Photo by Jason Leung https://unsplash.com/photos/83MCWeYaovs
25th July 2019
By Mo Yusuff
Seems the high street retailers are having huge problems.
Debenhams (my old employer many years ago) have posted an 84% drop in profits in its half-year results. The reasons according to chief executive, Sergio Bucher are down to the rise in online shopping, a hike in business rates, the weather and poor buying choices in the “gifting” category at Christmas, which led to heavy discounting.
Thing is, though, some high street retailers are doing really well.
Unsurprisingly to me, it’s those at the high end of the market. Companies such as JD Sports, John Lewis, Hotel Chocolat, Joules and Superdry.
So while Debenhams and the like are heavily discounting to generate business and attracting the wrong type of customers, those at the top end are having the time of their lives.
Let’s have at look at three of those successful companies and discover why they’re smashing their competitors.
JD Sport featuring the top brands at the front of their stores and using in-store technology to provide an upmarket feel to the shopping experience. Bucking high street trends, it reported sales up 33% for last year with profits 24% higher.
The Spanish-owned company manufactures a lot of the clothes it sells, rather than outsourcing via complicated supply chains in far flung parts of the world. Unlike most high street stores who only update their ranges four times a year for the seasons, Zara updates its weekly so it can compete with the likes of ASOS online. And they’re not cheap.
Whilst the smell emanating from Lush stores makes me want to throw up, they are doing very well. The highly fragrant, highly principled cosmetics chain has a very clearly defined clientele and offering. In addition to selling bath bombs and bubbles it has morals and principles.
Their products are made in the UK, animal and environment friendly, and are accompanied with campaigning messages on subjects from gay rights to global trade.
This makes them unique. They are not selling well-known brands, so they pander to no one and can create their own vision and personality.
Have you noticed the obvious link?
All these companies don’t focus on price but rather at being unique.
So while their competitors are undercutting each other and struggling to make a profit, they’re sitting pretty attracting exactly the kind of customers they want and at the same time, pushing away the people they’d rather not do business with.
Here’s a question for you.
Would you like to attract your perfect customers? You know, the ones you’ve always dreamt of working with?
If your answer is yes then I may be able to help you.
To find out more and to see if I can help you (this campaign isn’t for everyone), lets have a quick chat. Simply click the link and you can schedule a time that suits us both. The link is here.