Retail Management

RETAIL MIX

In this section you are asked to describe and discuss the various elements of your proposed retail mix. Here is where your retail strategy comes into fruition. What you propose to do in your strategic planning process should be translated into an actionable marketing program. A well planned and integrated retail mix will provide a focused position in the marketplace and differentiate your retail establishment from that of your defined competition. The key element(s) of your proposed competitive advantage should guide you in the design of your retail mix.

Store Location

Explain your location strategy. Do you propose locating in a free-standing building, a downtown business setting, or a planned shopping environment and why? What specific site have you selected and what is its "fit" relative to the trading area you intend to serve? Follow this up with a trading area analysis showing the number of target customers residing within the "draw" of your facility.

Store Operations

What are your expected hours of operations? How many employees do you anticipate needing to serve you customers adequately? An outline of your proposed organizational structure and a general description of the duties and responsibilities of employees will be helpful. Be sure to include a typical weekly work schedule. Planned credit policies and amenities or service dimensions should likewise be discussed in this subsection.

Merchandising

What goods and/or services do you propose to offer? Discuss the general level of quality of the goods you will carry, the depth and breadth of your offering (number of SKUs) as well as the stock levels, expected inventory turnover, re-order policy, and anticipated vendor relationships.

Pricing

What basic pricing strategy do you propose to implement? Based on your investigation, what is your anticipated cost-of-goods sold, on average? Explain your markup strategy and its impact on retail price. Here, be sure to calculate your markup percentage...