Wright sees decade of opportunities for retailers
By Furniture Today Staff -- Furniture Today, April 14, 2002
DENVER — The U.S. economic turnaround should be in full bloom by September of this year and the next decade should be a prosperous one filled with opportunities for savvy retailers.
That's the word from Gray Wright, president and founder of G.A. Wright Marketing, a retail consulting and marketing company based here.
In his "Retail Trends 2002" report, Wright discusses economic trends that he believes should lead to retail recovery and rapid growth. He makes note of the importance of technology, how retailers should have a presence on the Internet, and how merchandise superiority will come from strong inventory management systems.
"To survive as a successful retailer, it is essential to develop a strategy that focuses on price, merchandise or service superiority," Wright says in the report. "All of these require technology."
The 18-page report also discuses the impact of terrorist attacks, war and recession. It ends with 21 ways to plan for the future, coping with change and staying ahead of the competition. Among them:
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Know your customers, including where they come from geographically, their lifestyles, their incomes, what media reaches them, where they shop.
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Build strong customer relations through relationship-marketing techniques.
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Ensure safe and easy access to your store.
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Create comfortable shopping environments.
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Create entertaining environments through fashion shows, special events, contests, music, merchandising and other ways.
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Make shopping faster, more convenient and hassle-free with innovative service applications.
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Satisfy consumer demand for information about products, pricing, location, availability and service through signage and other outlets.
"Technology will become increasingly important as a means of providing shoppers easy, entertaining and inexpensive access to information," Wright says.
The trends report is being mailed free to retailers who request it. For more information, contact G.A. Wright Marketing at (303) 333-4453 or visit its Web site, www.retail-sales-promotions.com.
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