Evaluating Retail Stores
Evaluating two successful stores and two unsuccessful stores
The retail industry is extremely competitive particularly during the current economic conditions when customers have limited spending power (Bloomberg, 2009). Therefore, it is crucial that the business owner assess all of the factors which determine the profitability of a store. Since the financial figures are unavailable for all of the different outlets, the success of the store will be assessed using the same physical factors which can be observed; location, client flow, employee cost, pricing, inventory levels, marketing strategy and customer service. To evaluate what makes a store’s performance good, two successful and two unsuccessful stores will be looked at and the same criteria will be used to compare them.
Successful Store - Charles&Keith at the Central
The local company ‘Charles&Keith’ has 200 stores worldwide and franchises in over 26 countries (XXXX). In the Central that it is conveniently located on level one allowing a constant flow of customers into the store. The store manager said that on a daily average they have 150 customers entering the store during the week and 200 during the weekend. The design and layout of the outlet is light and exclusive even though they sell shoes and bags at a relatively low price. They employ a specific team to deal with the design and decoration of all the stores (Charlesxxx).
The store employs seven fulltime salesmen, all of whom are very helpful and persuasive. ‘Charles&Keith’ offers a training program for all the staff (CHARLESXXX) , the result can be seen by 70-80% of the customers leaving the store purchasing something.
Successful Store – Gap at Centre Point
Gap is a global specialty retailer established in 1969. The franchise store in Singapore, Centrepoint, offers a diverse range of products catering to men, women, children, and babies. The store currently has three full time and three or four part time employees depending on customer
The retail industry is extremely competitive particularly during the current economic conditions when customers have limited spending power (Bloomberg, 2009). Therefore, it is crucial that the business owner assess all of the factors which determine the profitability of a store. Since the financial figures are unavailable for all of the different outlets, the success of the store will be assessed using the same physical factors which can be observed; location, client flow, employee cost, pricing, inventory levels, marketing strategy and customer service. To evaluate what makes a store’s performance good, two successful and two unsuccessful stores will be looked at and the same criteria will be used to compare them.
Successful Store - Charles&Keith at the Central
The local company ‘Charles&Keith’ has 200 stores worldwide and franchises in over 26 countries (XXXX). In the Central that it is conveniently located on level one allowing a constant flow of customers into the store. The store manager said that on a daily average they have 150 customers entering the store during the week and 200 during the weekend. The design and layout of the outlet is light and exclusive even though they sell shoes and bags at a relatively low price. They employ a specific team to deal with the design and decoration of all the stores (Charlesxxx).
The store employs seven fulltime salesmen, all of whom are very helpful and persuasive. ‘Charles&Keith’ offers a training program for all the staff (CHARLESXXX) , the result can be seen by 70-80% of the customers leaving the store purchasing something.
Successful Store – Gap at Centre Point
Gap is a global specialty retailer established in 1969. The franchise store in Singapore, Centrepoint, offers a diverse range of products catering to men, women, children, and babies. The store currently has three full time and three or four part time employees depending on customer