The transition from being an online (dot-com) retailer to opening a brick-and-mortar store is a big step, and one many e-commerce businesses are considering today. At Running Great Stores, we specialize in guiding dot-com retailers through the process of expanding into physical retail locations. This article will outline the key steps you should take to ensure your move into “real retail” is successful.

1. Analyzing Your Data: Where to Open Your First Store

The first question you should ask when moving from online to a physical store is: Where should I open my store? Your existing customer data from your online sales can give you valuable insights into the best locations to target. For example, where are the majority of your customers located geographically?

You don’t have to navigate this process alone. It’s essential to work with experienced real estate brokers who specialize in retail. They can help you find the best locations at competitive prices, ensuring your store is positioned for success without overpaying for rent.

2. Creating an Engaging Customer Experience

Moving from dot-com to brick-and-mortar is about more than just location. It’s also about the customer experience. What kind of journey do you want customers to have when they walk through your store doors? Does it align with the experience they have when they visit your online store?

Creating a consistent and engaging customer experience is critical for success in brick-and-mortar retail. From the store layout to how your team interacts with customers, everything should reflect your brand and encourage customer loyalty.

3. Building Your Retail Playbook™

One of the biggest mistakes dot-com retailers make when expanding into brick-and-mortar is failing to establish consistent operational procedures. That’s where a Retail Playbook™ comes in. This is a comprehensive guide that outlines the policies, procedures, and day-to-day processes for running your store.

A playbook is essential for ensuring every store runs smoothly, whether you have one location or several. It also helps you delegate more effectively, so you’re not stuck in the store micromanaging operations. Instead, you can focus on growing your business and improving performance across locations.

4. Managing Financials for Retail Success

Understanding and managing the financial side of your retail store is vital for long-term success. This includes everything from predicting your revenue and managing inventory to maintaining a profit and loss statement (P&L) for each store.

Failing to properly manage financials is a common issue among small brick-and-mortar retailers. You need to forecast sales, budget for inventory, and account for other costs like markdowns and payroll. By doing so, you’ll ensure that your store is profitable.

5. Partner with Experts for a Smooth Transition

Opening a brick-and-mortar store is a significant undertaking, and there are many components to consider: location, customer experience, operations, and financials. However, you don’t need to figure everything out on your own. Working with experienced consultants like those at Running Great Stores can make the process smoother and more successful.

We help you analyze your data, find the best location, create an engaging in-store experience, and manage your store’s financials. With our guidance, you’ll be able to transition into physical retail with confidence, knowing that you’re making the right decisions every step of the way.

Conclusion: Ready to Take the Leap into Brick and Mortar?

Opening a brick-and-mortar store is an exciting but challenging step for any online retailer. By analyzing your customer data, creating a consistent customer experience, building an operations playbook, and managing your financials, you can set yourself up for success. If you’re ready to make the transition, we’re here to help. Schedule a free consultation here to discuss how Running Great Stores can guide you with your first brick-and-mortar store.

Watch the full video here on my YouTube channel. Please subscribe too!


share this article:

Facebook
Twitter
Pinterest

Check more posts

Subscribe and get access to all our free resources

By registering, I agree to receive emails from Runninggreatstores.com, with the option to unsubscribe at any time.

100% woman-owned business