Specialty Retailers Strive to Survive
Nothing more really needs to be said about how volatile the retail market has been of late. Of course, being in the middle of the holiday shopping season, things are a bit more cheery for retailers of all shapes and sizes. But don’t let the current level of foot traffic in your store fool you. Retailers today—especially smaller and specialty stores—are fighting for every foot that walks through their doors. But the number of shoppers that walk into your store doesn’t define success. Rather, it’s how many walk out with a few less dollars in their pocket.
Competition for retail today isn’t just the giant big box store that’s across the street. It also includes the thousands of websites that can discount product and ship to consumers’ homes. It’s also brands themselves, which are opening their own stores as a way to capture a greater percentage of each sale by going direct to the consumer.
So what can specialty stores do to survive in this type of market? Astound Commerce, a retail market research firm, set out to find some answers. Their recent report, “Specialty Stores Invest to Survive,” explores where specialty retailers are putting their dollars—from tech investments to in-store experiences—in an effort to increase foot traffic.