THREE KEY STRATEGIES TO HELP YOUR RETAIL BUSINESS STAY THE COURSE!
1. Retailers should tailor their buying to cater to our residents and their lifestyles. Many residents are taking stay-cations or merely getting in more beach time; answer their needs by offering sunscreen, beach bags, hats, towels, beach chairs, umbrellas, beach toys, snorkels, cover-ups, flip-flops, and more.
With Christmas, the peak selling season, just around the corner, the retail sector needs to pivot to fill the needs of what Cayman residents would usually purchase overseas that they can currently not buy locally.
2. If you presently carry “The Cayman Islands” name-dropped merchandise, then mark it down and re-merchandise to a less prominent location in the store. Don't underestimate the value of these items to the local market. Many residents want to stock up on these souvenir items at great prices to bring on their next trip home or mail to friends and family this Christmas. When our overseas guests increase, you can re-merchandise to give the selection more visibility.
3. Most importantly, communicate what products you have available in the store to the community utilizing radio airtime, print advertising, and social media to get your offers and product seen. Residents are less likely to stumble upon your store while browsing the waterfront. So, communicate to your target market what you’re offering.
