Find Your 'Winning Formula'

Retailers should discover their own strategies to beat the competition.

June 16, 2011

VICTORIA, British Columbia - Want to know how to survive and thrive in today??s competitive marketplace? Develop a personalized prescription for your store, the Victoria Times Colonist reports.

Convenience stores can capitalize on their own strengths to pull in customers, such as easy-to-find and walk-to locations, special services and products, and advertising in-store merchandise. Finding a good niche product, such as organic vegetables, and offering related products, such as coffee, can also help, said Geoff Archer, an associate professor at Royal Roads University. "That sort of thing would be a way to differentiate yourself," he said.

Victoria used to have a couple hundred mom-and-pop stores, but now there are only around 24, one owner surmises. Jennifer McKimmie, who co-owns Niagara Grocery and Fairfield Market, thinks she??s found a good mix with fresh meat and seafood, locally-sourced produce and vegan and gluten-free foods.

"We are letting the communities that we are in dictate what is on our shelves," said McKimmie. "People are driving towards local, clean, ethical choices. That's where our inventory is coming from."

7-Eleven with its well-known products has found favor with Victoria residents. The global brand of the chain helps draw in customers, who know what to expect within the stores. "You know what you are going to get when you walk in," said Archer.

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