In addition to all the physical differences between the giant retailers and the small Main Street stores, one factor was equally important but far less tangible. The tenets of Wal-Mart's leadership differed from that of most small business owners of the time. Customers want value . For every dollar spent at Wal-Mart, nearly 80 cents of the price represents the direct cost of the item. Customers love choices .
Customers love a new store .
The giant kept the shopping experience fresh for both new and repeat customers. Besides the obvious elements of location and traffic count, these characteristics differentiate the winners from the losers in retail, and serve as essential ingredients for future success. These top 10 strategies for survival and success in retail today apply to both large and small businesses. They are, however, particularly effective when adopted by small businesses because they neutralize some of the advantages of their giant competitors. Develop a true customer focus.