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Author: desertdaveataol Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 458918  
Subject: Re: OT: Memphis Blues Date: 10/6/2012 4:19 PM
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You don't step on Superman's cape, you don't spit into the wind, you don't pull the mask off the old Lone Ranger and you don't compete with Walmart on price.

There's a hardware store in town that sells the stuff Walmart doesn't. Oh, and they've got some of the Walmart stuff to in case you don't want to drive all the way to Walmart. They held out for years until the owner retired.

Perhaps it's the loyalty that older communities feel towards their own.

Probably not. I operated my business for 23 years on the assumption that at least 50% of my customers would at least try a newly opened competitor. There were three serious challenges. All three failed due to their failing to realize that you have to give the customers what they want, at a time and place they want, at a price they are willing to pay. After a visit to "the other guys" most (if not all, I have no way of knowing) returned to me. I bought out the stock of two of them for pennies on the dollar.

Perhaps it is also a matter of urban planning.

Yes Walmart, at least, has been stymied by local zoning boards zoning them out to protect local businesses. Problem is in doing so the zoning board is zoning in higher prices thereby encouraging citizens to shop at Walmarts across the line and giving their tax dollars (via Walmart) to some other city.

Either way, the trend is towards cheaper, more efficient and a whole lot less variety and character.

Open a competing business across the street and 50% of "his" customers will visit you at least once. Offer them a better experience and they may be enticed back for a second or third visit.

Price plays a major roll, but it isn't everything. I made sure my prices were equal or less than everyone's and gave the customers what they wanted.

Does Hooters have the lowest prices in town?
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