Retail appeals to both consumers and entrepreneur. It is for a fact one of the hottest business opportunities today. Because of the advantages and profits one could gain from retailing, a lot of people are joining the business fray resulting to retailers having very fierce competition.
And the shoe industry is no exception. But this doesn't mean it's already impossible to break into the shoe market. There's always room in the market for you to put up your own designer shoe store. You just need to follow a couple of do's and don'ts in order for you to survive.
You need to learn which type of shoe you are going to tap for your own designer shoe store. In the whole shoe retail market, the athletic shoe retail business is the biggest surpassing formal shoe wear by a mile. Sale of basketball shoes alone is a hundred million-business a year. Known brands like Nike, Adidas, Puma and Reebok are taking advantage of the steady growth of the “athletic lifestyle". You can find these popular brands almost everywhere. Nike or Adidas shoe boutiques can be seen inside malls plus they have a lot more retail outlets in department stores and even in general merchandise stores.
So in your attempt to break into the market, you need to offer a one of a kind service that showcases the courtesy of your staff and their knowledge about the product. And since you're a retailer, it is very important to diversify your product line. You must be able to provide customers with a lot of designer shoe choices. Show them that your store has all the major brands and all their new models too. Also, your prices must be competitive and your store design should be as functional as it is inviting.
Because the shoe retail industry is as dynamic as they come, you need to have a basic understanding on how consumers decide to buy your products. Like what have been previously mentioned, pricing is very important and it will either pull your customers to you or push them away to the competition.
Remember that consumers will always purchase less quantity as the price goes up and buys more as the price goes down. Also, the location of your store will have an impact on your overall sales. If your store is located near a series of gyms, then it would only make sense to keep a considerable stock of gym and cross trainer shoes.
Learn to adapt to your environment. Know what your surroundings want and then give them a little more of what they ask for. Although these things are definitely important, you should never ignore one the main factors that dictates what's hot and what's not in the shoe industry: fashion trends. Be sure that your designer shoes store keeps up with the fashion of Paris or New York.
Always be wary of economic signs. Try to be insightful of the current market trends and adjust accordingly. I never said setting up your own designer shoes store would be easy. It's possible, yes but it's absolutely not a walk in the park.
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