What makes you keep going to your favorite restaurant? Is it just the food? Or maybe it’s how the employees make you feel? You might not be sure what keeps you going back for more, but I bet there is good reason.The Retail Management class, taught by Tom Stoltz at Globe University in Minneapolis, recently welcomed retail development guru, Stuart Johnson, as a guest speaker. Stuart spoke to the class about what it takes to keep consumers coming back for more business.
Stuart is an expert in franchising, strategic market development, site selection and retail lease negotiations to enhance brand value. He helps franchise systems create smart resale programs that breathe new life into tired markets, provide exit strategies for operators and drive royalty income at existing units to strengthen the brand from within.
Even in distressed circumstances between franchisees, landlords and lenders, Stuart has negotiated more than 150 workouts to form a mutually beneficial solution to save markets, preserve royalties and keep validation strong. Stuart shared three main reasons why a retail business will survive and thrive:
- Experience: When you have a fantastic experience at any restaurant you tend to remember this, right? You post your photos on Facebook and share the fabulous stories of your great experience for years! From the point you enter to the moment you leave you are in the “experience” mode—businesses that put detail into the customer experience are going to do well.
- Service: This is a critical element to great business. As my grandfather used to say, “It takes years to build a good reputation and a second to loose it.” This applies to businesses too. The minute someone receives bad service, the criticisms inundate online sites and it becomes very hard to overcome. Be sure the service is on point and when there is a service mishap be sure to correct it on the spot—and yes, the customer is always right.
- Location: Where your favorite restaurant or store is located is critical. You might never think about the location but I bet the developers did. The developer thought about the route you would drive home or the sidewalk you would walk on. Every detail about location should be thought out for a business to survive.
Student Tom Callahan, said, “I learned from Stuart that I need to set my business up for success with the perfect location.”
Sam, who is majoring in business administration, said, “Experience is key in retail.”
The class as a whole noted that good business and word of mouth marketing equal repeat customers.
To learn more about Globe University in Minneapolis contact college admissions or call us at 1.877.303.6060.