What would be your strategy to grow a small retail store to multiple locations?

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	What would be your strategy to grow a small retail store to multiple locations? Asked by : Akhilesh Majumdar, Logistics Manager, Tesco Industry : Retail Chain/Logistics Functional Area : Strategy Execution Keywords : Strategy Small Retail Store Grow Multiple Locations Activity: Question posted: 05 13 2008 03:02:49 +0000, 5 answers, 107 views, last activity 07 06 2010 20:18:08 +0000	Answer

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Firstly small retailer has to achieve high level of efficiency in the current store in all parameters like operation, timely replenishment, customer service, use of space. After achieving it he should look out for store pace in another neighbouring market which should be easy to serve. Again accomplish similar objective of achieving profit and operational excellence and then keep repeating the same model by spreading to other markets keeping same strategy. .

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by Alok Sharma, Retail , Leading Consultancy Firm | 05 15 2008 00:09:42 +0000

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5 Answers for "What would be your strategy to grow a small retail store to multiple locations?"

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Answer modified by Mohammed Bilal Adam, SBU/Profit Center Head Landmark Retail Ltd | 06 03 2008 05:10:13 +0000

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once you have started, work towards making the unit profitable, ofcourse considering the fact that you have done your homework well, you know your market which you want to cater, you know who your target customers are and you are confident about the product or concept, you want to sell. sourcing & Location is very important and more than half of success depends on it.The store may neednot be profitable from the first year but improvement should be visible each month going forward, and this can happen when you provide the best of everything,from ambience to quality,style/fashion/value & customer service. its easier said than done but possible and once you get this right & you are confident than look around for opportunities.
one more important thing is,you need to have a comfortable cash in hand or support.because as i said earlier it may not be profitable from the 1st year but to succeed you need to increase your volumes and this can happen with the opening of more stores if you are confident you can prolong the breakeven period and look for opportunities to increase your volume and turnover. it always takes time for a new business venture to turn profitable (minimum 2 to 3 yrs for fashion retail) but in this period if you are able to increase your volumes through more no of stores and are able to acheive your breakevens then from 3rd year onwards you start making money and also have a chain of stores as well.

Answer modified by pradeep panda, Direct Marketing Executive, Ekam Candles | 05 19 2008 13:17:34 +0000

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keep quality product in your store , mentain clinic, hygine and standard ,treat your customer with thousands smile .....and no doubt world will be your ..... dev.mohan.dev@gmail.com...09844336870

Answered by Lalit Gupta, Area Manager, Speed and Safe courierservices(p)ltd | 05 18 2008 07:35:34 +0000

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FIRST HE HAS TO OPEN A OWNED RETAIL STORE WITH ALL FACILITIES THEN HE HAS TO FIND A MARKITING MANAGER TO OPEN FRANCHISEE WITH MINIMUM INVESTMENT(2-5 L).HE HAS TO TIE UP WITH MNC BANK FOR DISCOUNTS(I NOW THAT IS FREE). MAKE THE PRODUCT QUALITY BETTER THEN OTHER.IF HE NEED MORE HELP SO ANY TIME HE CAN CONTACT ME ON lalit.gupta0@hotmail.com. I will try to help him.

Answered by Vijay Sharma, Logistics Manager, Reliance retail | 05 13 2008 03:05:02 +0000

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Rating : +1