Data Analysis for Location Selection There is a fun little storefront available that would be perfect for your new boutique! As cute and affordable as this space is, how will you know if it will be a successful space to locate? Can you do what you want here? Are there competing boutiques, enough parking, and proper zoning? There is so much to think about and look at when choosing a location for… Read More »Data Analysis for Store Location Selection

Selecting a Store Location What you’ll learn to do: Explain the significance of selecting a store location Your stores location will ultimately influence the consumers view of your company [brand]. Opening a store in the wrong location will cause your shop to stick out in a bad way. Think wearing a tank top to a black tie event. Consumers will be confused if the store seems out of place and ultimately… Read More »Selecting a Store Location

Trade-Area Analysis and Site Selection Your company is planning a second site for your upscale steakhouse. You have three options available to you. A large space in one of the largest indoor malls in the city A medium-sized space already setup for a restaurant in the lower level of downtown corner building Picking one is a huge decision! Does the population have enough disposable income to keep your new location… Read More »Trade-Area Analysis and Site Selection

Strategic Retail Planning and Management Indeed, you can’t be all things to all people. As you’ve read, finite budgets force firms to prioritize and focus. Regardless of how well resourced or capable a firm is, it must determine a single strategic direction, making trade-offs between alternatives. To do this, the decision-makers within a firm must look inward at itself and outward, assessing the market and the factors influence it, including… Read More »Strategic Retail Planning and Management

Retail Growth Opportunities Growth is an imperative in business. And, while it may be tempting to cynically question whether growth should be an objective in its own right, it’s important to understand that growth has two benefits. The first is that firms often access capital through loans or other financial instruments. Thus, growth is required to repay lenders and investors with interest. In doing this, firms maintain access to capital,… Read More »Retail Growth Opportunities

Building a Competitive Advantage Regardless of the industry, market or segment in which a firm competes, their over-arching goal is to create sustainable competitive advantage. Sustainable competitive advantage means that a firm has an edge over their competition, which competitors cannot easily overcome and is thus enduring over time. These advantages can be in intellectual property, including technology leadership and strategic assets, scale, or barriers to entry. They allow the… Read More »create sustainable competitive advantage

Strategic Planning Opportunities What you’ll learn to do: Examine possible opportunities that can arise from strategic planning Strategic planning helps firms identify how best to compete in-market, given the business environment, the firm’s own capabilities relative to the needs of the customer, and the anticipated actions/reactions of competitors. The resulting marketing plan guides how the firm should pursue its strategic objectives, reflecting areas where the firm can pursue avenues for growth… Read More »Retail Strategic Planning Opportunities

Retail Audits Audits are reviews to assess how well store operations meet organizational standards, provide satisfactory shopping experiences, and implement and support priority initiatives. There are three types of audits you might encounter in retail: Health and Safety Audits Loss Prevention Audits Merchandising Audits And while each is relevant in a retail environment, we’ll focus our discussion on merchandising audits because they’re focused on assessment of the broad operations of… Read More »Retail Audits

Tactical Decisions Earlier, we introduced the concept of tactical planning. Tactical plans are the short-term actions the firm takes to affect the controllable elements of the strategy. Thus, tactical decisions relate to how a strategy is implemented and ultimately achieved. Tactics are the initiatives and activities that, when combined and successful, deliver the strategic objective. Within a firm, decision-makers and managers outline the specific initiatives that will be undertaken and… Read More »Tactical Decisions

Key Variables in Planning Firms use strategic planning to develop comprehensive plans for how best to compete by taking a holistic view of the market and the factors that influence it. Decision-makers try to understand all the variables that shape the firm’s internal capabilities and resources relative to external opportunities and threats. In doing so, they work to find areas where they can differentiate, anticipate competitive response, and build sustainable… Read More »Key Variables in retailers strategic Planning