Sunday, September 8, 2019

The three keys to success in retailing are location, location, Essay

The three keys to success in retailing are location, location, location - Essay Example This eventually led to symbolic representation, of these debts in the form of precious items like gemstones etc. and eventually the instrument 'Money' developed and is being exchanged. Ultimately, markets developed and shops became a permanent part of these markets. This was where the retail trade initiated. Retail trade in actual is embedded in two significant groups the Peddlers and the Producers. The peddlers would purchase the commodities they thought would sell in the market for a profit and the producers on the other hand were more interested in selling only the goods they were producing . This trend continues even today, with certain specific shops specializing in certain specific areas, these actually reflect their origins, as in a broad mix of producers. Such as a general store. Such as Casey's in the mid west of U.S.A .the general store has taken over the establishments of specialist shops. The customer's find this more convenient o visit, than to visit four different shops for their choice of goods. The term Convenience stores are also used for such stores. These have further developed into Super markets or super stores'1. 'It was Frank Woolworth who initiated his retail business also his career in 1873. He worked as a sales assistant in the Augusbury and Moore Dry goods store in Water Town New York. William Moore the co owner took pity on this young boy and accepted his plea of a three month free work trial at the store. The country (America) was still recuperating since after the civil war and the cash was surely tight. A brainwave occurred to Moore; he wanted to display all his surplus stock at a fixed price of 5 cents per piece. He then asked Frank to arrange for it. Back in 1877 this fixed price strategy for one whole day was quite new, and not a routine concept like today. In those days, the prices never used to be displayed along with the products instead the customers had to always ask the assistant for the prices. These prices in those times used to vary from individual buyer to another individual buyer majorly depending upon how they looked! An amazingly attractive display was setup by Frank, he used a red colored material and it had Gold lettering over it , this boosted sales and also developed a lot many peoples interest . Frank truly believed that a whole big Store could be filled up with five cent goods rather than just one single counter. And, so in 1879, he somehow was able to persuade Mr. William Moore to support him in the opening of a store of his own. He failed in his first attempt, which was at Utica in New York. His store was popular initially but gradually the sales declined. But at his first attempt frank had made enough money to clear all his debts and also along with all this he learnt a very valuable lesson , that he had to really make sure that his store should have been located at the heart of the town instead of some side street area . He gave it another try and this time around he, opened in Lancaster Pennsylvania, about 60 miles away. Franks' store opened on June 21st, 1879. It was a huge success from the start, taking $127.65 on its first day. Woolworth's Success Someone

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