Retail Downsizing, Upsizing…Rightsizing! Trends and Tips

• December 15, 2015
• Topics:
  • Retail Downsizing
  • Retail Industry
  • Retail Merchandising
  • Rightsizing

When it comes to retail trends, retail downsizing and upsizing seem to be two of the biggest – at least for the past few years. While some stores choose to downsize to a smaller footprint, often to match the demand for online sales, other stores are actually increasing their square footage, or setting up physical locations for the first time. These changes related to space can have big benefits for the companies involved, but when handled incorrectly can leave customers unsatisfied and can negatively impact their loyalty.

Here are our top three tips to help make the move a seamless one.

Retail downsizing/upsizing tips:

• Tip #1: Have a solid plan in place to cover all the bases. This means a plan for tear down and set up, a plan for minimizing losses during the change, and a plan to ensure customer service remains a top priority. Starting this complex and sometimes timely process without figuring out everything from start to finish may leave you in a bind halfway through the project, so always be prepared.
• Tip #2: Ensure your team is ready to handle the tasks at hand. Make sure that you always have enough staff on the floor to handle line ups at the cash and customer inquiries in store. If customers have to wait too long, or can’t find help when they need it, they may just opt to leave and go where it can be found. If you don’t want to hire extra hands to cover the transition period, enlist the services of a 3^rd party for trained, professional employees you can hire for the short term.
• Tip#3: Ensure the shelves are always stocked and prices are always correct. When customers enter the store, especially during a transition period, you want to ensure that they are not stuck trying to find the products they are looking for. If shelves are empty and product is just sitting in the stock room, sales will reflect this. Customers don’t want to have to ask if products can’t be found, and many will just choose to turn to a competitor – and may just stick with that competitor – so make sure that product is making its way to the aisles to ensure sales are not impacted.

If you are considering retail downsizing, upsizing – really any form of retail rightsizing – call Marketsupport. We have an entire suite of services to help you ensure the transition is a smooth one. 905.847.6513.