The definition of what makes a convenience store often depends on the outlook of the person asking the question. For a local retailer, stocking milk, bread and a few essential grocery items is often enough. For a major grocery supplier, 3,000 square feet of gleaming store, well planogrammed and merchandised is often a starting point.
I like Nigel Mills' definition. If most of your shoppers pick up a basket when they walk in, you have a convenience store, he says.
So news that Waitrose is to open hundreds of c-stores around the UK may be a concern if your shoppers are picking up baskets. It could be that your shoppers are the ones it is targeting.
However, this week's stock market update by Marks & Spencer chief executive Stuart Rose shows that he believes Waitrose is after his shoppers. M&S has unveiled advertisements showing that its wise buys are cheaper than Waitrose's essentials. If shoppers think M&S is more expensive, it is not true, says Sir Stuart. "We need to get our message across."
Returning to your business, think about how this battle might affect your shoppers. There is no reason to be afraid of taking on the big shops but you need to be aware of how they are framing the value equation in the minds of shoppers.
Sir Stuart says shoppers are "fed up with being fed up" and "fed up with eating cheap, not very exciting food". Hopefully, for his shareholders, this is backed up by shopper research, which tells you that shoppers are looking for something new. Do you have it?
It is worthwhile to pay close attention to the advertisements of the multiples, to what your shoppers ask for, and to what your suppliers are suggesting as product ideas. Loyal customers picking up a basket are worth pampering.
I like Nigel Mills' definition. If most of your shoppers pick up a basket when they walk in, you have a convenience store, he says.
So news that Waitrose is to open hundreds of c-stores around the UK may be a concern if your shoppers are picking up baskets. It could be that your shoppers are the ones it is targeting.
However, this week's stock market update by Marks & Spencer chief executive Stuart Rose shows that he believes Waitrose is after his shoppers. M&S has unveiled advertisements showing that its wise buys are cheaper than Waitrose's essentials. If shoppers think M&S is more expensive, it is not true, says Sir Stuart. "We need to get our message across."
Returning to your business, think about how this battle might affect your shoppers. There is no reason to be afraid of taking on the big shops but you need to be aware of how they are framing the value equation in the minds of shoppers.
Sir Stuart says shoppers are "fed up with being fed up" and "fed up with eating cheap, not very exciting food". Hopefully, for his shareholders, this is backed up by shopper research, which tells you that shoppers are looking for something new. Do you have it?
It is worthwhile to pay close attention to the advertisements of the multiples, to what your shoppers ask for, and to what your suppliers are suggesting as product ideas. Loyal customers picking up a basket are worth pampering.
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