Question

What are the steps involved in develoing a retail strategy?

Answer 1

As the name implies, the introduction is the beginning stage of any business, characterized by innovation and industry expansion. Entrepreneurs in this phase of development either introduce a new retail store model, for example a particular product mix combined with a new service, or a new direction for an existing store. Introductory stage stores should be prepared for low profits due to high development costs. Retail expert Bob Phibbs notes that business owners can often reenergize a failing business by returning the introductory stage with a new approach.