Building a Retail Business

Currently retail business is one business that has a good prospect and keep growing. That is why many consulting firms, consulting services, business consulting and retail business consultant coming to aid retail businesses. Business management business, retail business or retail business requires a readiness management in all facets of management. Weakness in one side of retail management will make retailers have obstacles in managing the business and spur retail industry works well and quickly.

A common problem faced by retail businesses-especially new businesses-now is a management problem. They usually open with no concept of retail management or without a mature retail strategy.

In this paper I will discuss about retail management from retail marketing strategy, financial strategy and retail finance, retail location strategy, retail human resources management, information systems and supply chain management of retail to customer relationship management.

Management retail strategy includes

1.) Target market retailers.

2.) Strategy of retailers to satisfy or meet the needs of the market.

3.) Basis retailer to create a competitive advantage.

The target market is the target where the retailer focus work on his target market. While retail formats is how retailers are able to do retail strategy mix or mix strategy in the form of type merchandise, service given, pricing strategy, promotion and advertising strategy, lay out and design strategies, a typical location and customer services). While competitive advantage is the competitive advantage over existing retailers that can not be done by the competitors and can be applied in a long time. Strategic competitive advantage is the most important thing in retail marketing strategy. Building a competitive advantage means that retailers are building a strong fortress retail market competition in the market. When retailers managed to build competitive advantage with a strong and robust it will be difficult for competitors to imitate or follow the strategy seize competitive advantage in the market and customers.

There are seven important opportunity for retailers to build competitive advantage: 

1.) Customer loyalty.

2.) Locations.

3.) Human resource management.

4.) Information and distribution systems.

5.) Unique merchandise.

6.) Relationship with the supply chain.

7.) Customer service.