Marketplace

Evaluation of A Retail Concept

To excel in retail you need to have a clearly defined external and internal retail concept. To become a world class retail you must have the right external and internal concept.

The external concept is doing right things, which is:
* Having a clear and unambiguous customer value proposition

The internal concept is doing things right, which is:
* To master the key retail disciplines to obtain chain advantages
* To define the right retail organization
* To define clear and structured ways of working

This example conceptualizes how to evaluate the internal concept.

For a long time many successful retailers have operated with an opportunity driven management, without clear strategic direction and a set of common guidelines. But as retail chains professionalize, competition intensifies and consumers become more demanding, retail chains are obligated to change their ways of working. Exploring synergies and obtaining chain advantages is required for future growth and success in retail.

A retail model consists of three conceptual levels: (1) strategic planning, (2) HQ support areas, and (3) shop execution &concept compliance. Each level contains disciplines that are vital in order to work efficiently and obtain synergies of being a chain rather than a stand alone shop.

This template is an example how to evaluate an internal and external retail concept - in other words a retail chain assessment.

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Key Points

Key Questions Answered

    What is the strategy and business targets?
  • Link to overall strategy and business targets
  • Overall and store owner business case What is the external retail concept?
  • Format & location concept (store size and store grades, location types, format types
  • Marketing and visual concept (Visual identity, fixtures and fittings, local marketing support, visual merchandising and in-store materials, VM visits and support)
  • Assortment and service concept (Assortment size , branded and non-branded products, in-store services) What is the internal retail concept?
  • Business and partnership concept (store co-operation, ownership and contracts, synergies, governance, financials, buying prices, discounts, returns, payment terms etc.)
  • Operational concept ( guidelines and tools, operational support, intelligence, IT, training etc.)
  • Organizational concept (Overall design, KPIs for each function)