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Foundations for Retail Growth

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If there is one thing we have learnt from the last 2 years, for a retail business to grow, it is important to have a strong foundation. This includes having a well-defined business plan, a good marketing strategy, and a dedicated team in place. Without these essentials, any growth that does occur is likely to be short-lived.

We all know what we need to do, the trick is actually doing it. As all retailers know you are fighting a war on multiple fronts and it’s easy to get into autopilot. However, it is imperative to establish a strong foundation for growth and you need to create a detailed business plan. This document should outline the goals of the business, the strategies that will be used to achieve those goals, and the resources required to make it happen. It is also important to establish realistic timelines and milestones so that progress can be tracked and adjusted as needed. This will provide clarity of action!!

Analysing your retail company current locations

When it comes to analysing your retail company’s current locations, it is important to consider both the demographics and psychographics of the area. Demographic data includes information such as age, sex, income, and education level. Psychographic data, on the other hand, includes information such as lifestyle and values.

It is important to have a good understanding of both types of data in order to make informed decisions about store locations. For example, if most of your customers are young professionals with high incomes, you would want to locate your stores in areas that are affluent and cater to that demographic.

Selecting the wrong retail location can be costly for your business. It can mean missed opportunities and sales, and can even lead to the closing down of stores. The last thing you want to be doing on a growth strategy is looking back and cleaning up a mess. No matter what, you will get some wrong, but doing the research will limit this so it doesn’t inhibit growth.

This is even more prevalent now as this may have all changed
after Covid and what worked before may not now.

Retail portfolio

When it comes to the size of stores in your portfolio, it is important to use the data from outside the business as well inside the business. Whilst your footprints may vary, understanding what the optimum size should be is imperative to profitability.

Using a company like GapMaps to determine the actual growth strategy is key to providing A and B priority locations whether it is locally, nationally or internationally. Again, it is critical that your plan is documented so the team can go forward with absolute confidence.

The final key before your surge forward looking for global domination is an oldie but a goldie. “If you don’t measure it you can’t manage it”. There needs to be a sign-off template with all key stakeholders providing input and signing off on the sites. The only reason for looking back is to check your budgets to make sure you are on or thereabouts with your forecasts.

Do the work and your foundations will be strong for Growth,
if you don’t you will keep looking back.

Go for it!!!

If you’re interested in learning more about BDC Property Partners and our services, please contact us today. We would be happy to discuss your retail business and help you prepare for future growth.

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