Retail Today / Retail Renaissance: As “big box” stores retreat from our large urban cities, I see opportunity.
Over 30 years ago Kmart moved into one of last retail frontiers for real estate, urban core. Miami, New York and other densely populated areas were opened with fantastic success.
In 1998, I was able to get approval for a new store in Miami. It was only 50,000 sq ft, less than half the size of a typical Kmart at that time. We had to merchandise it differently and set up operational procedures to operate profitably.
That store’s performance was outstanding, driving over $30 million a year. A very challenging store, requiring overnight replenishment teams, eliminating many higher theft categories, expanded loss prevention programs and a “hands on” leadership team.
What many retailers did was take a “cookie cutter” approach to operating in this environment. Failure! So as Walmart, Target, CVS, Walgreens and others, abandoned this strategy.
Where is the opportunity? I can see Dollar General or even Aldi come up with a concept that provides security, labor opportunities, tax revenue, retail sales and yes, profits. The key think differently.
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