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Busy times ahead
Although summer might seem like a long way off, now is the time to start preparing your business for the busy season. The summer months represents an increase is sales and traffic for the retail industry and a lot of that activity is driven by tourism. For both Canada and the US, tourism is an industry that accounts for several billions of dollars towards the economy.
Now while the thought of tourists congers up images of fanny-packs and Hawaiian print t-shirts, tourists represents a large portion of shoppers in the busy summer months These shoppers have money to spend and wield strong buying power.
The impacts on small and mid-sized stores during the summer months can a make big difference on your bottom line. How well you prepare for the season can be the difference between an average summer season or a stellar one.
Travelers are no longer just making a bee line for traditional destinations like Paris, Rome or New York. These days, any city is a potential tourist destination.
Preparing for the summer
Staff
For retailers, going into the summer season a major preparation is staffing. Do you have enough staff to work over the summer? If you need to hire, how much training time do you need to ensure that the new staff can hit the ground running during the peak season?
An inadequately staffed retail floor represents missed sales. If there are not enough staff to help customers, sales will be lower than its potential, and frustrated customers might start spreading negative word-of-mouth. Many students start applying for jobs once they're done school - but by then it's already the summer. Start proactively looking for new hires before the summer so that it's not a scramble in June.
Inventory
Another important consideration is inventory. Forecasting ahead of time what might sell well will allow you to prepare your inventory levels. A good way to do this is to look at historical information as well as consider current trends when making inventory decisions. Lack of inventory, if not adequately stocked, will also result in missed sales.
Tourism and your city
Pre-planning
Other factors affecting your business are activities going on in your city or in the surrounding area. Many events have the potential to attract a lot of people to a place and thus increase the number of people in an area. Considerations can include -
• Are you near an attraction for you city? If people visit the vicinity of your store this could increase your traffic flow.
• Are you located in a large city? Big cities tend to be a destination spot for many travelers.
• Are there organized tours that visit your city or cruise ships? Free time from tours represent shopping time for many travelers.
• Are there large events that are going on in your city like festivals or athletic competitions? Events attract a lot of people to a city.
Knowing all this information ahead of time can help you capitalize on when tourists are in town and adequately prepare your store.
Ways to benefit from tourism
There are many ways to leverage the goings-on in your city during the summer to benefit your store. Some considerations that you can help with this are -
• Contact tour providers to plug your store as it could potentially increase business. Create a special promotion for people coming from tour groups.
• Work with local governments to draw attention to businesses in a particular area.
• Work with other retailers in the area to make an effort to attract tourists.
• Sponsor events where visibility is high.
Globalization is making the world everyone's backyard. Traveling is becoming a luxury that many can afford. There are benefits to having tourists in your city, especially on your business. Gone are the days when tourists only want to purchase just a keychain or magnet to mark their visit to a city. As a business owner, take advantage of the fact that tourists are spending an increasingly greater amount of money at all types of shops when they travel.
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