FAQ
Q: What comprises ‘Specialty Retailing’?
A: Specialty retailing is defined as any operation that is focused on a niche audience. These operations are primarily composed of small businesses; less than $50 million in sales per year. Many are local operations but some of the better know operations are Jo-Ann Stores, 7-Eleven, Circle-K, and Red Envelope.
Q: What is the segments size?
A: As of December 31, 2008 there were 145,000 convenience stores.
Q: Do I need a degree?
A: Dependent, if you posses an appropriate level of experience for the open position the lack of a degree is not a hindrance. Keep in mind that a degree helps and for some roles (e.g. legal counsel) is a must.
Q: Why is the training material focused on convenience store management?
A: This particular niche was selected for several reasons. First, almost everyone has a basic understanding of the business concept which allows us to focus energy/time on the insights. Secondly, core drivers, category management, finance acumen, and personnel management are 100% transferable. One last thing, expose the fact that these are real multi-million dollar concerns; businesses that are hidden in plain sight.
Q: Is the ’specialty retail’ sector solely based on merchandising & products or does it include specialty niche services?
A: The traditional perspective is that retailing focuses on the delivery of products. If we, however, take a look at most service businesses we will find that on some level most sell a tangible product (complementary good or service package). In regards to the offered seminar approximately half of the session deals with a combination of customer service and staff management. If you are looking at selling complementary products or service packages then there is a solid match between the session and a sizable aspect of you proposed venture. There are lessons that you can learn it’s just that marketing (need identification) and customer acquisition are not covered. And, as we know this is often a key concern for service businesses.
Q: How do I know if this is for me?
A: If you are:
- Customer focused
- A quick study
- A people person
- Cool under pressure
- Able to resolve conflict
- Make good decisions
- Able to set goals that are realistic and attainable
- Like to have fun
Q: How much can I earn?
A: A convenience store manager’s pay is comparable to that for managers of other retail businesses that you see at the mall.
Q: If I’m interested in purchasing a retail operations how much will it cost?
A: The only accurate answer is that it depends. Variables such as existing profitability, land ownership, store size and financing impact the valuation.
Q: What is category management?
A: Category management is a retailing concept in which the total range of products sold by a retailer is broken down into separate groups of similar products; these groups are known as product categories. For example sodas, juices, and water might be grouped as cold drinks. Each category is then run as a “mini business” with its own set of profitability targets and overall strategy.
Q: What do I need to consider when I open a retail business?
A: There are six main items; business model, location, product acquisition, employee training, site design, and workplace safety.
