Episode 33 - Is Brick and Mortar Dying?

STATUS OF THE RAPIDLY CHANGING BRICK AND MORTAR RETAIL INDUSTRY


DESCRIPTION

While this podcast predominantly covers online retail channels, we decided to venture out into the rapidly changing brick and mortar retail industry. With us on the show today is Joel Goldstein, President of Mr. Checkout Distributors LLC. He is the author of Amazon’s best selling book Start From Success, and host of RetailSummit.live. Focused on the retail sector, Joel is able to advise brands on where their product will be best received.

Joel has contributed to Entrepreneur, Forbes, Inc. and regularly is used as a retail industry expert on Fox News. Joel has the experience needed to develop an actionable go-to-market strategy, placing a product on retail shelves nationwide in independent stores and with major retailers.

“The world of retail is not about personal relationships anymore. It is much more cutthroat.”
— Joel Goldstein

Today, Joel is going to share his perspective on the outlook for brick and mortar retailers as well as the most common pitfalls for brands that want to move physically into the stores. Joel predicts that the future of brick and mortar retail is exclusivity. Online retail is no substitute for the impulse buyers or for consumers who do not already know what they want. If a brand would like to branch out away from online retail, they should look into independent retailers, rather than big box stores and wholesalers. 

Because of the added costs and the difference in consumer trends from online to brick and mortar, brands should do their homework and make sure product will move from the shelves. Joel has plenty of advice on how to make the most of the brick and mortar transition and is optimistic on the whole about the industry. He believes that in-person purchasing will look very different in the near future, and brands should consider carefully before making the move.  

KEY TAKEAWAYS

  •  Many of Joel’s clients start as online businesses that want to move into a brick and mortar space. 

  • Joel’s perspective on the future of the distributing industry is one of specialization and exclusivity. 

  • How the retail space has changed over the years. 

  • Impulse purchasing is growing rapidly.

  • Micro-markets are expanding.

  • Common pitfalls for brands moving into the Brick and Mortar space. 

  • Set your price point with a wide margin. 

  • The difference between a broker and a distributor. 

  • When a brand should look at a big box distributor. 

  • What we could learn from Whole Foods. 

     

 

MENTIONED IN THIS EPISODE

 

Mr. Checkout's Press Release

Joel Goldstein on LinkedIn

joelgoldstein.com

 

 

 

Season 1