Specialty Stores, Investments and Risks

Understanding consumers' lifestyles, hobbies, ages and the places they go to, in order to attract a very specific sector of the population, is fundamental to reduce the risk in the investments made for the opening of new specialty stores.

Thursday, March 25, 2021

For some years now, the retail sector has been undergoing a transformation, which has been driven by changes in consumer habits and the rise of e-commerce.

Experts in the subject agree that one of the trends being adopted by companies in the sector is the transformation of their traditional establishments into much more specialized stores.

You may be interested in "Geomarketing, Successful Investments and Case Studies"

This transformation are affecting the entire sector, from department stores to luxury stores or food stores. Establishments specializing in vegan foods, meats, wines, video games, personal care items, sports equipment, computer equipment, among others, are becoming more and more common.

Given this commercial scenario, companies planning to execute an expansion plan that includes investment in the opening of new stores, should rely on the proper use of Business Intelligence solutions, which allow them to understand the group of consumers they intend to attract. Inferring the tastes and preferences of this segment of the population is fundamental for the success of specialized commercial establishments.

As well as knowing the consumers and communicating effectively with prospects, specialty stores must face the challenges that the rise of e-commerce represents for companies.

See "Central American Consumer: Trends at the beginning of 2021"

A publication from America-retail.com reviews that "... differentiation is key in every way, so retailers will be increasingly specialized. With access to a multitude of options available, consumers will seek smaller, more specialized retailers with a fresher 'look and feel' while still expecting speed and quality delivery".

The article adds that "... this is why getting out of the fierce competition from department stores and diversifying the channel portfolio can be a profitable option for some consortiums. In addition, it will be essential to be more 'lean' in product catalogs to focus on efficiency and keep up with the competition."

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