Store Reconfiguration or Closure
– An ST Group Retail Series
With the Location Intelligence generated Store Profile and Store Footprint in hand, retailers have the tools to benchmark each store before engaging in reconfiguration. There will be several actions that can be taken by store management to improve the performance of the “losers”. All these actions are predicated on the surrounding market characteristics of the store. When poor store performance is significantly related to external location factors, and adaptation of product and price provide no prospect of relief, then it may be necessary to close the store. There will also be some stores that will clearly stand out as mis-matched with the market, then the available options are few. Retailers often have at their disposal branding options that allow the site to be re-branded into a completely different offering that addresses the existing demographic.
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