10 Principles of Successful Retailing

As promised in my earlier blog post 10 Ways Retailers Go Wrong, I have listed below the 10 key principles for successful retail.

10 Key Principles of Successful Retailing

1. Core Customer /
   Define him / her and merchandise to that group
2. Be Consistent /
   Must extend to every area of the store...at times it may be appropriate to give up profitable business inconsistent with image
3. Unique and Differentiated Product /
   Need to create a distinctive reputation
4. Value /
   What the customer thinks is a fair price...not always tied to mark-up or cost
5. Shopping Experience /
   While product is paramount, shopping experience creates the image
6. Technology /
   Has defined the way we shop today...retailers must continually evolve yet be simple in executive
7. Omni-channel /
   An overused but important expression...today's business is conducted across both brick and mortar and online so the customer experience must be seamless
8. Execution /
   Carefully developed strategies...great execution 
9. Manage the Balance Sheet /
   Ensure enough resources to withstand the unplanned
10. Talent /
    Great stores are built by great people