Retails store business is one of the fastest growing sector in the economy which provides goods and service like food, appliance and electronic, home furnishing, apparel and auto parts. Foundation of any business needs to be strong and that can be achieved by deciding what products you are going to sell; every detail of the product should be known. Choosing the type of retailers, such as store retailing, specialty retailing and non-store retailing, will the business to sustain in the competitive market. Store retailing generally are the independent store, departmental stores, convenience store etc.
which dominate the sector by attracting high volume of customer through mass advertising. Whereas, specialty retailers are like Reliance retail, Wal-Mart, which focuses on the neighborhood convenience, the richness of shopping experience. Non-retailer is engaged in sealing their product through Tv, electronic shopping, paper, in-home demonstration etc. The internet has changed the retail landscape by bring in the companies/Manufactures, market and consumer. Preparing a business plan helps the entrepreneur to understand, to visualize, to plan and to identify risks even before making any investments in the business. Preparing a business plan involves detailed research so that all the aspects of the given business are evaluated and appropriate decisions are made.
Choosing the commercial location is often the most difficult job, but there are various factor comes in play such as size of the city’s trading area, population and trends, total purchase power, number and size of competition, quality and aggressiveness of the competition. A CAGR of 10% is excepted in the India’s retail market by 2026 from 2016. As per the report by IDSA the industry is expected to reach a size of Rs 23,655 crore and modern retails is expected to double to rs. 171,900 crore from Rs. 88,1oo crore in three years. Indian’s B2B market is also expected to reach to $700 Billion, B2C to reach to $26 Billion in the next three years. Government of India has taken a necessary step to improve the retails business in India.
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All organizations are made up of group of capabilities that are coming from People, Processes and Systems. These capabilities are working together in a seamless manner to deliver the requisite capabilities to the customer. The various capabilities that need to be addressed in a retail store business plan are given below:
Owner / Company president, Vice President finance, Vice President HR, Regional manager, store Manager, Assistant store manager, Department Manager, Assistant Department Manager, Head Cashier, Cashier, Logistic Associates, Housekeeping / Maintenance and security.
Public relationship management, waste management, marketing management, finance management, Logistics and shipping management, Hr Management.
Cash register, Imprint Machine, POS System, Labelling Machine, Pricing Gun, Scanner, Electronic scales, EFTPOS Printer, Hand-held Scanner, Stationery items, storage lockers, trash can and trash bags, cleaning supplies, POP display, Forklift and trolley.
Most of the businesses have professional bodies across the globe and being associated with these organizations tremendously helps in understanding the current trends in business. Some of the professional bodies are listed below for your reference:
Retailers Association of India (RAI) 111/112, Ascot Centre, Near Hotel ITC Maratha, Sahar Road, Sahar,
Andheri (E), Mumbai - 400099.
British Retail Consortium2 London Bridge, London SE1 9RA
National Retail Federation1101 New York Ave NW, Washington, DC 20005
Malaysia Retailers AssociationA-11-11 &A-11-12, Level 11, Tower A, Menara UOA Bangsar, No 5 Jalan Bangsar Utama 1, 59000 Kuala Lumpur
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