The Euronics Retail Strategy was launched to help the Group members trade successfully in the very competitive retail environment and to enhance their professional status in the eyes of their customers.
“Entering a store for the first time has a major impact on the customer. The décor, the atmosphere and especially the layout of your products can seriously affect the purchasing decisions. More and more retailers are adopting the ‘Try it before you buy’ approach by allowing the customer to touch and feel their potential new purchase. Great products need effective show-casing and we all recognise that. That’s why we have developed and constantly fine tuned the Euronics Retail Strategy,” comments Gary Millar.
The benefits for the retailers are straightforward: “It will increase the retailer’s visibility to the consumer, make their store a more pleasant shopping and working environment and, as the current records show, should also increase the member’s turnover,” explains Gary.
The Retail Strategy has three distinctive stages:
- Store Planning will result in a design not only for the retailer’s store but for the whole of their business. It includes feasibility and technical surveys, design development, space planning, architecture and project management.
- Store Fit, is managed by store design specialists and fitters, Resolution Interiors, which provides project management of the new look for the store. Importantly, while this service is delivered the store maintains normal trading conditions.
- Store Care. This stage involves help and advice on how to get the best from the new store. This will also help the retailer to identify and maximise the customer flow through the store. It also includes training on how best to present the product to maximise sales opportunities.
Financial considerations
The concept is financed jointly by Euronics’ key suppliers, such as BSH group, Electrolux, Indesit, Toshiba, Samsung and JVC and the participating retailers. If a retailer chooses to use the Euronics brand with the Retail Strategy, if they qualify, they will be offered funding of up to 2% of their CIH turnover, capped at £30K, design and planning (subject to go ahead, there is a small design fee if they choose not to proceed), free flooring and free Euronics external signage.
Should the independent consider such a substantial investment during the current difficult trading conditions? “Most definitely, There never is a right time but I believe we need to attract the customers to the stores to stand any chance of getting the sale. I think what sums it up is that you never get a second chance to make a first impression,” confirms Gary.
The last word comes from Graham Smith of AW Myhills in Attlebrough: “Having not invested much money into my store fit in 25 years we decided to bite the bullet and do the whole shop – new electrics, lighting, air conditioning ceilings and decorating. After a few meetings with Resolution Interiors, we were good to go, and I spoke to my key manufacturers who all pledged their support. Now when it’s all done you wouldn’t recognise the place – it’s bright and cheerful. The biggest challenge was telling the customers we didn’t have to put our prices up to pay for it. Now the shop is busier than it has been for a long time.”
