April 13

Home > Press Room > Press Releases > 2004 > April 13

Retail Expert Presents Seminar on the New Consumer Marketplace

April 13, 2004

Norfolk, VA - Retailers need to distinguish themselves in order to survive the dramatic changes that will shape the retail marketplace during the next five years. That’s the message that national retail expert George Whalin will bring during Competition 2004: Shaping the New Consumer Marketplace, a seminar sponsored by Retail Alliance from 8 to 10 a.m. on Thursday, May 6, at the Chesapeake Conference Center.

“The most crucial element, first and foremost, is being distinguishable from everybody else in the marketplace,” Whalin said recently. “Uniqueness is essential because so many businesses are chasing the same customers.”

According to Whalin, the unique quality of a business may be in its product offerings, its environment or its way of serving customers. During his presentation, he will share real-life examples of retailers and restaurants that have succeeded in distinguishing themselves.

“Businesses also have to realize that they can’t run a loose ship anymore,” Whalin continued. “It used to be, that if you did one thing really well, you could be a bit loose on other aspects of your business. That’s not true anymore. You need to look at every aspect of your business and do everything well.”

For example, financial management and hiring strategies are often the downfall of most small, independent retailers. Whalin emphasized that retailers must have sharp business skills, and they must hire the most qualified people and give them “solid” reasons for wanting to work for your business.

During his presentation, Whalin will also talk about the importance of reinventing businesses. “If there’s a disease among businesses today, it’s complacency,” he said. “You always need to look for ways to get better.”

Besides these and other management strategies, Whalin will provide insight into trends that are shaping the marketplace. Retailers must understand who their customers are, he said. In many cases, it’s the “older” consumer who has money and spends it. Ethnic changes will also have a dramatic impact, he said.

The issue of time is yet another trend that businesses must respond to. Whalin cited a long-term University of Maryland study in which people are asked to choose which they wanted more of – time or money. In the most recent survey, a remarkable 45 percent of respondents chose time, far higher than in any previous survey.

“People want to return to a more traditional way of life, to spend more time with their families, time reflecting and unwinding,” Whalin explained. “Different businesses must respond to this trend differently. A grocery store will want to make its shopping experience quick and convenient. However, a home furnishings store should look at ways to make its shopping environment more of a refuge, a stress-free place where customers can relax.”

In this information-packed program, Whalin will provide strategies, ideas and proven management tools that retailers can use to successfully position their stores, manage change, recognize trends and stay competitive.

Tickets are available for $50/Retail Alliance partners and $75/non-partners. For sponsorship opportunities or more information, call Rob Camlin at (757) 455-9339.

Founded in Norfolk in 1903, Retail Alliance is a retail association and a sales agent for Equifax, providing businesses credit-related products and reporting, recovery services and mortgage credit reports. Retail Alliance serves its association partners with benefits that include retail lobbying, professional development, training, and discounted group buying. Over 2,000 Virginia and North Carolina businesses are partners or customers of Retail Alliance.

Visit our Archive below to view past articles!

2006  |  2005  |  2004  |  2003  |  2002  |  2001  |  2000