Four lessons for retailers who want to survive
The increasing challenges faced by our retailers are well documented. But from adversity can come opportunity, provided a business is prepared to innovate. And from the US comes the story of a retailer that did innovate, and has done more than just survive – it has thrived.
Roger Montgomery is the Founder and Chairman of Montgomery Investment Management. Roger has over three decades of experience in funds management and related activities, including equities analysis, equity and derivatives strategy, trading and stockbroking. Prior to establishing Montgomery, Roger held positions at Ord Minnett Jardine Fleming, BT (Australia) Limited and Merrill Lynch.
This post was contributed by a representative of Montgomery Investment Management Pty Limited (AFSL No. 354564). The principal purpose of this post is to provide factual information and not provide financial product advice. Additionally, the information provided is not intended to provide any recommendation or opinion about any financial product. Any commentary and statements of opinion however may contain general advice only that is prepared without taking into account your personal objectives, financial circumstances or needs. Because of this, before acting on any of the information provided, you should always consider its appropriateness in light of your personal objectives, financial circumstances and needs and should consider seeking independent advice from a financial advisor if necessary before making any decisions. This post specifically excludes personal advice.
steven lock
:
You could add effort and mobile phone use by staff only during breaks to the list, which may help.
A family member frequented 3 clothing stores in the same area, 2 were staffed by young staff that
ignored her, preferring their mobile phones, the 3rd was run by the owner who did what she
could to get a sale.
No prize for guessing which 2 stores closed.
Roger Montgomery
:
Thank you Steven,
My wife has experienced exactly the same thing at the stores on Hastings Street in Noosa – young staff who couldn’t care less about the performance of their employer’s business, ignore customers and miss out on sales revenue.