This week we will focus on redesigning retail business models to make them fit for the new retail environment
The cost structure required to compete profitably in the high-end market (i.e. department and variety stores) is completely different from one required to compete in low-end retail.
Even though many of the brands currently competing in high-end retail started in the low-end market as they develop strong reputation and seize market share, they moved upmarket, which required changes in cost structure and profit formula.
Retailers are now facing disruption from new low-end entrants, (especially cost-efficient online retail brands like Amazon).
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About the author
Romeo Richards is an experienced retail trainer and consultant with knowledge of retail marketing, store performance and retail loss prevention.
He has the ability to choreograph the customer journey, boost store conversion and enhance in-store experience using store design and visual merchandising.
Specialises in increasing retail profit through shrinkage reduction.
He is the author of 23 retail and marketing books including:
• How to Increase Retail Sales
• How to Make Profit In Retail
• Store Design Blueprint
• Visual Merchandising Display
He is the creator of five retail home study courses.
Frequently presents webinars on shoplifting prevention and boosting retail sales.
Featured in Professional Security Magazine, Retail Week & Retail Technology Magazine