About This Chapter
Retail Management Basics - Chapter Summary
Operating a successful retail store requires an understanding of the basics of retail management. Use the short lessons in this chapter to discuss with your managers different strategies they can take to open a new retail store, acquire and maintain a customer base and maximize profits. Among the topics covered in this chapter are the following:
- How to choose a location for a store or restaurant
- Steps involved in launching a small retail store
- Large retail store setup and layout
- Types of non-store retailing
- Pros and cons of multichannel retailing
- Retail sales strategies
Select any lessons in this chapter that can enhance your corporate training sessions as you discuss with managers the basics of retail management. If questions arise about concepts presented in the lessons, feel free to submit them to our instructors. Multiple-choice quizzes are available to let your managers check their comprehension of the lessons.
How It Helps
- Improves business plans: Managers can help fine-tune your business plan by understanding the most efficient and cost-effective ways to setup stores, acquire and maintain a customer base and even take advantage of non-store retailing options.
- Offers implementation strategies: Lessons in this chapter offer implementation tips and strategies for choosing store locations, designing layouts and launching stores.
- Strengthens sales: Sales strategies presented in this chapter explore ways retailers can distinguish themselves from competitors and maximize profits.
By the end of this chapter, your managers will be able to do the following:
- Utilize strategies for selecting the right location for your retail store or restaurant
- Discuss strategies for training employees and creating a layout when launching a small retail store
- Explain how to setup a store before opening day
- List types of non-store retailing and discuss how these stores differ from 'brick and mortar' stores
- Describe benefits and challenges of multichannel retailing
- Take advantage of promotional pricing, product marketing and other retail sales strategies
1. Choosing Locations for Stores or Restaurants
Choosing a potential business location is just as important as knowing how to operate that business in the first place! In this lesson, we look at some strategies to successfully analyze a good location for a new business.
2. Practical Application: Store & Restaurant Location Checklist
This checklist will help you as you decide on a location for your store or restaurant. You can use this checklist as you visit different sites to look for positive attributes.
3. How to Launch a Small Retail Store
There are numerous things to consider when launching a small retail business. In this lesson, we will discuss location, training, store design and layout, as well as how to compete with larger retailers.
4. Large Retail Store: Setup, Layout & Examples
Opening a large retail store can be overwhelming. In this lesson, we will discuss how to set up before opening and how to design the layout of the store to help gain sales from consumers.
5. Non-Store Retailing: Types, Trends & Examples
Most individual consumers purchase products through retailers. Physical 'brick and mortar' stores are not the only type of retailing in the marketplace. In this lesson, you'll learn about retailing beyond traditional retail stores.
6. Multichannel Retailing: Definition, Benefits & Challenges
This lesson will identify the benefits of multichannel retailing, such as customer loyalty and improved analytics. We will also look at challenges, such as information security and personnel time. Examples of multichannel retailing will be given.
7. Sales Strategies for Retail
Retailers must employ sales strategies to help differentiate themselves from competitors and generate profit. In this lesson, we will discuss how to utilize promotional pricing, how to display items appropriately, how to market products, and how to utilize online retail platforms.
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