A specialty retail store is a retail store that focuses on specific product

categories, as opposed to retailers who sell a large number of consumer

goods categories
But let’s be clear: specialty retailers can be those that carry a large number
of SKUs in their store and need a strong retail tool to help them manage it.
But all their SKUs will fit into one or two categories of products

With a one-stop convenience shop being able to offer the consumer so

many options all at once, what can a specialty retailer offer a consumer that
a “Walmart” can’t?

Personalized Shopping Experience

As a consumer enters a specialty retail store, it can be assumed that they
are looking for something within the category of that retailer. Since this
merchant has chosen to focus on one or two categories, they would be
considered product experts. As a consumer, I trust their recommendation
more than I would a store associate of a multi-category store.

Think about any interaction you’ve had in these specialty stores. In a

jewelry store, you’ll consult the associates for their expertise on specific
styles, diamond-sourcing, and the differences between different metals.

A Focus on the Customer

Another key difference between specialty and multi-category retail is the in-
store experience. Specialty retailers place a high value on providing a
positive retail environment for shoppers. Multi-category merchants prioritize
convenience, ensuring customers can find all of the items they need as
quickly and easily as possible—a customer is left to their own devices. A
specialty retailer will also have a focus on a streamlined store layout but will
be sure to welcome the customer, help them with their needs, and may
even be able to provide helpful suggestions based on past purchases. Not
only that, but specialty retailers can offer value-added features and
programs that a box chain simply can’t do. 

Of course, having chosen to play in one or two customer categories,

specialty retailers experience some pain points. They’ll feel the impact of
any shifts in their category or market, more so than a multi-category retailer
would. A specialty retail owner will likely feel the pressure of the multi-
category retailer like Walmart, who likely beats them on price on the items
that the specialty retailers offer.

The main challenge a specialty retailer will face is to offer premium in-store
experience, personalized and tailored to the customer, that relies on their
product expertise. This service is their competitive advantage over lower-
priced multi-category retailers, who can't offer the expertise that the
specialty retailer can and will never be able to mimic the product knowledge
of these specialty merchants.

Specialty merchants are holding their own in the retail space, and are
becoming a destination for shoppers as they desire a more personalized
service.

Retail stores of tanishq

Tanishq,the jewellery business of titan industries Ltd , is looking at another alternative to
capture the market.Apart from presence in high streets, the retail chain is embarking on
piolot projects, involving presence in shopping malls and Shop-in-shops in retail format the
moves comes in growing popularity of such formats which are attracting footfalls, which
tanishq is looking to grab.

As the features of speciality store tanishq focuses on both

Personalized Shopping Experience

A Focus on the Customer

Whenever you enter a tanishq store you would realise that there is a sales person who
would greet you and ask you that how may he help you and he would offer you water and
ask your requirement and further help you in selection of the jewellery and would also
suggest you a few designs and would also help with selection. As it’s a speciality store there
are only customers who are looking for jewellery so even the sales persons are experts and
hence they could guide the customers better.