Bricks & Mortar Retailers - What are your fears?

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Australia Australia
interestedinretail
Kudos: 15
Joined: Dec 7, 2016
Bricks & Mortar Retailers - What are your fears?
7 Dec 2016
I'm conducting some background research on bricks and mortar retailers, and I'm keen to find out essentially what worries them most about their business. There's the usual suspects of foot traffic, costs, staffing, time etc.

I'm looking into buying a shop, but would an online one be better in this day and age?

What are the key areas I should be aware of before going further?

Many thanks in advance for any advice
Nottingham United Kingdom
Bigian13
Kudos: 2,997
Joined: Feb 21, 2014
Re: Bricks & Mortar Retailers - What are your fears?
7 Dec 2016
@interestedinretail

We have several B&M stores and online stores, as well as a wholesale business that sells to other B&M stores, online sellers and market traders. All are currently successful.

We have had a couple of stores drop in sales due to the closing of a road or Post Office but nothing that we could not handle.

Our products though are no doubt different to yours.

More and more business is done online. Fact.

Everything though depends on your products. If I was looking to buy a Steinway piano, it is very unlikely I would buy it online unless I or somebody else had seen it first. If I was looking to buy a DVD about playing the piano, chances are I would buy it online.

You could always use your shop as a base for an online business. All your stock in one location and managed by one person (until the sales roll in).

You know the basics already, footfall, costs etc. You also know your products. Are your products generally available online at a better price than you could do in store ? Would your margins cover your costs ? Are your products the type that would benefit from a customer to see in person ? Is the area you want to set up shop convenient for you or for buyers ?

You could always start selling from home and then if the sales start coming in move to a shop / warehouse combination.
E-commerce , love it or hate it, that's why we are here

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