Monaco's Retail Sector Braces for the Grand Prix Rush
Local businesses prepare extensively for the influx of visitors during the upcoming Monaco Grand Prix, highlighting significant stock increases and customer engagement strategies.
As the Monaco Grand Prix approaches, set to take place from May 22 to 25, local merchants are experiencing heightened anticipation comparable to the pre-holiday rush.
Manuela, the manager of the Formula 1 Boutique located on Grimaldi Street, noted that preparations begin over a year in advance, with stock orders placed as early as May 2024, even before the outcome of the previous race is known.
The focus is on meticulous stock management to meet the expected demand.
Merchants are strategizing extensively regarding inventory.
Mélisante, a sales representative at Khédive, a tobacconist on Albert-Ier Boulevard, revealed that they will double their cigarette stock and ensure considerable inventory for souvenirs, particularly items related to Ferrari, which are in high demand.
She emphasized the importance of also stocking non-alcoholic beverages, tripling their supply to accommodate the influx of visitors, while maintaining a focus on Formula 1-themed merchandise.
The significance of stock levels is mirrored at the pub "Le Slammer’s,” situated on Rue Suffren-Reymond, where manager Lisa stated that they typically order ten beer kegs for four days but plan to procure 100 kegs for the Grand Prix weekend.
This event draws both returning customers and new patrons annually.
Attracting customers is just as crucial.
Gabrielle, manager of the Optique Grosfillez store on Rue Princesse Caroline, compared the Grand Prix period to the Christmas season for the retail sector, highlighting the surge in sales for sunglasses.
Retailers are also employing additional staff during this peak time, often hiring temporary workers to efficiently handle the expected volume of business.
Manuela noted that they augment their team from three to six employees for the occasion.
Even if adequate staffing isn't possible, improved organization can mitigate challenges.
Gabrielle mentioned relying on family support to care for their children while they work.
Despite the extensive preparation, enthusiasm for the event remains high.
Gabrielle anticipates the weekend from March, feeling grateful that the Grand Prix brings economic vitality along with other notable events throughout the year.
Similarly, Manuela expressed excitement, attesting to the warm atmosphere that accompanies the Grand Prix, where attendees united by a shared passion create a unique camaraderie.
Questions surrounding pricing expectations during the Grand Prix weekend also arise.
Some restaurants propose "Grand Prix special menus" to streamline service without raising prices, while others mitigate costs for common items.
Mélisante confirmed that their prices remain competitive, often being two euros less than nearby stores on standard items, such as bottled water.
With expectations of drawing between 200,000 to 300,000 spectators over the four-day festival, local retailers appear well prepared to manage the surge brought on by the Formula 1 event.
Manuela, the manager of the Formula 1 Boutique located on Grimaldi Street, noted that preparations begin over a year in advance, with stock orders placed as early as May 2024, even before the outcome of the previous race is known.
The focus is on meticulous stock management to meet the expected demand.
Merchants are strategizing extensively regarding inventory.
Mélisante, a sales representative at Khédive, a tobacconist on Albert-Ier Boulevard, revealed that they will double their cigarette stock and ensure considerable inventory for souvenirs, particularly items related to Ferrari, which are in high demand.
She emphasized the importance of also stocking non-alcoholic beverages, tripling their supply to accommodate the influx of visitors, while maintaining a focus on Formula 1-themed merchandise.
The significance of stock levels is mirrored at the pub "Le Slammer’s,” situated on Rue Suffren-Reymond, where manager Lisa stated that they typically order ten beer kegs for four days but plan to procure 100 kegs for the Grand Prix weekend.
This event draws both returning customers and new patrons annually.
Attracting customers is just as crucial.
Gabrielle, manager of the Optique Grosfillez store on Rue Princesse Caroline, compared the Grand Prix period to the Christmas season for the retail sector, highlighting the surge in sales for sunglasses.
Retailers are also employing additional staff during this peak time, often hiring temporary workers to efficiently handle the expected volume of business.
Manuela noted that they augment their team from three to six employees for the occasion.
Even if adequate staffing isn't possible, improved organization can mitigate challenges.
Gabrielle mentioned relying on family support to care for their children while they work.
Despite the extensive preparation, enthusiasm for the event remains high.
Gabrielle anticipates the weekend from March, feeling grateful that the Grand Prix brings economic vitality along with other notable events throughout the year.
Similarly, Manuela expressed excitement, attesting to the warm atmosphere that accompanies the Grand Prix, where attendees united by a shared passion create a unique camaraderie.
Questions surrounding pricing expectations during the Grand Prix weekend also arise.
Some restaurants propose "Grand Prix special menus" to streamline service without raising prices, while others mitigate costs for common items.
Mélisante confirmed that their prices remain competitive, often being two euros less than nearby stores on standard items, such as bottled water.
With expectations of drawing between 200,000 to 300,000 spectators over the four-day festival, local retailers appear well prepared to manage the surge brought on by the Formula 1 event.
