Retail Boutiques and Shopper Behavior Assignment 2 (50%) Retail Start-ups Business Case/Plan, c. 2,500 words Retail development is the creation of long-term value for an organization from customers, markets and relationships.
The starting point is the creation of a new retail brand and the first store opening. Develop a business plan from which you can raise the investment required for your first London store. The plan should ask for a specific sum of money, it should describe the new brand and the offer in detail, and be specific about location, store size and store layout. You should be clear about your target market and how you will position your brand to appeal to them in a competitive context that includes retail rivals located nearby, in other shopping destinations, and of course online. To do this you will need to be explicit about any competitive advantage that you are creating and sustaining as you deliver value to those customers. Your brand can be in any retail category in which you can identify unmet needs, including fast food, technology, high-end fashion, convenience or services. To develop the plan you are expected to collect secondary data from reliable sources (Mintel, Trade and professional bodies) and primary data from various sources including, for example, shopper and retailer interviews and observations of foot traffic in your selected location. To be convincing, your decisions should be justified by interpreting and evaluating these market data and findings in the light of retail theory, all of which should be clearly referenced. Use maps, designs, logos, photographs and illustrations to communicate your ideas, and refer to any broad financial data that you can obtain (e.g. fitting out costs, rents, business rates, proposed turnover and margins). Your plan should include an annual profit and loss account for each of the first three years of trading, and might include further store openings in other locations.