You know that Costco sells coffins…Yes, coffins. Sounds a bit odd but that is the way the chain has made its mark in retail.
From this perspective Costco has developed a niche in the retail world by being just a little different than everyone else. Instead of offering a simple assortment of the most popular products, the chain goes far out of its way to carry the products that others do not, at price points that simply cannot be matched at most chains.
But does it work in the long run. My son Andrew wanted a new computer for the holidays this year. After visiting Wal-Mart and Best Buy, we ended up making the purchase at Costco. Why? Because the chain offered the best selection at the best price and the most convenience location.
So what does that mean for other retailers? Perhaps take a page from Costco’s merchandising strategy and try to develop a product mix that will get consumers excited about visiting your store and ready to purchase. It may be the only way to really stand out in a crowd.