The retail industry has become very competitive. You shouldn’t take the competition to be something negative. You should be inspired by competition as you will be able to do things better. Here are some of the ways you can beat your competitors.
Reduce your expenses
You should look at your profit and loss statement and itemize all the expenses. You should then find out how you can reduce the expenses. If you cut a little here and there then it will soon add up. However, you shouldn’t reduce your advertising expense.
Don’t use same marketing methods used by other companies. Try to be creative