I realise now at 59, that from late forties onwards I was running a business or so I thought !! I have been in business for some 25 years plus I have been succesful and created assets I AM HAPPY WITH BUT OF COARSE NOT SATISFIED. Some business's were startup's some I bought going concerns and I have always had property to rent and create a passive income. I am choosing this subject to write about because in some way I may be able to help others in a similar position as I have been in.
My experience in suppling the retail trade
- The retail market changed in 2 years
Retail changed in a blink of an eye why ? I used to do a lot of business with market traders and specialist channel retailers. The answer to this question is as follows;
- Discount stores became popular with in a short space of time
- The internet started to grow, consumers began to trust sales platforms when putting in credit card details
- Footfall began to drop on the high street as big discounters were on new retail parks. easy to get parked, FREE car parking they drew footfall away from the town centres.
- As consumers started to get back into work after the 2008 crash they worked longer hours and wanted to buy all their goods from one location, not spend hours looking in shops.
- The younger consumer , in this tweet, one click world had no reason to walk around markets therefore the footfall that is left are aged about 50 years old upwards.
- Supermarkets decided they needed to get on line, they did a good job of it too. Your weekly shop now delivered to your door !
- Consumers need a reason to visit a retail outlet and if the retailer did not offer any of the above or give that consumer a special experience why would they expect footfall !!
Therefore traditional retailers were struggling and I saw 40 % of my customer base ( independant specialist retailers) close in a 2 year period.
I will be posting further blogs to follow on with this information to look at where we go from the questions posed today. Blogging is my new passion, I have fun coupled with happiness and fulfilment.
I want to thank you for reading my blog, would you please share like and comment.