The overall the retailing plan needed to operate the store efficiently and effectively is called Retail Strategy.

1. Retail Strategy
Vijyata

2. 2
A retail strategy is the overall plan or framework of action that guides a
retailer. Ideally, it will cover at least one year and outline the retailer’s
mission, goals, consumer market, overall and specific activities, and
control mechanisms.
Retail strategic planning often occurs in cycles due to the seasonality
of much of retail activity. A retail strategy serves as a roadmap for the
next 3 to 5 years and helps thoughtful and objective decision making
on many key business elements

3. 3
The target market, or markets, toward which the
retailer will direct its efforts;
The nature of the merchandise and services the retailer
will offer to satisfy the needs of the target market; and
How the retailer will develop unique assets that enable
it to achieve long-term advantage over its competitors.

4. Diagram: Steps in Retail Strategy Formulation 4
6. Control
Evaluation Adjustment
5. Specific activities
Daily short term operations Response to environment
4. Overall strategy
Controllables Variables Uncontrollable Variables
3. Identification of customer
Mass marketing Concentrated Marketing Differntiated marketing
2. Objectives
Sales profit image satisfaction of public
1. Situation Analysis
Organizational mission Ownership and management alternatives Goods/service category

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