July 16, 2012
Retail Stores – The Top 100
Realistically speaking and understating, it has been a rough go for the past while in the retail sector, similar to many others industries when the economy hit its bumps. While the usual big box stores are on top in their expected rankings, other retailers have emerged, with differing strategies to engage and capture consumer attention. The National Retail Federation (NRF) has just released the top retail stores report and some insight into those successful retail companies.
According to the NRF report, the business strategies of the top retailers are as varied as the list. Some retailers are keen to develop expansion plans around urban development, while others find their niche in rural areas. Depending on retail strategies, some retailers are integrating into the shopping mall model, while others are thinking outside the “mall” box. It is apparent there is not one standard business and marketing strategy that works for all.
Some interesting strategic patterns have emerged across the top retail stores:
- Long-term, consistent nature of the strategies
- Successful strategies that center on the customer first, as strategies should
- Differentiation that set those top performers apart from the competition
- Retail strategies and stores focused on essential goods (food, drug, medical) remain strong through economic turbulence
- Online retail strategies continue to build
See the rest of the Top 100 Retailers of 2012 at NRF Stores site
It is clear that in companies like Walmart and Amazon that to stay on top, that their low-cost provider strategy is still priority #1. In some cases, in order to build long-term customer loyalty, retailers such as Amazon break-even or lose money on some items. It has been predicted that these two low-cost providers are going to continue to grow over next 5 years.
Online retailers like Amazon illustrate success with their model of e-commerce, without the need for physical locations. The trend will continue in this direction, as retailers may need to stay competitive by moving part of their operations into online retail expansions instead of expensive physical locations.
More Reading on Retail and the Customer
- Marketing Tips for Better Customer Engagement and Results [infographic]
- Franchise Opportunities – Industry Outlook 2012 and Beyond
- Online Retail – Strategies That Lead to Better Sales [infographic]
- Retail Industry Heating up for Summer and Back to School
- Father’s Day 2012 – Retail Spending Up
More on Marketing:
- Digital Marketing – Conversion Opportunities for Business
- Product Mix – Designing Products and Services for the Consumer
- Content Marketing – Targeting Local Markets [infographic]
- Color and Design – Factors Influencing Commerce [infographic]
More business blogs of interest:
Business Plan – The Next Steps
- Business Intelligence – Keeping you Wired In
- SEO Guide to Higher Conversions with a Few Steps [infographic]
- EService, Social Media and Customer Service Trends [infographic]
Business information, resources and tips for the entrepreneur
© 2012 Strategy Plan One
