Retail franchises are everywhere – in malls, down Main Street’s and along busy highways – and Franchise Direct’s exhaustive new report on retail franchising explains the future trends for this rapidly growing industry.
Retail franchises are such a part of our lives that people sometimes neglect to realize that the industry, like so much of America, is changing quickly. Retail businesses are one the bedrocks of the franchise industry and this report spells out how the sector will be evolving in the coming years. Perhaps the biggest change taking place in retail franchising is a societal one – the changing demographics of America. With minorities set to become the majority in America in a short amount of time, it’s clear that new trends and tastes will come to dominate the mainstream, and it’s the job of retail franchises to be ahead of the curve.
In the here and now, retail franchising is clearly being shaped by advances in mobile technology. Smart phones have radically changed shopping – in fact, our report quotes a 2012 Customer Insights Survey by Empathica that says more than 50% of smartphone owners use their phones to check prices as they shop. With mobile commerce sales projected to reach $31 billion by 2016, it’s clear that every retail franchisee will need a coherent and functional strategy on mobile commerce for whatever retail service their business supplies, be it a retail pet business or a franchise that sells health supplies.
Yet in this rapidly changing retail franchise marketplace, a number of old truths remain sacred. The fundamental maxim of retail franchising – location, location, location – is as true in the era of smart phones as it was in the time of Ma and Pa stores. “Visibility represents 90 percent of the site’s marketing to potential customers,” Richard Leveille, executive vice president of franchise development for Smoothie King, explains in our report.
For anyone seeking a greater understanding of retail franchising, this report is an outstanding resource. It features interviews with franchise developers like Leveille and franchise social media experts like Paul Segreto, as well as invaluable financial information on America’s most successful retail franchises. This report is essential for anyone looking to make the leap into retail.