How Decor Can Affect Your Bottom Line
In a recent financial survey performed by NGA/FMS Solutions and published by Progressive Grocer, entitled Independent Grocers See Sales Decline, states that the “overall results were down over the prior year”. The survey attributes the decline in sales to competition. The article points out that competition has the “greatest impact on business” with supercenters cited as “the greatest competition”. How can you help your store and its bottom line?
The recent remodel of Lowe’s Marketplace located in Alamogordo, New Mexico, experienced the all too common scenario of new competition. Lowe’s was faced with a superstore and a prominent grocery store chain opening in their market. Lowe’s attacked the problem head on. The Lowe’s team put together a plan to completely remodel their existing store. They were experiencing a loss in revenue and their plan was to improve the look of their store along with improving many services and operations. Peter J. Larkin, president and CEO, National Grocers Association noted that “despite a challenging and competitive environment, independent supermarket operators, nimble in their nature, continue to find innovative ways to differentiate themselves in the marketplace. Whether it’s a change in store format, or more engagement on social media….”How did Lowe’s differentiate themselves in their market? First they created a plan to create a new store format call the “Lowe’s Signature”. We at Decorworx helped them brand a new image that would be supported with new operations. Lowe’s found a way to add value to their store and separate themselves from their competition. They added a bar that houses a large selection of wine and even offer wine tastings. Their operations changed within the store to offer more complete home cooked meals instead of the typical potato wedges and fried chicken. The burrito bar and pizza oven has helped make Lowe’s a destination for the lunch time crowd.
Let us help you stand out
Lowe’s new store format, operations and decor has given them the competitive edge they were looking for. Their sales have shown that their efforts have been well worth the investment. Are you looking for the competitive advantage? Here at Decorworx, we work exclusively with Independent Grocers. Let us help you stand out from the competition.