After a challenging year in 2023 marked by low consumer confidence and the confluence of lower online or offline sales, store closures, d2c brand shutting down etc. and constrained discretionary income, retailers faced significant obstacles. As per a by Retailers Association of India (RAI) retail sales in January 2024 saw a modest increase of 5% […]
“Where to open my retail store?” This question haunts retailers worldwide. Retail expansion requires significant capital investments. Thus, the onus is on the retailer to achieve profitability to pay back the investments. Resulting in retailers adopting strategies to reduce the break-even time. But, this is predicated on the identification of a profitable location. Poor location
Sun Tzu famously said, “Know your enemy and know yourself and never fear the result of a hundred battles.” Competition mapping is the starting point to accurately develop a comprehensive expansion strategy for a retail business. Competitor analysis also known as competition mapping is the strategic process of analyzing and evaluating your competitors’ strengths, weaknesses,
When walking down a street you might have noticed how some locations seem to have higher than usual activity. This location might be a tourist attraction, a fast-food restaurant, or even a corporate headquarters. These are locations that can represented by their geographic coordinates and represent a location of value to myriad people. But what
Your BD team might scout what seems like the perfect location, but beneath the surface lie hidden dangers. In the realm of site selection criteria, retail expansion plans require a nuanced understanding of various factors to ensure success. Inadequate insight into site selection strategy can derail even the most meticulously crafted expansion plans. In this
Affluence Index A measure of prosperity in a selected catchment area. The measure of affluence is relative to the established retail brand. The definition of affluence for a luxury brand is different from the difference of the same for a value-fashion brand. Accessibility The ease with which a customer can reach the store. The distance
