Hardware Retailing The Industry's Source for Insights and Information
When big box retailers first became popular options for consumers, the term big box fit due to store layout and size.
Recently, however, many popular big box retailers have been trying to reduce size and introduce smaller versions of their stores.
Developing micro-sized stores will become a growing trend in 2015, according to an article by CNBC.
A few retailers that have already announced small-store plans in 2015 include Target and Wal-Mart, the article says.
“Smaller-format stores have appeal for obvious reasons, driven by urbanization, a rise in smaller households and consumers’ changing notion of convenience,” according to a recent report by consulting firm Daymon Worldwide, the article says.
The small-box stores will be designed to be trendy, focusing on becoming hyper-localized or hyper-specialized in specific areas, according to an article by Convenience Store News.
Independent retailers should continue to focus on ways to compete with the bigger chains.
A few ideas retailers can work on include focusing on employee training to ensure customers have the best service and assistance in a variety of areas. Also, retailers can highlight shopping locally and the local goods and products sold exclusively at their store, which a smaller-format big box is unlikely to have.
In addition, independent retailers will want to continue interacting with the community through events and community service, showing that the business remains an active, integral part of the surrounding community.
To read the article by CNBC, click here.
To read the article by Convenience Store News, click here.
