Strategic planning in retailing: situational analysis
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For the purpose of developing retail strategies, retailers are required to follow a step by step procedure or planning process. The planning process discusses/involves the present stage of business, the formulation, list of available strategic options, and the implementation of the selected strategies. Considering the importance of strategic decisions for the future success of the business, a systematic approach is essential.
The strategic planning process, which after considering the HR potential and USP of a particular store takes proper shape, is normally divided into following steps:
1. Deciding the store’s philosophy, mission and objectives,
2. Situation analysis,
3. Formulation of retail strategy
4. Strategy implementation and control.
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