How to Launch a Small Retail Store

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  • 0:03 Background on Retail Stores
  • 0:23 Importance of Location
  • 1:14 Importance of Training
  • 2:13 Importance of Design & Layout
  • 3:18 Importance of Competition
  • 4:43 Lesson Summary
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Lesson Transcript
Instructor: Sean Kennedy

Sean has 8 years experience as a supervisor and has an MBA with a concentration in marketing.

There are numerous things to consider when launching a small retail business. In this lesson, we will discuss location, training, store design and layout, as well as how to compete with larger retailers.

Background on Retail Stores

Have you ever wondered what it takes to launch a small retail store? It is not an easy process, but it can be very rewarding when done properly. A retail store carries goods and sells them directly to the consumer. There are many details that go into successfully launching a retail store, and we'll discuss them further in this lesson.

Importance of Location

Have you ever heard the phrase 'Location, Location, Location?' It's a popular expression in real estate, but it also applies to retail. One of the first decisions you must make when owning a small retail store is the location of your business. Having an easily visible, high-traffic location is important for selling merchandise. Your location and the types of products you sell will be closely related. For instance, if you purchase a store on the beach front, you would want to gear your products toward beach-going tourists.

Jerry is looking to open a business selling ski equipment and winter clothing, and he wants to find the ideal location. He decides to purchase a store right by a ski resort. This is the perfect location because his target market largely consists of ski enthusiasts. Visitors to the ski resort are likely to stop at Jerry's store for supplies.

Importance of Training

Employee training is an important part of your business operation. It is essential to train employees to work efficiently and provide the best possible customer service experience. Have you ever walked into a store and seen all the workers on their cell phones, completely ignoring the customers? Obviously, this is horrible customer service, something that would be addressed during your training sessions. It's crucial to train employees on operating the point of sale system, how to display merchandise, proper cleaning techniques, and how to interact with customers and fellow employees in a courteous, professional manner.

Jerry has opened his ski shop, and now it's time to train all his employees. He does a simple run-through of how his business operates but does not take the time to extensively train his employees. During the launch of the store, things are getting busy. The employees are having issues with the point of sale system, though, and the store is a mess. While launches can be hectic, Jerry's mistake was not taking the time to train employees properly.

Importance of Design & Layout

After you find the perfect location, it's time to set up the overall design and layout of your store. The design should match the brand personality. For instance, if you are selling women's jewelry and accessories, you may want to have more effeminate decor to match your brand. It's also important to have a layout that allows customers to easily see the products. Management can help with this. Depending on the size of the retail store, it may just be the owner as a manager, one other person, or multiple people. Everyone should be on the same page when it comes to the proper displaying of merchandise, so effective communication is essential.

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