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Mark Twain once quipped, “The report of my death was an exaggeration”. Some retail store franchises can probably identify with that sentiment. It seems that our media institutions are only too quick to proclaim the downfall of brick-and-mortar retail store franchises. Media outlets are very keen on reporting about how online shopping is killing physical retail stores, how many jobs have been lost, and how everything is terrible. To them, we say, “Calm down”. The truth is many good retail store franchises are thriving. Furthermore, these retail store franchises are growing and are looking for new franchisees.
Retail Store Franchises
There is no denying that several huge retail store companies have gone bust in recent years. But to say that online shopping has replaced retail store franchise is a gross oversimplification as well as an exaggeration. The truth is that, for many of these retail store brands, mismanagement was the true cause of their downfall. Their revenues always remained high, but they misspent their funds, tried to branch out into another type of product or service with disastrous consequences, cut too many costs on the manufacturing of their products and began selling cheaper versions of their goods, took out too many loans, or a combination of all three.
Other times, external factors played a larger role. Occasionally large businesses, sometimes referred to as “vulture capitalists”, buy and close down retail businesses that could survive and even thrive, but they want to make a quick buck by laying everybody off and selling the land the retail store owns. Lastly, there are some cases when technological innovation just made certain types of retail store franchises obsolete. There was no saving the video rental business. But some have ascertained this too far and proclaimed doom for all retail store franchises, despite the fact that there are many examples of types of retail store franchises that are still thriving.
Examples Of Successful Retail Store Franchises
So, what kinds of retail stores are still thriving? First, there are the types of stores that sell goods that would just be really awkward to buy online. Goods like eyeglasses or auto-detailing products, such as protective coatings. Some online companies are trying to have a go at products such as these, but generally, customers want to be able to talk to somebody about what they need or see what these products look like on them. And then there are experiential purchases. Products that you buy to enjoy. Products such as food.
Retail stores that specialize in treats or desserts are doing very well. You’re probably not going to order chocolate or a cookie online but if you’re in the mall and walking past a store that sells sweets, you know you are going to want one, right? And then there are more complex products, such as computers, pet food, and signs. These are all three very different products, but what they share is that people often don’t know exactly what they want. Which laptop do you need for your work? What kind of food is the best for your rabbit? What is the best kind of sign to promote your business? The best way to answer questions such as these is often by walking into a retail store and asking.
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