Saturday, June 29, 2013

How Not To Expand Your Retail Business

Tom the owner of a general merchandising retail store contacted me for some help.

After 5 years in Business he wanted to expand into a second outlet.  When he went to the bank for a loan, they turned him down.  Not because of the amount of business he was doing, but because of the lack of organization of his business. 

Image is the most important thing in a store.  It matters to the customers, vendors, employees and investors.  Banks only know what they see.  The fact that business is good and sales are up only means that there is potential to do even better if the store was organized.  Banks aren't going to invest in stores that show they can’t adapt to the change in business.  

Customers only shop in a store that's messy and unorganized for convenience.  If another store opened up nearby there’s a good chance Tom would lose a lot of business.  


My job now is to teach Tom an OK Store Manager, how to be a Great Store Manager!

1 comment:

  1. That's a different topic and really well written.

    ReplyDelete

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