A blog on issues affecting Australia's newsagents, media and small business generally. More ...

The value of specialisation in independent retail

Specialisation is more important in independent retail today than ever.

With the lines between retail channels blurred what was a differentiating yesterday is no longer today.

Take stationery. Our channel dominated this twenty years ago. Today, we are not dominant with supermarkets, stationery specialty, online and new stores like Typo, Kikki.k and Smiggle doing this far better than us.

Look at the five pillar categories on which our channel was built – newspapers, magazines, cards, stationery and lotteries – each of these is available outside our retail channel with more purchase outlets being added.

On the upside, opportunities abound for businesses that specialise well.

By specialisation I mean going deep into a niche or product category and serving the interest well through product, knowledge and service.

I have seen newsagency businesses redefine themselves by specialising in a way then had never before considered, often in a category or niche far from what was traditional for a newsagency business. In the cases I am thinking of, they have not fully turned their back on the traditional newsagency offering. Rather, they have introduced their specialisation within their business, as an add on, bringing to the business a valuable additional traffic driver.

Specialisation does not need to dominate the business. However, it does need to be enough for people to be prepared to drive a distance to see what you have or to purchase over the hone or online because of your broad and unique range.

The photo with this post is a wall of playing cards I found in a store I visited recently. It has more cards than I can recall seeing in any other business. This is the type of specialisation I am talking about – affordable in terms of inventory investment, space and management time.

There is no limit to what you could specialise with. That is what is terrific in this consideration. You can specialise with products that stray far form what one might usually find in a newsagency. Your specialisation is an opportunity to create a business within a business, to give a new range of shoppers a reason to consider your business.

While specialisation can be challenging, the benefits can be considerable. Take your time as it could be you need to try several concepts before you find what works in your business.

This is what is important in retail, evoking your business, evolving your focus, reaching new audiences.

Standing still is not an option. 

8 likes
Newsagency management

Leave a Reply

Your email address will not be published. Required fields are marked *

Reload Image