Retail Strategy

Retail Strategy

Preparation/Materials:

This assignment works best with a whiteboard/paper and a number of markers.

Challenge: Brainstorm a quick list of retailer categories you are familiar with, such as bookstores, convenience stores, after market shops (for customizing cars, coffee shops, pet stores, clothing boutiques, gift shops, etc.). Now choose one retailer category of your choice from that list and come up with your own store. You are tasked to:

• determine the target customers
• decide on the three top merchandise categories
• sketch the layout of the store on a section of the whiteboard/paper
• develop one free service to add value for customers
• name your store

Tasks to Complete:

1. In a minimum of 200 words:
   • Respond to the tasks mentioned above and provide a rationale for each task using the concepts you’ve learned in the textbook. Use appropriate APA within citations for your sources. Plagiarism will not be tolerated.
   • Answer the following questions:
     • Do smaller retailers typically pay attention to these elements of retailing strategy? Why or why not?
     • How could research and technology help refine retailing strategy?
2. In addition to your response, scan and upload a sketch of your store layout by attaching it as a picture or file.