Page 102 - DMGT550_RETAIL_MANAGEMENT

Unit 6: Financial Strategy and Retail Locations

6.4 Setting and Measuring Performance Notes

Performance management is a challenging issue due to three core reasons: (a) goals and objectives
against which we measure companies’ performance are exponentially increasing, (b) external
unstructured data and events have to be encompassed and, finally, (c) acting in a timely and
effective manner on the resulted imperatives is required.
The recent years, several researchers have presented their suggestions about BI evolution in
order to serve performance measurement and management. We present them in order to show
their common characteristics and find the set of operations that best fit in the retail industry.
In, performance management is concerned in terms of process execution monitoring and analysis.
Authors consider that simple reports off the process execution database and OLAP-style analysis
are not adequate. Business Process Intelligence is proposed as a way to explain process behavior
and to predict problems in process executions by applying “process mining” algorithms. An
overview of issues and approaches on workflow mining can be found.

Task Discuss about the strategic Profit Model.

6.5 Types of Retail Locations

Commercial retail locations are available in many different forms. Stop and think about the
businesses in your town. Like most communities, there are probably older shopping areas, new
bustling retail locations and some tucked away shops.
Retailers have many store location factors to consider when choosing a place for their business.
Here are a few of the more common types of retail locations.
Mall Space
From kiosks to large anchor stores, a mall has many retailers competing with each other under
one roof. There are generally 3 to 5 anchor stores, or large chain stores, and then dozens of
smaller retail shops. Typically the rent in a mall location is much higher than other retail
locations. This is due to the high amount of customer traffic a mall generates. Before selecting
this type of store location, be sure the shopper demographic matches the description of your
customers. Mall retailers will have to make some sacrifices in independence and adhere to a set
of rules supplied by mall management.

Shopping Center
Strip malls and other attached, adjoining retail locations will also have guidelines or rules for
how they prefer their tenants to do business. These rules are probably more lenient than a mall,
but make sure you can live with them before signing a lease. Your community probably has
many shopping centers in various sizes. Some shopping centers may have as few as 3 units or as
many as 20 stores. The types of retailers, and the goods or services they offer, in the strip mall
will also vary. One area to investigate before choosing this type of store location is parking.
Smaller shopping centers and strip malls may have a limited parking area for your customers.
Downtown Area
Like the mall, this type of store location may be another premium choice. However, there may
be more freedom and fewer rules for the business owner. Many communities are hard at work
to revitalize their downtown areas and retailers can greatly benefit from this effort. However,
the lack of parking is generally a big issue for downtown retailers. You’ll find many older,

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