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Robert Teal of Lifestyle Express Vitesse News in Barnsley was one of three retailers RN spoke to for this week’s investigation into what ‘trading up’ means to different customers today. The location of a store, the affluence of a neighbourhood and the age of customers have a huge impact on what constitutes ‘premium’ for a store, but Robert says that there are four ways to ensure you offer the right range in your business.
Understand your customers
Many of our customers are solicitors, accountants and students, whose income is considerably higher than the town’s average. Knowing this means I stock more expensive premium products which offer higher quality or health benefits.
Offer a premium range in the categories you’re strongest in
Soft drinks is the most popular category in my store, so I stock a range of premium soft drinks, such as San Pellegrino and Fentimans, which always sell very fast.
Link together complementary premium products
We offer a sandwich containing meat from a local farm, Cannon Hall, and position bottles of Fentiman’s and San Pallegrino cans next to them.
Lay out and furnish your store to make it the only local destination for premium products
We have wooden flooring, generously-wide aisles, and use high-spec display equipment to reinforce the perception of quality around the shop.
To learn more about what premium might mean to your customers, read this week’s premium brands feature in RN’s 17 July issue.
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