Most of the large format retail stores in the town today are advertising in the newspapers offering huge discounts. How does a small retailer like me stay away from offering discounts when there is pressure in the marketplace to do so?
- Ajay Parekh, Sree Maat Computers, Mumbai
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I am a retailer from Hubli. My store is located in a complex called Eureka Bluestar Complex. In my area, a builder has constructed many commercial complexes and named them as Eureka Junction, Eureka Corner, etc. There are several Eurekas around. As a result customers find it very difficult to locate the store. We are not able to figure out how to guide our customers to reach to our store quickly and without any hassles. I would like Jagdeep Kapoor to tell me how we can achieve this goal.
- Venkatesh, Asterisk, Hubli
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I am a retailer and have recently opened a store in a shopping mall. Although the footfalls are high, the conversion rate is very low. Many people come to our store to see the products but don't buy thinking we might be expensive as we operate from a Mall. What should I do to address this wrong perception and increase conversion?
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Is it advantageous to have a multibrand or monobrand retail? Which will succeed in the long run and how does one make a transition from monobrand to multibrand?
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I fear that the large retail chains like Bharti, Reliance and Tata will soon eat into my business. How does one counter and survive the threat from these biggies?
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