Retail expert, Ken Simpson, of Make More Margin, continues his exclusive column for the Weston & North Somerset Echo discussing how retailers can benefit from a summer calendar packed with high-profile events.
Events dear boy events as Harold Macmillan once famously said. He may not have had the retail sector in mind when he said this, but over the coming months there might not be a more fitting quote.
For the next few months will provide retailers with a big opportunity to boost sales and ‘cash in’ as consumer demand is awakened by a string of high-profile events such as The Olympic Games and T4 On the Beach.
So where to start? Well the European Football Championship, hosted by Poland and Ukraine, starts on June 8 and will present a great opportunity to grow sales, especially of beers, wines and snack foods.
New balls please?
Strawberries and cream or umbrellas? Whatever it is this year, make sure you are well stocked for Wimbledon, in order to meet likely demand for these items during this annual two week event.
And in case you hadn’t noticed, The Olympic Games will get under way in July. Make sure you know when the headline events are on so that you can adjust staffing and stock levels accordingly.
For sporting equipment retailers there is always a surge of ‘me too’ purchases after the games, so watch carefully to ensure you have stock that is ‘in vogue’.
T4 On the Beach
Closer to home, T4 is on the horizon. For traders in Weston-super-Mare this is a great opportunity if you are on the route from the car parks or station to the venue. Make sure your selling all kinds of products from soft drinks and snacks to rain ponchos.
This event attracts 1,000’s of visitors to Weston; plan ahead so you don’t miss out on the extra business available from this occasion.
Schools out for summer
It’s also worth noting that exam results will be released in August. If you have a pub or restaurant, why not offer a special ‘exam results’ package for the family – early evening dinner for a lower price than usual is one option.
Sticking to the subject of school, it may only be June but there is no harm in planning ahead and buying in the ‘back to school’ range well in advance. A small stand of stationery can generate your store high margin sales – and these items don’t go out of date either!
So make sure you capitalise on a summer that is full of events and will see consumer spending spike. Start planning now and it will make a big difference to your bottom line.
Make More Margin – about the author
Make More Margin is a local retail consultancy/mentoring business set up by life-long retailer Ken Simpson. Ken has worked for many of the big names in retail covering a wide variety of disciplines. In recognition of his experience Ken has once again been appointed to the judging panel for the prestigious Retail Industry Awards 2012.
Ken has enjoyed significant success with Make More Margin, working to turn around a number of underperforming businesses. One retailer has seen sales grow from £500 per week to over £7,000 per week.