It is almost Spring which means it is time to think about how you can grow your business in new and fresh ways. If you are considering new locations or how to expand the business, you have to be thinking about the differences in each location and how you will address them. We have put together on thoughts on several approaches to doing this for you below.
As always, please send your thoughts, feedback and ideas our way!
TARGETING YOUR MARKET
As stores and restaurants grow they often find themselves wrestling with the conflicts that exist between catering to differences in markets, regions, cities and towns and specific locations and maintaining consistency and building a brand. Many opt for the cookie cutter approach and restrict growth opportunities to only those situations that meet their requirements for demographics, traffic, store size and appearance etc. You can see this approach in chain drugs stores and fast food restaurants. They maintain consistency in all details of the operation and you usually know what you can expect to find when you enter into one of these types of stores.
Other retailers like the idea of “morphing to the environment” and finding spaces that will allow them to be creative and to reflect the environment and community in which they are doing business. This approach allows them to stretch their concept into new and different places and really tailor the store to the location. On a national level you can see Starbucks doing this as well as Ralph Lauren/Polo and Panera Bread. Locally, Jasmine Sola and Jordan’s Furniture are good examples (but Jordan’s is a good example for almost anything retail). Jordan’s new Reading location is ground breaking for a “big box” retailer and builds upon the local flavor with their “Beantown” exhibit in the entranceway made completely of jelly beans. Their other locations incorporate local eateries such as Kelly’s Roast Beef and Richardson’s Ice-Cream.
Retailer’s willing to take this more local and creative approach probably are better able to maximize each of their locations potential but most likely do so at the expense of the rapid growth and lower cost of growth that the “cookie cutters” have. Many retailers stake out a middle ground that allows for some changes but also does not trade on the integrity of their brand. There is not a right or wrong here and the path chosen depends on the flexibility and creativity of the owner/entrepreneurs. Additionally, it is dependent on the type of work environment and culture they want for themselves and their employees (i.e. rapid growth fast track corporate or quality and community oriented organic slow growth). Like everything in retail, growth is not easy, but when done with planning and understanding of issues such as the above it can be very rewarding.
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Stores that do this well:
Jordan's Furniture
Jasmine Sola
Ralph Lauren
Panera Bread
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