Business Intelligence

Expanding Your Business Around the Corner or Across the Globe

by Arthur Rubinfeld and Collins Hemingway (14500)

Great national and international retail success stories don’t happen by accident. It isn’t just a case of opening a store, making that store run well and then duplicating that first store ad infinitum. Instead, retail brands that win long term have been designed for rapid growth right from the outset. All of the necessary elements have been put in place first so growth becomes a natural part of the ongoing story rather than good fortune.

In particular, there are four phases involved in growing a great retail business:

1. Aspire to become a national / global brand
2. Prepare to expand right from the outset
3. Build your brand prominence by locating astutely
4. Maintain brand leadership by pushing the envelope

Retail businesses are great because they allow you to control your own destiny and to express your creativity. When you create a new retail business from the ground up, you build a market presence that is highly valuable. To get to this stage, however, a holistic approach will be required. You’ll need to conceive of a profitable retail concept and fine-tune your ideas in your local market first. Then you’ll need to understand how to expand from one market to another until you grow from one market to dominance and presence in regional, national and ultimately international markets. As your enterprise grows and evolves, you’ll need to keep your brand fresh and vibrant by continuing to innovate and try new things.

Built for Growth

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