I'm sure that you have noticed how all major retailers offer their own value product alternatives for popular name brands; 365 by Wholefoods, Target's Up & Up, Just the Basics by CVS, and Costco's Kirkland Signature, to name a few, are perfect examples of successful private labels.
Last year Nielsen reported that the total market size for private brands was set at $150 billion, claiming an 18.4% dollar share, where one out of every five products purchased by consumers in supermarkets consisted of private label, making these an excellent opportunity to increase profits and strengthen your store's shoppers' loyalty.
You have been thinking about opening a store for a long time. Is it a thought that has been lingering for a while but you have no idea on how to begin? That aside you certainly posses the right personality, motivations, and experience to own a retail business... Well, the good news it that it might be easier than what you may think, but like everything worthwhile in life it does require plenty of work.
We are always striving to stay on the loop about the retail industry to remain relevant in our business approach to customers.
This week we followed the Retail Innovation Conference in New York. On Monday the #RIC18 jump started the week presenting how disruptive brands & innovative thinkers are raising the bar, and the most important message for retailers was to rethink the customer experience.