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With nearby retailers, it’s not all about competition

With nearby retailers, it’s not all about competition

If you own a shop that's in a mall or near a number of other retailers, you may think that you have to constantly be on the lookout for potential threats to your store's vitality. However, collaboration with nearby stores, even those that are similar to your own, can boost sales and please customers.

Establishing good relationships
Just as you would at your own home, you should try to garner good relationships with the other retailers in your community. Though you may be competing with one another, that's no reason to be unfriendly or aggressive. You never know when you'll need a favor from one of your merchant neighbors, and it's always a good idea to keep abreast of what nearby shops are doing. Keeping tabs on your competitors will be next to impossible, however, if you don't have a good relationship to start out with.

Community collaboration
You can work together with shops in your area to increase sales across the board. For instance, you may want to set up a big shopping promotion that stretches across all retailers in the area. The more shops that participate, the more customers you can expect, which in turn will increase revenue in your own store. In fact, this method may even help you bring in shoppers who otherwise would never visit your store. Be sure to use store signs to let shoppers know that you're taking part in the group sale as well. Running a theme in your display window that's similar to those of your neighbors' will also prove beneficial.

Friendly competition
Of course, a bit of competition is never a bad thing. You can let your customers know that you're willing to beat out prices they find at other stores nearby. Also, you'll want to make yourself stand out by using creative motifs in your display cases and on your wall racks.