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Retail Growth Outside The 4 Walls: Business Owner Mindset

Business owners and entrepreneurs often stimulate business growth with what they build outside the four walls of their physical space.  They build relationships.  They build relationships that become mutually beneficial partnerships.  Strategic partnerships that fuel business long-term and grow market share.

In an intensifying competitive retail landscape, those who run retail business and want to remain successful…must do the same.  General Managers, District Managers, VP’s and so on must seek to understand what need their products meet.  In some cases, this may need to be done by department.  And then, backtrack to who else meets a need for those same clients or customers and how can you collaborate with them to meet more of those needs…together.

For instance, if you sell appliances, or you have a department that sells appliances, what need does that meet?  It meets the needs of both individuals and families that need to get dirty clothes clean.  Pretty basic, right?  Or, it meets a need of convenience because it allows individuals or families to be able to take care of their laundry without having to leave their home.

Hmmm…who else focuses on meeting the needs of getting clients all the conveniences of home?  Realtors!  Could there be a mutually beneficial relationship between a retailer that sells appliances and a realtor that sells homes to people who may need to purchase appliances?  If there was a referral system, and maybe even a small discount to the homebuyer for mentioning the realtor, would it drive incremental revenue?  Could it create a competitive advantage and impact market share to some degree?

What about car stereos and used car dealerships?  Kids clothing and daycares?  Women’s or men’s athletic apparel and gyms?  Noise cancelling headphones, cameras and racetracks?  TVs and developers of new sports bars or hotels?  You get the idea.

Retail isn’t dying.  Retail is becoming a more strategic business with an expectation of differentiated experience.  The ability to also lead outside the four walls, be savvy in financial acumen and develop strategic leaders has become necessary. Those who function with a business owner or entrepreneurial mindsetand walk in the shoes of a retailer are the ones who will be successful long-term.

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