A couple of hours before this year’s Independent Achievers Academy Gala Dinner, Peter Wagg gave me a tour of four of his News on the Wharf stores. I had visited three of them at the beginning of November and was intrigued to discover more about Peter’s business.
What I noticed on my first visit was that the magazine range was different in each of the three stores. Thinking about this afterwards it became clear that each of the News on the Wharf stores serves a different community. On my tour Peter explained that although the stores are all relatively close to each other, the people that use them are distinctly different.
The offices of Ogilvy & Mather, the global advertising agency, are above one of the stores and he needs to stock a very eclectic range of magazines to meet the requirements of this customer base. HSBC is above another store and financial magazines are dominant in that store’s range.
The Jubilee Place store is in the centre of the mall and most of the year the range of magazines is much more broad. The central piazza is where many of the Canary Wharf events happen. There are fashions shows four times a year and the catwalk is built in front of the store. During those events the Jubilee Place store will go big on fashion magazines.
In December the Christmas Grotto fills the space, and with potentially hundreds of children and their parents in the queue the Jubilee Place store hugely increases its kids comics range. For other events like book signings the topic is reflected in the range.
My visits to theSant stores have given me great insight into the way Peter understands the people that use his business. The stores may only be a few hundred metres apart, but they each serve different communities that work in the numerous companies that occupy the office blocks that make up Canary Wharf.
News on the Wharf’s success is built on fully understanding the distinct communities that it serves and leveraging every opportunity that each set of customers offers.
Do you fully understand the uniqueness of your community and leverage the opportunities that are on offer for your business?