Wal-Mart, Walgreen, and Conn's Use 3 Strategies to Grow Sales
Conn's is a specialty retailer that operates in approximately 75 locations. The company sells home appliances, furniture, consumer electronics, and home office equipment. It is Conn's in-house credit option and third-party financing programs for rent-to-own payments that set it apart from its peers. These plans have enabled the company to increase earnings by 38% to $1.19 billion on same-store sales growth of 26.5%.
Some large-box retailers are opening more smaller store formats as a way to grow same-store sales. Smaller stores are located in more convenient locations and they provide customers with an assortment of food and other basic consumables, which is a high growth area in the discount retail sector.
The retail sector is undergoing a major transformation and as retailers jockey for position in a competitive marketplace they are increasingly counting on pharmacy, customer financing and smaller-stores to help grow market share. Each of these strategies is aimed at driving sales by focusing on the needs of the customer.
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