Retail Stores : without a mid-long term vision are leaders missing opportunities to grow the business?
Given fro granted that performance in general and the achievement of targets such revenues and KPI within a retail store environment are the basis of store management evaluation, seems on the other end mostly from a consumer point of view that in certain stores the management is inadequate.
The performance of the store is mostly related to the business turnover, but not only. In fact a store can perform regardless of the management being capable or not as we know business can thrive from outside and uncontrollable causes, few examples could be:
- The store is a famous brand retail location
- The promotions the store is operating are fit for the local market
- The product mix is adequate to the local consumer demand
- The store is in a prominent location
- There are no competitors within reach
- The location has huge traffic
Looking at this topic are senior leaders looking at this business scenario and evaluating it in terms of missed opportunities?
Few examples of missed opportunities we could mention:
- Store team development and professional growth, is talent used at its full potential?
- Consumer retention, is the capture rate of consumer in line with the market and comparable stores and competitors?
- Is the store only controlling costs without investing to sustain the business growth?
- Is the brand image safeguarded in the mid-long term?
In fact it is a common mistake to merely look at the business performance and potentials on monthly and quarterly basis, which in such fast paced environment like retail stores is safe, but once again could mid-long term analysis and evaluation of the above key factors grow the business exponentially?
Please share your thoughts on this
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