Retail Expansion Strategy (Summary)
Retail Expansion Strategies
Summary:
The article discusses the elements of retail expansion, the necessary components and analysis of each component to achieve a successful expansion.
The first step of retail expansion is an objective appraisal of the existing business. The author discusses that all elements must be taken into account, including but not limited to certain amount of luck. In other words, the successful retail concept in one area may not necessarily translate into another successful retail concept in another area. The owner must evaluate how much ¡°customer loyalty¡± is there in the original area and consider all financial aspect of the existing business including lease conditions and whether the success of a particular retail concept is a ¡°fortuitous synergy¡± between the concept and unusual demographic conditions.
The article continues to discuss the three components of expansion strategy: geographic strategy, ownership strategy and rate of......
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Approximate Word Count: 521
Approximate Pages: 3 (250 words per double-spaced page)
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