Spin-off brand of Forever 21 opens more stores—Learn how your business can avoid competition

By Cutter Slagle

“We will start with two F21 Reds in Ontario and we are actively looking for additional opportunities across Canada,” said Jeffrey Berkowitz, Forever 21’s Canadian retail broker and preside of Montreal-based Aurora Realty Consultants.

In case you’re unfamiliar with F21 Red, the store is a relatively new spin-off from Los Angeles-based fashion giant Forever 21—and its coming to Canada this fall, which got us thinking about competition in the business world.

RELATED TOPIC: Five ways to attract new customers and grow your business

It should come as no great surprise that in business, especially the fashion industry, competition is usually inevitable. Shoppers like having options, which has since resulted in hundreds of stores and thousands of clothing choices.

However, there can be room for every type of store –even those stores that offer similar products.  Therefore, if your business is all about selling affordable clothing, don’t panic just yet!

Originally reported by our sister brand, Business Review Canada, take a look at these helpful tips that can help you avoid competition and retain customers:

Increase sales

Easier said than done, right? Not necessarily. If you won’t to do better than your competitors, then you need to make sure that your company has better sales. You can accomplish this feat by understanding what your customer really wants and then giving it to them. If you become known for giving the customer what he or she wants, then that customer is more likely to become a repeat shopper, which will help to generate more sales.

Increase customer service quality

It may be a cliché, but it’s true: treat customers how you want to be treated when you’re shopping. By offer better customer service, you will rank higher with the public than your competitors do. Good customer service will make your customers happy, which in turn will help ensure that they come back to your store. Not to mention, having good customer services can spread quickly, leading to more and new customers.

Increase marketing efforts

There’s two parts to this tip. Yes, the way in which you market your products is important, but you first have to make sure that you have good products to market.

Therefore, try to find and offer unique products that your competitors don’t sell. As well, setting these items at a fair and affordable price will also be crucial.

Finally, learn how your competitors market their items and do it better! Consider offering special deals, free shipping, utilizing social media tools, discounts to regular shoppers—anything that will keep current customers content, while also attracting new customers.

Got any other advice or ideas on how to ward off competitors? Let us know!

RELATED TOPIC:[INFOGRAPHIC] How to utilize Facebook for your business 

[SOURCE: Financial Post  and Eseller.net]

Let's connect! Like us on Facebook and follow us on Twitter!

Click here to read the latest edition of Business Review USA!

Share

Featured Articles

Amelia DeLuca, CSO at Delta Air Lines on Female Leadership

Driving decarbonisation at Delta Air Lines, Chief Sustainability Officer Amelia DeLuca discusses the rise of the CSO and value of more women in leadership

Liz Elting – Driving Equality & Building Billion-$ Business

Founder and CEO Liz Elting Turned Her Passion into Purpose and Created a Billion-Dollar Business While Fighting for Workplace Equality – and Winning

JPMorgan Chase: Committed to supporting the next generation

JPMorgan has unveiled a host of new and expanded philanthropic activities totalling US$3.5 million to support the development of apprenticeship programmes

How efficient digital ecosystems became business critical

Technology & AI

Mastercard: Supporting clients at a time of rapid evolution

Digital Strategy

Why Ceridian has boldly rebranded to Dayforce

Human Capital