How to Develop a Retail Business Strategy

Written by John Stanley


Continued from page 1

You need answers to :-

•What arerepparttar main factors that create a potential threat to your retail operation?

•Which threats arerepparttar 150124 most serious to your future retailing operation?

•What changes could take place that could threaten your business?

6.Priorities Your Actions

Having carried out a SWOT analysis on your business you now need to priorities your findings. You will need to make your decision bases onrepparttar 150125 response you believe you will get from your team and their capabilities. You will also need to take into consideration your economic situation and your technical skills and abilities.

7.Considerrepparttar 150126 Human Reaction to Change

How will your team respond to change and how will you measure their response. Consider whether you will need to involve your customers and how you will involve your team.

You probably need to do a professional selling approach when you addressrepparttar 150127 issues with your team.

8.Consider Your Financial Position

How willrepparttar 150128 change effect your retail business? Why shouldrepparttar 150129 change be made, will they reduce costs, increase profits or both and willrepparttar 150130 increase your market share?

What arerepparttar 150131 major indicators that financial decisions have to be made?

Do you have to resources to make economic changes?

9.Understandrepparttar 150132 Technical Considerations

You need to evaluate how technical developments will enhance your business, especially as far asrepparttar 150133 customers is concerned.

Do you haverepparttar 150134 internal resources to deal withrepparttar 150135 technical changes and does your team haverepparttar 150136 knowledge and understanding to deal withrepparttar 150137 changes.

10.Carry Out a Critical Examination orepparttar 150138 Main Areas you Plan to Change

A critical examination is where you critique each development change in detail. You must examine allrepparttar 150139 information available to you and ask:

What When Where Who How and Why

It is critical that all aspects are examined.

Management Memo

When analysing change in your retail business you only need to look atrepparttar 150140 internal aspects of your business, you also need to develop a Positioning Statement.

You need detailed, accurate answers to:

Out customer are__________ They come to us for__________ Because_________ We are better than__________forrepparttar 150141 following reasons__________ Customers prefer us because_________

Ref Effective Marketing torepparttar 150142 Retail Environment Workshop UK

The above is an article from John Stanley’s best selling book Just About Everything a Retail Manager Needs to Know. John Stanley Associates produce an e-newsletter specific to retailing, this includes innovative ideas and advice to help you grow your profits. If you would like to receive a regular copy please visit www.johnstanley.cc or email us on newsletter@johnstanley.cc.


How To Maximise Your Customer Flow

Written by John Stanley


Continued from page 1

You need to consider what arerepparttar common products onrepparttar 150123 majority of your customers shopping list and then place these products at regular intervals aroundrepparttar 150124 store. The aim is to bouncerepparttar 150125 customer aroundrepparttar 150126 store.

For example:-

Shopping List Items:

1.Milk4.Toilet Paper 2.Bread5.Detergent 3.Sugar6.Coffee

These shopping list items are often called “anchor” products.

6.Maximiserepparttar 150127 Use of Your Sign Lines

Sight lines are important in all styles of layout, but are far more important in a boutique layout than in a grid layout. Positive, appealing sightlines will draw customers around your store. Sightlines should use colour, lighting and product effectively to drawrepparttar 150128 customer throughrepparttar 150129 store.

7.Develop Destination Department

Develop destination departments inrepparttar 150130 corners of your store and atrepparttar 150131 furthest points fromrepparttar 150132 entrance and exit. Promote these departments and become famous for them.

Examples of these are:-

The Power Tool Department(hardware) The Seedling or Bedding Plant department(gardening) The Ski Department(sports cloths) The In-house Deli(supermarket)

Management Memo

Many retailers are opting for high gondolas – well above eye level. There are of course advantages and disadvantages with this concept and these are worth reviewing.

Advantages

Back up stock in ‘onrepparttar 150133 floor’ and is always in sight allowing for better stock control and perhaps les labour intensive in terms of replenishment (avoids double handling to some extent).

Out of stock at lower selling levels can be replenished quicker by ‘pulling down’ back up stock. Lost sales are often averted whenrepparttar 150134 customer seesrepparttar 150135 line onrepparttar 150136 top shelf that has not been replenished below.

Visual impact and merchandise statements can be more effective.

The range appears to be greater even though in fact that may not berepparttar 150137 case.

Disadvantages

Lighting of lower shelves is more difficult and thus merchandise visibility may suffer.

Aisles need to be wider than eye level height fixtures to increase merchandise visibility – 7’ wide would be a suitable average width.

There is a tendency to an overwhelming ‘tunnel effect’ and classifications are not as easy to find due to inability to see throughoutrepparttar 150138 store.

Shoplifting is more likely forrepparttar 150139 same reason.

Back up stock above 6’ can readily become untidy and lack cohesiveness withrepparttar 150140 lines below.

Ref Peter Lalchford, Merchandising Hardware and Electrical

The above is an article from John Stanley’s best selling book Just About Everything a Retail Manager Needs to Know. John Stanley Associates produce an e-newsletter specific to retailing, this includes innovative ideas and advice to help you grow your profits. If you would like to receive a regular copy please visit www.johnstanley.cc or email us on newsletter@johnstanley.cc.


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