Picture this: a men’s clothing boutique that mixes professional attire with a little weekend streetwear. Its wood-and-stone interior is masculine but warm. The salespeople live and breathe style, and they’re happy to share their knowledge.

That’s the store I’ve dreamed about opening — and a version of the sort of retailer I often see succeed.

Over the past 20 years, I’ve worked with tens of thousands of store owners on three continents, selling everything from apparel and housewares to eyeglasses and surfboards. Trends come and go, but they’ve taught me a few fundamental things about getting physical retail right and building a loyal customer base. They’ve also shown me what can go wrong.

For small retailers, the landscape is more competitive than ever. No wonder four out of 10 fail within five years. But successful merchants can turn the in-store shopping experience into a differentiator while also leveraging the latest tech. Here are some of my biggest learnings from the frontlines.

Related: Younger Shoppers Don’t Want ‘Human Contact’ — Where Does That Leave Stores?

It all starts with the right product

Having the right product might sound painfully obvious, but it’s the Achilles heel of physical retail. Stores have two big advantages: customers can try something and take it home right away. The catch? That product better be in stock. If I traipse all the way to a bike shop in my hometown of Montreal and the disc brakes I’m set on buying are sold out, I might not come back.

That doesn’t mean stocking everything. The best stores excel at curation and offer customers exactly what they want: quality, on-trend products, on shelves at the right time. Take LUC Design, which sources housewares, furniture, fashion and art from around the world for the collection it sells at its store in Tasmania.

Pulling this off is tough — and further complicated by shifting tariff and supply chain issues. Here’s where tech can assist. New tools give retailers seasonal order recommendations based on historical trends, as well as a more accurate forecast of their needs for the rest of the year.

Independent retailers can also access wholesale marketplaces that were previously only available to big players — along with the power to discover new brands. Ideally, ordering syncs seamlessly with their POS.

Be the expert people depend on

Customers don’t set foot in a store these days without doing their research first. To add value, you really need to know your stuff.

Expertise is a differentiator that gets customers off the couch, and it’s hard to fake. That’s why it’s so important to cultivate loyal staff who know what they’re talking about. More expertise equals higher sales (75% of shoppers are likely to spend more after getting high-quality service), better product curation and higher retention of loyal customers.

Leica Camera has made expertise part of its brand. Besides letting customers book an in-store session with a specialist, the camera and watch retailer holds photography workshops.

Of course, not even the most knowledgeable salesperson can be an expert on everything in the store. That’s where tech comes in. New apps, like those offered at Lightspeed, turn a handheld device into a well of product info, so any staff member is now a walking encyclopedia.

Related: How to Extend Your Brick-and-Mortar Holiday Sales Beyond the Holidays

Create a “third place” for shoppers

One of the benefits of a physical store is its ability to offer genuine connection and community.

That can take many forms, but for me, in-person, old-school tactics are most effective. I’m talking about special events, meetups, and free drinks or snacks. Compared to the lifetime value of a customer, these are cheap investments.

Offering food and drink really helps turn a shop into a “third place” where customers like to hang out. My clothing store, for instance, might have an espresso bar — much like the café at Rapha’s Clubhouses. The cycling apparel maker also hosts rides and guest speakers, a favorite of outdoor retailers.

VIP product drops and other exclusive perks can be a draw, especially with Gen Z. So can membership programs, but retailers should ensure it’s an actual club with real benefits, not just a plastic card and an incomprehensible points system.

Online presence matters for brick-and-mortar stores

The in-store experience is critical, but I’ve seen over and over again that a physical retailer can’t neglect its digital footprint. It lets customers find the place, see what it sells — and start their shopping experience before visiting the store.

At this point, a social media presence is table stakes. Some small retailers are adept at using social for content marketing. For example, streetwear brand Dime shares skateboarding videos on its Instagram, TikTok and YouTube channel.

Sharing your expertise online is another effective way to reach your target audience. I know bike shop owners who post how-to videos of repair and maintenance procedures. By providing value, they build a following and attract people to the shop.

Many brick-and-mortar retailers overlook the traditional website. I’m not saying plunge headfirst into ecommerce, which has its own challenges (and rewards). But for discoverability and accessibility, having a site is essential.

New tools are making that simpler and more affordable. Building a custom website for a small retail business can cost upward of $10,000 and take two to four months. The latest AI-powered tech does that heavy lifting in an instant, automatically creating a custom-branded website and product catalog that gives shoppers a real-time picture of what’s in stock.

Values are a definite differentiator. Lean into them

I’ve seen time and time again another retail truth: people shop with their values.

My company’s own research shows that nine out of 10 consumers are intentional about their purchases. The top drivers include sustainability, charitable giving, and even elements like local and national pride.

Brick-and-mortar businesses have an edge because they’re on the ground with customers and can align with values like those I just mentioned. More broadly, the act of shopping locally is an expression of values: money and jobs stay in the community, and the environmental impact is smaller.

Some retailers rally values-conscious shoppers by focusing on a mission. Tony’s Chocolonely, which sells its chocolate worldwide, aims to end forced labor and other exploitation in the cocoa industry.

Succeeding in brick-and-mortar comes back to understanding what customers care about. As I’ve seen so often, people come to stores to interact with other people — to feel like they’re part of a community, to get advice from an expert or simply to have a coffee with someone who shares their obsession.

Ultimately, physical retail is about giving value to get value. If I ever open my dream clothing store, those will be words to live by.