Question

discuss in 250 words a retail clothing company who has perform extremely well over a two hour span and wants to open a new store. what are some recommendations and advice that could be given?

Answer 1

For a new store- the following points needs to be considered -

1. Location- Location is critical to the success of any retail store. A store’s trading area is the area surrounding the store from which the retail store draws a majority of its customers.

Shopping malls could be an ideal place to set up new retail store.

2. Target Market-Albeit, every retailers yearn to serve the mass market, yet it is extremely difficult to satisfy everyone. Through an intensive market survey, target market should be identified.

On the basis of this identification, retailer can use their resources to position themselves more effectively and achieve differential advantage. Growth of speciality retail store in recent years is largely due to their ability to define precisely the type of customers they want to serve and this will help the retailer to fix right price of their merchandise.

3. Store image-A store image is nothing short than visualisation of the picture of the store that a retailer likes to project to potential customers. Images is affected by store layout and design, advertising, personnel manning the store, as well as the quality, depth and breadth of merchandise. Customers tend to shop in stores that fit their images of themselves.

4. Promotion- Retail promotion includes all communication from retailers to consumers and the objective is to build the store image, promote customer traffic, convert footfalls into potential customers.

5. Availability of all types/ brands of clothing- Today’s customer prefer one stop shop which can fulfil their desire/wants in one shop.