Retail Growth Projects
Where is the hidden retail sales growth potential of your business?
Retail growth is of course developing the sales or revenue the business achieves. This can be achieved in many different ways.
The most effective and profitable way to retail growth is to increase the sales of the space you already have. This normally has the smallest impact on the costs a retailer has, thus making the business more profitable. A retailer can also increase the amount of space it uses by opening more locations or making the existing sales areas larger. If you run a profitable business, then expanding the number of locations makes sense, if you can duplicate the sales to space ratio you already have.
Whatever the method to create a retail growth story, it is critical to think through the strategy and create a basic financial plan that has strong business arguments to justify the expected outcomes.
You can find some of the possible strategic approaches which FRC have used as part of retail growth projects listed below:
- Analysis of which category strengths you have and enlarge them further
- Location analysis to ensure expansion is targeted on proven experience basis
- Development of concepts for new complementary business segments
- Introduction/evaluation of category management best practice
- Finding new sales channels, including e-commerce integration
- Revision of existing or creation of new loyalty programmes
- Developing the role of private label branding and clarifying quality positioning
- Merchandising optimisation strategies
Foley Retail Consulting has successfully managed retail growth projects for a variety of retail clients covering all the services listed above. Our experts are an ideal outsourced project management team that can ensure tasks that boards are clear they want to achieve, are fulfilled.
For more information, please go to: Retail Growth Expertise!