RETAIL FRANCHISING FEATURE
With online shopping and so much competition, signature retail outlets are looking towards franchise options to help establish a brand and create continuous marketing support. With more options on the market, franchising opportunities have fluctuated throughout the years and hit an all time high in 2015.
There were over 780, 000 franchises in the US market last year and more retail options seeping into the industry.
Apparel and Clothing
Clothing used to be predominantly a female sector, but nowadays it crosses all genders and ages. There are retail options for men, women and children. While some franchise options specialize in one specific area, some cover all consumer choices.
Clothing can be sold at a high end, while also featured in an outlet atmosphere. Nowadays consumers are not as concerned about name brands and logos are they are with fashion. It’s created a highly competitive clothing market, but it also allows for more option and an ever growing industry.
For someone who has a passion in fashion, this may create a great work life balance. While those who have worked in retail, will have an understanding of the methods and can escape the unpredictable schedule of being an employee in the field.
The area of the store may be predetermined by current similar competitors or a mall layout so the physical location may not be an option. A clothing franchise should also express similarities between stores from coast to coast. There will be a lot of guidelines to follow, with a lack of creative expression in displays and layout since marketing, branding and reputation will already be well established.
Women alone collectively spend over $400 billion on beauty products each year while women on average spend $15,000 on such products within their lifetime.
It’s a multifaceted industry that covers a lot of different products and lines. There are soap retail stores, hair care, body care, make up outlets. The list is endless and it’s dominating the mall’s surface areas. With social media at the forefront of influence, people are concerned about their outward appearances at a younger age.
Men are more concerned about their skin care and make up regime and it’s reaching more levels of consumer consumption than it ever had before.
A lot of beauty products used to be marginalized to beauty professionals but it has now reached a franchising level and public availability.
That being said, there are also franchise opportunities that rely on professionals to obtain a reputation and service in the beauty industry, including hair salons and esthetic spas. A well trained person in that area might find a business opportunity within a franchise. Though it is not necessary to have training in the area, it would certainly be an asset
The Beauty industry is extremely popular and customers are willing to break the bank to look good. In fact, the numbers stayed strong during the 2008 recession. So for those who are interested in the retail field and want a guaranteed profit, this could be the best bet.
Technology and Gadgets
Smart phones and Laptops are here to stay and it has become a part of our everyday lives. It was only a decade ago that iPhones and flat screens were things of luxury, with customers saving for months to purchase high-end pieces of technology. But nowadays, these gadgets lie around the majority of people’s living room and are essential to the household.
The average person spends close to 127 minutes on their phone everyday and they are willing to shop for it. Most retail venues are competing with online shopping while digital retails can take advantage of there specific knowledge to bring costumers into their doors.
The majority of people are not well-versed in technology and want a specialist to help them make those high end purchases. They aren’t willing to risk purchasing these products online.
However, one of the downfalls in this field is that there are a lot of cellular service providers sell phones with contracts and it depletes digital retail performance. However, digital outlets are specializing in numerous products from DVDs to cameras and office supplies, making it easy to gain profit.
A franchise in this area has the experience, reputation and training to help get your started, while most of the products have well-known brands and marketing. Consumers are already dedicated to this industry and are already loyal to certain stores.
Home Improvement and Décor
People want to their home to be the most esthetically pleasing; it’s the place we want to be and the place we are always aiming to get towards. People have higher standards for their home and are willing to spend money on décor and renovations.
More and more people are learning about home improvement and willing to take a stab at it themselves so they can enjoy their home to its best capabilities.
Home improvement retail stores also offer a huge variety of products, from flooring to windows, to appliances and furniture. The majorities of purchases is higher ended and foot a large bill. In fact it is estimated that US improvement and repair expenditure amounted to $326.1 billion last year.
Any retail option would benefit from a franchisor with past retail experience. Someone who has been on the floor, with a background in customer service would be beneficial to the operations overall, however it is not necessary. Those with a field of knowledge with the products may also contribute to a successful outcome but it is not vital to the operations or profit of a franchise.
A retail franchise may have a lot of competitors and that is a downfall, however, it usually comes packed with branding, reputation and a lot of support from head office. It’s a safe bet, while also providing a lot of choice dependent on the franchisor’s passion.
LOOK OUT FOR OUR NEXT SPECIAL FEATURE: SENIOR CARE FRANCHISING
ABOUT THE AUTHOR: After receiving an English Degree, followed by a Journalism Diploma, Gina Gill became a freelance journalist in 2008. She has worked as a reporter and in communications, focusing on social media. She currently works as a community information officer with Epilepsy Society, while pursuing her writing career at the same time.