How would you respond if a rival set up shop next door to yours? Here, Steve Pickering, the ‘unorthodox’ CEO of independent bed retail chain Sussex Beds, reveals why he prefers to keep his competitors close …
I love keeping my competition close. I recall learning many years ago that Dreams was opening a new store right next door to our Portslade shop. Initially, there was fear and dread. Would we lose business? How could we possibly compete?
The truth was the complete opposite – sales increased and business flourished.
The reason behind this transformation wasn't that we were beating our competition hands down – it was that two bed stores located side by side created a focal destination for bed shopping in the local area. Customers could compare, contrast, and make informed decisions, all in one convenient location.
We've also experienced the flip side over the years. When we were located away from the competition hub, we struggled to attract prospects who simply weren't thinking about bed shopping in that area.
When evaluating new store opportunities today, there are many critical considerations – property size, accessibility, visibility, demographic and psychographic density. But the location of our competition has now become a key factor in our decision-making process.
Sometimes your biggest threat can become your greatest opportunity.
Discover more of Steve’s thoughts here or listen to his podcast, An Unorthodox CEO
