3 Ways to Rethink Your Store and Thrive

In today’s challenging retail landscape, ask yourself how you stand out in a sea of competitors that are trying to do the same. Retailers have to reframe their way of thinking to keep up with the demand of shoppers in the digital era. You must clearly define your store’s purpose with students to be successful.

Marshal Cohen, chief industry retail analyst of the NPD group states, “Big stores try to be something for everyone, and they end up being nothing for anyone.” Because of this, larger box stores have started to file for bankruptcy or have closed some of their stores because this format doesn’t work for Millennials and Generation Z. They are looking for a more personalized shopping experience, customized to their tastes.

In response to this, many big box stores are tailoring down their inventory to target a select group of buyers. Target for example, is opening a fleet of mini stores aimed specifically at Millennials. Each store will cater to local tastes and accommodate the demographic that lives in that area. Here are 3 easy ways you can rethink your store to meet students’ needs.

Get to Know Your Students
Make the most of your physical space by bringing in the products students want. The best way to find out what they want is by simply asking them. Grow a relationship with your students and define your purpose based on their needs.

Create a Unique Experience
Curate a one-of-a-kind experience that really speaks to your students instead of one-size-fits-all. Students shop for these experiences and the desire for uniqueness is true for younger customers. Give them a reason to visit your store that will keep them engaged.

Stay Relevant
There are endless amounts of options you can implement in your store like self-serve kiosks, smart mirrors, and self-checkouts – just to name a few. Instead of adding all the bells and whistles, make sure you are being strategic about the experience you want to give students and how you are going to deliver it.

Sources: entrepreneur.com, consumerist.com

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