Boost your new retail launch: 5 potent strategies to optimize your store debut
Revamped and Refreshed Guide:
Getting ready to expand your brand? That's a fantastic sign! U.S. retailers, as of the first half of 2023, are planning to open roughly 3,420 new stores, according to The Daily on Retail.
While the thrill of new store openings is undeniable, they can also present a slew of challenges for planning and execution teams. With a myriad of details to manage and high-visibility events for both the brand's leadership and customers, it can get pretty chaotic.
That's where Bunzl Retail Services steps in. We're not just about handling retail supplies, but we specialize in managing the new store opening process—alongside remodel projects and store decommissioning—for retailers nationwide. Our aim? To simplify the process and make it as cost-effective as possible, so you can focus on your customers and sales.
How can retailers save money? By partnering with an experienced partner like us! consolidating new store supplies and large fixture items can help shave off up to 20% of the total cost to complete projects, as revealed by the Aberdeen Group.
Want some expert advice to make your next new store opening a breeze? Here are the top five tips from our National Account Managers:
1. Communication is key!
Regular meetings to review future store openings, share updates, and plan ahead are crucial for all teams involved. Regular check-ins keep everyone on the same page, find challenges faster, and make informed decisions quicker.
2. Collaboration is crucial!
Share relevant information with all involved parties to keep everyone in the loop. Clear communication leads to better coordination and eliminates the need for additional shipments, resulting in less freight required and lower waste.
3. Plan ahead!
Developing a comprehensive order involving multiple departments early on is essential for a smooth process. Accurate orders ensure the retail store hits the target opening date.
4. Standardize it!
Creating a standardized assortment for stores allows for better forecasting, buying, and reducing waste. A consistent order helps retain a consistent customer experience across stores.
5. Consolidate when possible!
Streamlining vendor relationships simplifies logistics, reduces costs, and contributes to a greener footprint. Consolidated orders deliver freight savings and support sustainability through fewer trips and less packaging.
Save big and open faster!
Working with Bunzl Retail Services can lower the number of lost or damaged items by 10% and improve opening speed by approximately 20% compared to previous projects. Want your next new store opening to go smoothly? Contact us at [email protected].
By consolidating vendors during new store openings, retailers can benefit from cost savings, operational efficiency, risk mitigation, and strategic advantages, making navigating new store openings easier and more agile.
- In the process of expanding a brand, it's beneficial for retailers to consider researching and partnering with experienced service providers like Bunzl Retail Services for new store openings, remodel projects, and store decommissioning.
- Regular labor and communication among planning and execution teams, including meetings to share updates and plan ahead, can help reduce challenges and make informed decisions faster.
- Updating and standardizing assortments for stores allows for better forecasting, buying, and reduces waste, ensuring a consistent customer experience across stores.
- Collaboration among all involved parties, through the sharing of relevant information, leads to better coordination, less freight required, and lower waste.
- Consolidating vendor relationships during new store openings can result in lower costs, streamlined logistics, risk mitigation, and strategic advantages, making the process easier and more agile.
- AI and data-driven solutions can help retailers update their finance and business strategies to achieve greater efficiency, cost savings, and sustainability during new store openings.
