Top Five Reasons to Survey Your Retail Estate in 2017

Posted by Paul McCarthy on 23 December 2016

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As January 2017 approaches, we’re constantly reminded of the phrase New Year, New You?

While New Year’s resolutions are more typically associated with giving up chocolate or taking up a sport, there’s no reason why retailers shouldn’t strive for improvement in 2017. And a store survey is a good place to start.

Here’s the top five reasons why retailers should survey their retail estate in 2017:

1. Maintain a competitive edge

The retail sector is increasingly competitive. Omni-channel and e-commerce have each altered the retail landscape dramatically, and now bricks-and-mortar retailers need to continuously develop eye-catching ways to maintain a competitive edge. A store survey will enable retailers to react quickly to changing trends. Having a comprehensive understanding of an entire retail estate means that campaigns can be deployed faster and more smoothly, minimising any time that might have been spent creating and implementing ineffective campaigns.

2. Strategic growth

Similarly, a store survey will help a retailer plan its strategic growth, as having access to this information and store intelligence will allow a retailer to make considered decisions that maximise potential for future growth. For national retailers who operate across multiple sites, having this information readily available is invaluable; surveys conducted at each location will highlight which areas of the retail estate may be a better fit for growth or expansion and which stores make best use of their space.

3. Good housekeeping

Put simply, a store survey will help retailers maintain high standards of organisation and efficiency. Store surveys will help retailers plan and be more prepared for seasonal fluctuations and times of heavy footfall, such as Christmas, ensuring that store is well equipped to cope with large increases in traffic. Not only that, but a store survey will also help retailers to control their costs. By gaining a comprehensive understanding of their entire retail estate, retailers can assess its true value and allocate their budgets more effectively.

4. Uphold compliance

Providing a detailed overview of store layout, size and fittings, a store survey is the most efficient way for a retailer to assess where improvements are required to uphold both health and safety and brand compliance. While it is essential that retailers operate 100% compliantly, brand compliance is fundamental to store efficiency. A store survey will help retailers ensure that they are delivering consistent messaging across their retail estate, making sure that all collateral and POS is correctly branded, placed in the right location in each store and swiftly replaced if damaged or missing. Evaluating the retail estate in this way will better help retailers ensure that stores at each location are effectively conveying the brand’s values.

5. Store development

As customers’ shopping behaviour changes with the exponential rise of e-commerce and mobile technology, retailers have had to become increasingly agile to stay ahead of the curve. A store survey will help retailers to implement innovative store technology that boosts their omni-channel offerings and digital POS that grabs the attention of customers.

If you would like to find out more information about how you can increase your knowledge of your retail estate, get in touch with a member of the Momentum Instore team today.

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