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Retail Store Management

Notes 15. Continually evaluate requirements. “You can’t design an operation and walk away for
five years before you look at it again,” Derewicki says. “Customer requirements keep
changing and accelerating. That means you need to be looking at your customers’
requirements every few months to see how they are changing,” Derewecki says.
Best practices enable companies (large and small both) to achieve results in their distribution
centres and warehouses.

Self Assessment

State whether the following statements are true or false:
19. The right people, processes, technology and tools help achieve the right results.
20. In today’s environment, speed through the distribution centre is critical.

Case Study Starting or Buying a Retail Business

etail businesses cover a huge group of stores that sell every product known to
man. Retail stores can be in the grocery business or sell parts for the automobile.
RThe retail business that you want to own should be in an area of interest to you so
that you approach it with an inner passion. If you love messing with cars then a parts
business would be a retail business you could enjoy. The same could be said for antiques
or rugs. The products your store would sell depend on the knowledge you bring to the
business. Specific interest in certain things that people will buy will give you an edge
when speaking to customers. If you were an expert in a certain field this would be a
natural area to sell products to the customers. Finding a business for sale in a category
may take a business broker to find or the buyer could start one up from the ground up.

There are so many retail categories that you will need to speak with a business broker to
get an idea of the businesses that may be for sale. You may go looking for one type of
business and find another that looks even better. You would also be wise to check the local
papers for businesses for sale by owner. Another choice is the large number of franchises
that are available to a retail store buyer. There are advantages to a franchise store in this
crowded field of retail outlets.
If you are of the mind to start one of your own, you will have to be very careful about the
location so as to get a shot at traffic that passes the store. A shopping centre with a large
traffic base like a name grocery store would be a good place for almost any kind of retail
store. Location is extremely important in the retail store business. The passing traffic can
make a store or kill it off. The lack of traffic is hard to overcome for most retail stores.
A unique niche store will also get business if it is a one of a kind for the area. People will
drive out of their way to get to a special store that sells what they are looking for. If your
store fits that bill, you will get customers. A me-too store will have a difficult time in an
out of the way location.

Another way to look for a retail store is to look at the ones that are successful in your area.
Why do they have a following and is their product line different than other stores. Try to
think of what you could do to be unique in your area and eliminate the me-too look for
your business. A really different store can do well if there is a need for the products it sells.
Difference for just that is not going to hack it. Find a need and fill it is a standby statement
for success.
Contd....

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