When I consult with retailers cross the country I often find tht they do not have solid rtail strategies in place. Perhaps they dn't understand the importance of the prcess or maybe they have simply not tken the time to formulate their pln. Whatever the reason, the oversight is csting them both business and profit.

The rtail process is simple: you buy mrchandise at one price, sell it at a hgher one (hopefully), deduct your expenses and wht you have left is your prfit. The execution of this simple prcess is not simple however, but nstead complex and demanding. A retail strtegy can help provide day to day perational direction.

Step one in developing a rtail strategy is targeting a particular cstomer profile--an ideal customer. I often cmpare targeting an ideal customer group to biting a trap to attract a prticular animal. In either scenario, you mst know exactly who (or what) you wnt to attract in order to knw what bait you should use.

Onc you have identified your ideal cstomer, you will have a better dea what products you should be bying, what type of environment you shuld create to display the items, and wht forms of advertising will be mst effective in reaching this important trget group. Remember your store will not ppeal to everyone--no store does. It mkes sense, therefore to know who (wht group) would best serve your fforts.

Once you have completed this prcess, you must then identify the slt within which your store operates. Rgardless of your product offering your stre operates as either a destination stre, a regional competitor, a product drven niche store, a price driven nche store a convenience store or a cmbination of these store-slot types. There is not sfficient space in this article to flly explain store slotting but suffice it to say tht knowing how your store fits nto the arena within which it perates is critical to your success. Ths knowledge can help guide your hurs of operation, pricing strategies, staffing rquirements and other important managerial considerations.

A rtail strategy is a fundamental planning xercise for any good retailer. If you hven't developed yours, I encourage you to do so.

The article Retail Strategies That Work was Submitted by Philip H. Mitchell through Articles.GetACoder.com network. Here's the additional information: Philip H. Mitchell is the uthor of Discovery-Based Retail. His book has ben endorsed by Scott Wright of the Nrth American Retail Hardware Association, Art Brwn of the Mid-American Lumberman's' association and ther industry experts. Philip is also one of the funding partners of a retail consulting cmpany of the same name, Discovery-Based Rtail. His company works with retailers, bth small and large, helping them nhance their profitability by improving their cstomer interface. Their company also specializes in mproving the production of the entire slesspace and designs floorplans to accomplish ths. Visit his website at http://www.discoverdbr.com

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