Niche Retail in Denver – The Key to Your Small Retail Store Success?
You have decided to relocate or open a niche retail store in Denver. There is an established market for your product. Financial and business plans are in place. You are honing in on your desired location, then you learn more about Colorado’s business environment. A recent 7 News Denver story (May 31, 2017) reports that retailers with a significant Colorado presence could be closing stores, citing overbuilding and a shift in consumer spending habits. Consumers have been spending more money online while moving away from traditional brick and mortar businesses. What was once considered a niche market on a product has become over-saturated. Despite this, you know Denver is the place for your retail store. A small business attorney in conjunction with a tenant-focused leasing agent can help you find the right location for your product as well as guide you toward the right channels for doing business. This post will cover some key information on location, product, and delivery.
- Deciding on Denver for your niche retail business
- Finding your niche market in Colorado
- Going omnichannel to expand your niche retail reach
1. Deciding On Denver For Your Niche Retail Business
With its distinctive retail districts, community-centric shopping centers, and a vibrant downtown, Denver caters to an eclectic consumer palate. Young families, artists, entrepreneurs, and active seniors alike call this pulsating metropolis home. Denver has long been ranked as one of America’s best cities and is rapidly becoming one of the hottest retail destinations. U.S. News and World Report recently ranked it #2 out of 100 best cities to live in, based on being a desirable place to live and having a strong job market and high quality of life. This all translates into confidence that you have picked the right place for your retail store. As you narrow your neighborhood search, it is important to know the zoning laws associated with any prospective location, even if you plan to operate, in any part, from a home-based business. It is also essential to know your business neighbors and protect your business from potential ones that can harm your business. A small business attorney will safeguard you and your business by helping you decipher zoning and other mandatory licensing laws as well as reviewing any contracts, such as a lease, before you sign.
2. Finding Your Niche Market In Colorado
A niche market is defined as the subset of the market on which a specific product is focused. It is a targetable portion of a particular market that other businesses may have neglected or overlooked altogether. There may be several shops in the area selling artisanal foods and craft beers – a good example of what was once niche market becoming more mainstream – but, you can further establish your niche by using only locally sourced ingredients or offering additional means of obtaining your products/services, like delivery or a “product of the month” club. You could even focus on a subset of potential customers, like catering to seniors. One local brewery got very clever with their customer base and decide to cater to cyclist who love beer by opening a craft brewery where you can have your bike repaired!
Having established that your product is unique, desirable, and available, your focus will turn to marketing. Location, business structure, and ability to reach your target customers will further determine the success of your niche market business. A small business attorney will see you through each phase of opening and operating your retail store.
3. Going Omnichannel To Expand Your Niche Retail Reach
An omnichannel approach can keep you at the top of your niche market. Broadly defined as a multichannel business approach to maximizing customer experience, omnichannel marketing merges at-home, in-store, and mobile shopping into one seamless experience. It is not enough to grab the attention of potential customers or clients; you must hold onto it. How do you do this in a way that is not a deterrent and that is effective and natural to their everyday lives? According to a Forbes article, you need to track consumer behavior, deliver relevant messages, and manage your customer relationships in real time. A true omnichannel customer experience integrates all of the various channels completely. As a small retail business owner, you may not be able to broaden your presence through all of the same methods as a large corporation, but there are options, including social media advertising, in-bound marketing, Google Exchange Network advertising, and online as well as brick and mortar storefronts to name a few. A small business attorney will be there for you as you navigate the various contracts you may be presented with once you decide to expand into advertising and/or marketing your products online.
If you need help finding the key to your small retail store success, contact me, Elizabeth Lewis, at the Law Office of E.C. Lewis, P.C., home of your Denver Small Business Attorney. Phone: 720-258-6647. Email: firstname.lastname@example.org
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