 Rules No One Tells You About Retail - Learn the five golden rules of starting a retail business that will get to the roots of your motivation and highlight factors that result in success.
- Chapter 2: How to Determine Your Target Market - Discover how having a target customer in mind and understanding not just demographic but psychographic data about them will help you get ahead.
- Chapter 3: Location, Location Location - When it comes to retail, it's all about "location, location, location." Learn the common misconceptions of choosing a location and how to determine if people in a particular area are actually shoppers.
- Chapter 4: What Will You Sell? - Know the three questions you'll need to ask yourself to determine what to sell in your retail store.
- Chapter 5: Retail is a Numbers Game - Even if math was never your favourite subject, when it comes to retail, it's all a numbers game. Learn which metrics matter most.
- Chapter 6: The Key to Effective Store Merchandising - When it comes to merchandising, it's all about making the in-store experience as immersive as possible. That means paying attention to consumer psychology and delighting all five senses.
- Chapter 7: How to Be a Retail Buyer - Negotiating is a critical skill set required to thrive in the retail business. In this chapter, learn the ins-and-outs of bargaining with vendors.
- Chapter 8: Smart Recruiting for Retail - When it comes to running a store, you can't do it alone. However, when it comes to hiring and putting the right people in place, learn how to avoid these common pitfalls.
- Chapter 9: The Retail Sales Cycle - Retail sales is an extensive topic and discipline, but in this video, Mercedes breaks down the more foundational elements you need to train your staff in to be successful when selling.
- Chapter 10: Running a Successful Sale and Event - Curious about what the four types of sales are and when to hold promotional events in your store? This chapter covers it.
- Chapter 11: The Future of Retail - Omni Channel - What's the future of retail look like? Discover the simple answer to this question and more.
Here's the first lesson just as a taste of what you can expect from the series:
Watch the Full Series.
P.S. Be sure to spread the word and share the series, as well as comment below letting us know what you found most beneficial.