There’s no denying that retail is changing. Store-within-store concepts are one way that businesses are trying to keep up with the times and increase foot traffic. But what is a store within a store? And how can you make sure that it’s successful? Keep reading to find out.
Define symbiotic co-location and give examples
Symbiotic co-location describes a strategic alliance between two companies, typically involving one party renting space from the other. A great example of symbiotic co-location is Starbucks’ in-store cafes found inside Target stores. Customers can now shop at Target while grabbing their favorite Starbucks beverages and snacks at the same time. Another well-known example is Sephora’s beauty counter inside selects Kohl’s department stores. The arrangement is mutually beneficial because Starbucks and Sephora get exposure to new customers and Kohls and Target can offer something unique that appeals to their shoppers.
Discuss the benefits of symbiotic co-location for stores
Identifying cross-shopping patterns has been a hugely valuable asset for stores. For example, when patterns emerged showing that most customers who went to Target later went to a Starbucks, it made perfect sense for Target to open a Starbucks inside their shop. Similarly, customers that went to Kohl’s were found to be also shopping at Amazon, which is why having an Amazon Returns at Kohl’s has been so beneficial for both companies. Symbiotic co-location can help stores capitalize on these trends and identify ways of leveraging each others’ customer base.
Describe how symbiotic co-location can lead to increased sales and customer foot traffic
Starbucks inside Target Stores and Sephora inside Kohl’s are two prime examples of symbiotic co-location. When you have two businesses hailing from different industries, but with the success that can be mutually beneficial when placed together, it can mean great things for the retailers. By doing this, these stores attract more customers – Starbucks customers come to Target; Sephora customers come to Kohls. This increases customer foot traffic for both stores and also sales due to the convenience factor of visiting both stores at once. Thus, if used strategically and done right, symbiotic co-location can be a win-win situation for both participating retailers!
Offer tips on how store owners can take advantage of this opportunity
MapZot.AI has recently developed an analysis of whitespace for more than 14,000 chained businesses, allowing store owners to identify potential opportunities for cross-shopping patterns in 36 separate verticals. With MapZot.AI’s powerful insights, store owners can tailor their strategies based on the buying habits and preferences of their customers, utilizing discounts, promotions or other tactics accordingly to maximize their sales and profits. To make sure they are getting the most out of MapZot.AI’s analytics, store owners should organize and analyze the data they gather regularly and come up with a marketing plan which specifically addresses customer needs that MapZot has identified. Additionally, store owners should always be open to feedback from customers and adjust their strategies as needed. MapZot.AI creates a great opportunity for store owners to capitalize on by offering targeted products and services to their customers – so take advantage of it now!
Summarize the key points of the article
MapZot.AI provides a revolutionary full-suite site selection platform to visualize new markets and uncover consuming cross-shopping patterns. Through MapZot’s state-of-the-art tools, companies can make smarter and more informed decisions with regard to location scouting solutions. MapZot.AI further assists in analyzing different prospective locations for real estate development, offering insight into consumer points of interest within the area and their potential co-location partners – recognizing when certain consumer behaviors hint at symbiotic relationships between businesses. In summary, MapZot.AI is an effective tool to assist in site selection and provide comprehensive insights on consumer behavior that are not possible without such a powerful platform; ultimately improving customers’ ability to select the perfect location for their business needs.
Symbiotic co-location is quickly becoming a hot topic in the retail world as store owners look for new ways to increase sales and foot traffic. By definition, symbiotic co-location occurs when two or more businesses come together to share space, customers, and/or resources. There are many benefits of symbiotic co-location for stores, including increased exposure, lower overhead costs, and the ability to offer customers more convenience and value. When done correctly, symbiotic co-location can lead to increased sales and customer foot traffic for all businesses involved. If you’re interested in exploring new opportunities for your business, click on the link below to learn more about our services.