5 Simple tests for High Street survival

The High Street dominos continue to fall as Blockbuster follow HMV.

http://www.bbc.co.uk/news/business-21047652

A much clearer case of online media killing the business than HMV, but is Blockbuster a compelling retail destination … no. Definitely not.

As the core business is profitable according to BBC News, there is a good chance of saving many stores, but without a viable business model, long term prospects are far from secure.

This led me to start thinking about how to identify other companies at risk.

Could a simple checklist help state the blindingly obvious?

5 tests for High Street survivability  … 

1) Does Amazon sell your product?

2) Does Tesco sell your product?

3) Can I buy your product digitally and download it?

4) Is your online business separate to your core business?

5) Do you sell mainly functional products (as opposed to emotionally driven purchases)?

If the majority of answers are ‘yes’ then be afraid.

Time to start changing.

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3 thoughts on “5 Simple tests for High Street survival

  1. Hilton Barbour

    #6 – are your store staff UNable to credibly assist, highlight a passion or expertise for the goods they’re selling?

    Out-dated policies that incentivize on sales commission do little to drive employees to consider the customer’s needs first.

    Dearie-me, we could write a book on the delta between what customers need from retail and how companies structure their hiring and compensation policies to thwart that customer.

    Reply

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