"Weakened brands, customers’ easy access to information about vendors, and the erosion of barriers to switching among competitors have combined to create a much more challenging environment"(*1). Customers are the key for any successful business. Type of customers and entire Retail concept are closely interrelated. Following are important points:
- Discount stores aim to target low-mid income customers
- Specially stores create a market niche and target a particular category of customers.
- Some Retailers merge Specialty Stores with low price concept.
Entire Business Model must be closely integrated. For example, a Discount Store can't be successful without underlying low cost operations. Similarly a Specialty Store will not be successful without a proper differentiation from the competition and its clear communication to the target customers.
What Retailers aim
1. Increase footfall of the right customers, and
2. Increase customer retention (repeat customers).
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