Retail Strategy

October 27, 2008 at 8:16 am 1 comment

Retail Strategy is a combination of thought out plans, ideas and processes. The strategy revolves around 4 key areas:

1. Product Selection

2. Convenience

3. Shopping Experience

4. Price

1. Product Selection

Decide whether you want to sell everything or you want to sell something which is very unique

2. Convenience

Evaluate whether your location is at the central place where people can reach easily. Decide whether you want to keep your shop open for 24×7. If None of the above applies positively, your strategy shouldn’t be a convenience store

3. Shopping Experience

Decide whether you can afford to create a world class shopping experience. Here, what you sell is not important but how you sell is more. You need to provide inspiring, memorable and unique shopping experience coupled with personal customer handling and service.

4. Price

Determine whether you want to be a low price leader (Subhiksha) or High End (Montblanc).

A combination of the above, would help you determine your strategy. Confused? Ask yourself a question, Am I the best in any of the above? If the answer is yes, focus on that area. If not, probably you shouldn’t set yourself a higher goal. Your success would be dependent upon how well you handle the people and staff.

Summary:

1. Retail success is dependent upon the clearly defined and well executed strategies

2. Your shop must be the best in any one of the following: 1. Product Selection 2. Convenience 3. Shopping Experience 4. Price

3. Define your target customer and tailor your shop according to that

4. Periodically conduct a SWOT Analysis and don’t left behind in the competition

5. Minimize the risk of running your business

Entry filed under: Retail. Tags: .

Atlantis – Dubai Muhurt Trading

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