Organised retail is very recent in India, what steps should a retailer take to ensure his/her store is a hit with the consumers?
MLJ: Good question. Retailers whether organised or not, must know a great deal about the consumers they intend to serve, because excellent retailing is all about ‘relevancy’. Staying in the ‘know’ with global trends and forecasting, especially for retailers dealing with fashion is a must. Whether seeking new brands or wanting to create your own brands (s) or private labels, retail must make an effort in attending retail conferences and seminars to stay current. JS: How can a retailer attain single-store efficiency? Are multi-chain formats more of a challenge to manage? MLJ: Single-stores can have a higher efficiency as the overheads are lower, merchandise, assortments and stock holding controls tighter. The weakness of single-store operations is in the cost of goods. There is not much leverage in negotiating lower costs of goods when dealing with a single store. In this case, my advice to the small shop owners is to create merchandise styles and assortments that are different from othe
