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5 Brick and Mortar Stores That Prove Physical Retail Isn’t Dead
Have you been following the news about retail recently?
If you have, then you may have noticed that the retail news outlets have been filled with doom and gloom lately. We hear about numerous store closures and buyouts, and there seems to be a general loss of confidence in physical retail.
But here at Vend? Our belief in brick and mortar stores is stronger than ever. Yes, there have been several closures and not-so-great news about physical retail, but, don’t let all the negative news bring you down. Instead, take a look at these 5 retailers that are not only surviving in these turbulent times but are actually growing and thriving.
T.J. Maxx becomes more valuable, plans to open hundreds of stores this year
Off-price retailer T.J. Maxx (TJX), is growing and thriving. According to the Wall Street Journal, “TJX gets almost all its sales from its roughly 3,800 physical locations and plans to open 250 stores this year. Its revenue and profits are climbing, and it envisions expanding to 5,600 stores worldwide over time.”
The sales of TJX have been growing for 33 straight quarters now, and the company’s annual sales are higher than Nordstrom and J.C. Penney combined.
How does TJX do it? Two things: it moves fast, and it empowers its buyers to make decisions themselves. The WSJ reports that TJX has over 1,000 buyers, each controlling millions of dollars and are given the authority to “cut deals on the spot.” That’s in contrast with other department stores, “which can take weeks to review and approve orders.”
Speed matters in retail. If you fail to adapt or keep up with your customers, you’ll get left behind by your competitors. Evaluate your business and identify things that are slowing you down. Find ways to streamline your operations so you can test things and roll out initiatives more quickly. You should also consider empowering your employees to trust their judgment and make decisions. Invest in proper staff training and then give workers room to flourish and grow.
Once the deals are done, the company ensures that new products hit the sales floor as soon as possible. There’s even an internal mantra at TJX called “Door to the Floor in 24.”
The result? TJX always has a fresh assortment of merchandise that keeps buyers on a constant “treasure hunt.” Shoppers know that great items go quickly at T.J. Maxx, so they tend to buy on the spot.
This treasure hunt experience also keeps people coming back. There’s that feeling excitement in knowing that you can score a great deal whenever you walk into a T.J. Maxx store.
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