Retail Strategies and Concept Design
When considering a retail strategy and concept design, you must first clarify: What is the reason why a consumer should be interested in your business?
This is a vital question that every retail management team should have a clear answer to!
Retail failures are mostly about poor concepts rather than poor execution. Trying to execute a poor or out-dated concept normally just consumes huge amounts of wasted energy and money!
Retail strategies and concepts should actually be very simple to explain! They start with a consumer need, they fulfil that need better than anyone else on the market, they create customer loyalty due to focus on value for money and they are expanded quickly, so competitor copies have to invest a lot just to catch up!
We at Foley Retail Consulting can help you find your individual answer by providing the following services:
- Retail “health check”, indicating just how fit your retail business is for its market and competitors
- Evaluation and strengthening of the current retail concept of your business
- Market potential, competitive and business positioning analysis, including a prognosis of mid or long-term situation
- Concept visualisation, including consumer needs identification, range building, merchandising planning, size of store and pricing strategy
- Sales channel analysis and potential, including e-commerce
- The company’s Vision, Mission and Values review
- Organisational structure (organigram) for best execution of the defined concept
- Budgeting process estimating revenues, margins and expenditures. (Full retail tool kit provided)
- Recommended implementation steps of concept
This particular area of FRC’s consulting services is a proven strength. We have advised many investors, including private equity funds on the risks and rewards of specific concepts. We are experts in taking a reasonable retail idea and challenging it with future scenarios, or identifying where there are gaps in the market that can be filled profitably.
To gain further insight in what we can do for you contact us today!