Premier Flooring Retailer FF PFR Q317 | Page 24

FLOOR ED The Supplier–Retailer Connection: Partnerships for Success R etailing has changed considerably in the past decades. We have seen many new com- petitors in the marketplace. Buzz words such as mass merchandisers, big box stores, category killer stores and now online retailers are dominating the retail scene. By Margo Locust, Publisher and flooring Customers continue flocking to these stores because of the “perceived” lower prices, as well as seemingly larger selection. With the presence of these discounters, business will surely be lost for retailers in the vicinity. The larger the store, the larger the portion lost. With the loss of retailers, residents lose. What does this mean to you? It means sev- eral things: retailer Margo Locust began her career in flooring over 35 years ago. She is the owner and publisher of Fabulous Floors Magazine, a consumer publication. In 2015 she returned to the retail environment by opening a retail flooring store in Andrews, North Carolina. Locust Trading Company, a Cherokee Indian-owned business has had great success in the residential, commercial and contract markets. In late 2016 she took over the publishing of Premier Flooring Retailer Magazine for the WFCA, giving the magazine a fresh, new retailer’s perspective. • Retailers selling the same kinds of items will experience a loss of business. • Many retailers believe that their product mix is the most important thing, and it is the crux of their business. They hang on to dear life what they have done before, and will probably continue to do so no matter the consequences. Sadly, for this group, death is inevitable. • Retailers that sell items that are different from the mass merchan- diser can experience an initial loss of business when the big box store opens, but should eventually regain their original customers, as well as develop new ones. As long as retail- ers are able to position themselves as having something unique or dif- ferent, they should continue to be profitable in business. • Differentiation is key to success. 22 Premier Flooring Retailer | Q3 2017 Wholesaler Connection; Redefining Value and Service As a retailer myself, most of my manufac- turers reps are very involved in helping me get jobs. They have and are available to: • Meet with me and my customers to explain products, warranties and installation procedures • Help source alternate products that meet specifications from architects • Help negotiate credit terms for big commercial jobs that don’t neces- sarily pay in 30 days • Be available for ribbon cuttings, grand openings, and private events/clinics. Below are a few things to think about: • Who YOU are in the marketplace can be very helpful to your supplier in terms of product mix, programs, incentives, product differentiation and education. Do you know who you are in the marketplace? • No longer should your suppliers just be seen as providers of products and pricing, but instead be market- ing planners and budget consultants whose success is determined by your bottom line.