I recently met a retailer friend and as usual I chewed his brains on the importance of having a strategic brand vision in place for his family controlled chain of stores, for its long term survival and to avoid falling into the trap of 'Discount Sales' that seem to have plagued the retail sector, where the leader will be the one who can offer the lowest price.
During our interaction he had a few valid points about how the entire mid segment retail sector and specifically the category he is in is plagued by discount sales and he has no choice but to follow suit as competitors have been doing it and customers who walk in, walk out because they can get the same item on sale at another store.
The category he is in fortunately DOES give him the opportunity for his brand to differentiate itself from the rest of the pack. So how does one get out of this rut? A common denominator for this is FOCUS!
During our interaction he had a few valid points about how the entire mid segment retail sector and specifically the category he is in is plagued by discount sales and he has no choice but to follow suit as competitors have been doing it and customers who walk in, walk out because they can get the same item on sale at another store.
The category he is in fortunately DOES give him the opportunity for his brand to differentiate itself from the rest of the pack. So how does one get out of this rut? A common denominator for this is FOCUS!
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