If you haven’t noticed, the retail landscape (and in particular the convenience channel) has changed and continues to change. Consolidation, new players in the c-store / small store arena and the changing Shopper have all had an impact on you as an owner of an independent c-store or small c-store chain. These changes in the industry require you to change your approach to retailing.
The opportunities?
1. Stop relying so much on intuition and develop a more fact-based approach for your store: None cares more about your business or your Shoppers than you do! Build knowledge about your business so that you’re confident in the choices you make for your store. Learn what to ask of your suppliers and distributors based on what’s most important for your unique store and your Shoppers!
2. Give your categories meaning & purpose: Why do you carry the categories that you do? How important are they for the Shoppers that come in your store? By defining your categories, understanding their relative importance and assigning category roles and strategies, you will then be able to strategically determine how these categories tie in with the tactics (including the products you carry and how they are shelved, priced and promoted) for your store.
3. Learn how the choices you make affect your bottom line sales and profit: When you’re making choices about what items to carry, how much product to buy, what price points to sell it at, are you thinking about how these decisions impact your financial income statements – including sales, cost of goods and the profit that you’re bringing to the bank? You should have a strong understanding of how these choices not only impact your bottom line, but how to improve it.
4. Have a strategic plan for your store for 2016: How strategic was the plan that you built for 2015 (or did you have one)? What areas were you successful in? Not so successful? Your strategic plan should tie in with the biggest areas of opportunity based on Shopper needs and what they are looking for when they come to your store.
Is there an opportunity for you to move to a more strategic approach in your c-store business?
Yes! There are always areas for improvement as a small business owner. We’d like to invite you to join Category Management Knowledge Group (CMKG) and b2b Solutions, LLC for a complimentary, educational webinar entitled “Category Management in Your C-Store / Small Store”.
Webinar Description:
Learn how to apply the principles of category management to arm your C-Store / small store with strategies to help you compete in today’s world. Sue Nicholls of CMKG will walk you through the 4 considerations above, and give you some examples and considerations to apply in your store.
Webinar Details:
• Two dates to choose from: 1) October 8th and 2) November 19th, 2015.
• Registration link: https://attendee.gototraining.com/rt/5953528178782361601 (seats are limited, so register soon!).
For more information please contact:
Sue Nicholls, President
Category Management Knowledge Group
[email protected]
Steve Montgomery, President
b2b Solutions, LLC
[email protected]
