When I consult with retailers across the country I usually see that they do not have solid retail strategies in place. Maybe they don't know the importance of the process or maybe they have simply not taken the time to formulate their plan. Whatever the cause, the oversight is costing them both business and profit.
The retail process is easy you buy merchandise at one price, sell it at a higher one, deduct your taxes and what you have left is your profit. The execution of this single process is not easy, however, but instead complex and demanding. A retail strategy can help give day to day operational direction. If you want to get more knowledge about retail strategy then you can also visit http://www.centricbrandadvisors.com/retail-strategy-consulting/.
Step one in improving a retail strategy is targeting a particular client profile an ideal client. I often compare targeting an ideal client group to baiting a trap to attract a special animal. In either scenario, you must know exactly who you want to bring in order to know what bait you should use.
Once you have identified your ideal client, you will have a better idea what products you should be purchasing, what type of environment you should plan to display the items, and what forms of advertising will be most effective in reaching this major target group. Remember your store will not appeal to everybody no store does. It makes sense, therefore to know who would best help your efforts. You can also look for centricbrandadvisors to get more info about retail strategy.
Once you have finished this process, you must then know the slot within which your store operates. Regardless of your product giving your store operates as either a target store, a regional competitor, a product is made niche store, a price is driven niche store a convenience store or a combination of these store-slot kinds. There is not enough space in this article to fully describe store slotting but suffice it to say that understanding how your store fits into the arena within which it operates is crucial to your success.