Retail Store Operation and Inventory Management April 2024

Description

Retail Store Operation and Inventory Management

April 2024 Examination

 

 

Q1. The right selection of location of a stories crucial to the success of the store. A Jewelry Brand “Kanishk” wants to open a store in an upcoming smart city of India. The unique selling Proposition ( USP) of “Kanishk” is “Purity of Product”. Therefore it’s products are costlier than the competitors’ products.

What are the steps involved in selecting a location by “Kanishk” to open a retail store in an upcoming Smart City.     (10 Marks)

Ans 1.

Introduction:

Selecting the right location for a retail store is a critical decision that significantly influences its success. This holds particularly true for a jewelry brand like “Kanishk,” where the unique selling proposition (USP) revolves around the “Purity of Product,” making its items pricier than those of competitors. The upcoming smart city in India presents a unique opportunity for “Kanishk” to expand its presence, but the success of the venture hinges on a meticulous location selection process.

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Q2. “The design of a retail store should attract customers to enter the store and navigate through different divisions of the store”- In view of this statement discuss the concept of retail store design for International Brand “Mont Blanc” which wants to retail its products comprising  of  Watches,  Pens,  Wallets  and  Leather  Bags  through  its  store  in  India. (10 Marks)

Ans 2.

Introduction:

The success of a retail store is not solely dependent on the quality of products it offers; rather, the design of the store plays a crucial role in attracting and retaining customers. In the context of retail, the physical layout, aesthetics, and overall ambiance of a store contribute significantly to the customer’s overall shopping experience. This is especially true for international brands expanding their presence in diverse markets, such as Mont Blanc, renowned for its luxurious watches

 

 

Q3. Robin Smith owns and operates Robin’s Fine Men’s wear, a store specializing in high quality clothing for men. Robin purchased the store three years back from a man who had successfully operated the store for over thirty years. Upon taking over the store Robin upgraded the merchandise lines so that only items having prestigious brand names were stocked. But sales have never reached his expectations and his profit picture is dismal. Lately he has been contemplating about selling the business.

One day he met his classmate Julia who manages a bath accessories shop in a mall. He asked her feedback about his store. Her impressions about the store were :

1. Store’s Grid Layout is monotonous.
2. Ceilings are too high and the walls supporting the ceilings are painted in drab green colour. Some of the paint is peeling.
3. Many of the store fixtures are over twenty year old.
4. Dress shirts  and  ties  are  placed  in  glass  enclosed  cases  and  are  therefore inaccessible to customers.
5. The semi closed window displays are too austere and unimaginative.

Robin thinks that improving these shortcoming will be expansive and should be avoided. “Besides” he reasoned, “Customers buy Clothes to enhance their appearances. They could care less about store decorations.”

1. a) Respond to Robin’s statement. (5 Marks)

Ans 3a.

Introduction:

Robin Smith, owner of Robin’s Fine Men’s wear, is facing challenges with the store’s performance despite upgrading merchandise lines to prestigious brand names. Considering the potential need to sell the business, he received feedback from Julia, a classmate managing a bath accessories shop. Robin is hesitant about making improvements, asserting that customers prioritize clothing over store decorations. This response addresses the validity of Robin’s statement and emphasizes the importance of retail store aesthetics in influencing customer perceptions and,

 

 

1. b) What suggestions would you give to Robin for making his store’s atmosphere more conducive to selling quality men’s clothing? (5 Marks)

Ans 3b.

Introduction:

To enhance Robin’s Fine Men’s wear and create a more conducive atmosphere for selling quality men’s clothing, strategic improvements are essential. This response outlines key suggestions to address the store’s current shortcomings and elevate the overall shopping experience for customers.

Concept and application

1. Revitalize