Posted in Marketing and Strategy Terms, Total Reads: 704
Definition: Independent Store
Independent stores are small outlets or store set up at minimum one location and maximum three locations by an individual, in partnership or run by a whole family. The presence is such stores in there is all cities and towns across the world and usually owned by people who belong to the same community.
There are many benefits associated with the establishment of independent stores. Like, there aren’t many management levels in the functionality of such a small business. As a result of limited decision makers in the pipeline, the decisions related to merchandise, hours of operation, sales, etc are taken quickly with less amount of discussion. The customer engagement is also different at an independent store as against n a larger chain of stores. Personal addressal to customers, customised purchases, etc is more likely in case of independent stores.
But a drawback is that prices charged at an independent store might be higher as against those charged at a retail chain of store. Store owners cannot order in bulk owing to limited set of customers so they cannot offer bulk discounts in comparison with the large business chains. This such stores face a good competition in the market but enjoy customer loyalty from the local communities.