2017 was the year of the retail apocalypse. Sears in a permanent coma. J. C. Penney having serious heart palpitations. Macy’s trying to find its old groove. Bankruptcies galore; store closings by the thousands. In June alone, 1,000 retailers closed their stores.
Malls irrelevant, looking for dentists, doctors, colleges, fitness centers and anyone to rent some space. Clothing stores hit super hard. If not bankrupt, many groovy, groovy shops are on life support. Abercrombie & Fitch, The Limited, Guess, Crocs, Payless Shoes, Dillards and many more can’t seem to find a way to grow and become profitable again. About the only national retailer to do okay was Nordstrom; we think it’s the self-playing grand piano in every store that’s saving the day for Nordstrom.
Ah, but here is the good news: With so many major retailers struggling to stay afloat, it'd be easy to think smaller, mom-and-pop stores are doing even worse, or might be largely fading away. The recent demise of retail giants, however, has left a brick-and-mortar vacuum for local stores to fill.
And many experts say it might be best to stay small. “Being a micro-sized business certainly isn't protection against big-box retailers or online competitors, but being a small business that's an integral part of a local community can help build a loyal customer base.” That quote from Chris Morris, CNBC.
Okay you don’t consider your retail business ‘micro-sized,’ but compared to Home Depot or Walmart or Amazon, you are that for sure. The real point is that a local flooring store is a neighborhood store. The owner and employees know their neighbors, know their Little League teams, know their town, warts and all. But it is their town and their flooring store and it is with pride they (the customers) buy from their local flooring store.
A local store that is a member of a buying group can lay claim to buying like the big dogs. That is great. However, you must sing the praises of being a real “townie.” Your real strength comes from living in and serving your community. Total immersion. Never looking elsewhere. Always of and for your town.
So, when consultant folks talk about your store brand they always mention products, price and warranties. Or something close. Trust me, your brand starts and ends with your sense of place, community and your core beliefs as a business and good neighbor. When that matches the sense and tenor of your community, your brand is real. Pricing and products are easy if you get your store brand to reflect your beliefs about your community and your role in it. That is not mushy stuff; it’s real.
The reason we know that is that all businesses try their darndest to do exactly the above in every town they are in.
It’s great being a floor covering store in your town.
Jonathan Trivers, a regular contributor to Floor Covering Weekly, is also the author of the marketWise section of FCW’s Statistical Report. He can be reached by email at jonathantrivers@gmail.com.