Retail Management Contents Answer 1 3 Answer 2 6 Answer 3 7 Answer 4 10 Reference 12 Answer 1 a) Examine the profile of their main target market Charles & Keith Group is ranked as one of the marketable fashion footwear, accessories and handbags retailer. Charles & Keith with its strategy along with its unique competitive advantage, the company has managed to develop prestigious portfolio with a vast product range with geographical presence all over the world…
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Thus the company is dedicated to provide high quality footwear and value for money for the professionals, young and fashionable women who follow the trends according to their lifestyle needs. b) Examine how each of the four (4) components contributes to its retail atmosphere to attract the target market indentified with Question 1(a). Retailing is a visible industry and the interface which exits in between the customers and the business provides the retailer with many advantages. Many of the retailers across the globe have become essential to people in day to day living and the retailers are very keen to strengthen the relationship between individuals and stores and gain customer loyalty. A retailer’s most important task is to keep their image favorable in the minds of the target customers. Therefore in the formation of image many components are to be taken into consideration, the environment and the store plays a big role in the formation of the image in the retail outlets (Varley, 2006, p. 169). In other words the atmosphere plays an important role to attract the customers and develop an image in the customers mind. Atmosphere is termed as the summation of the physical attributes both in store and out of store of the retailer which helps to draw customers and helps in the development of brand image. Atmosphere affects the customer’s mood, target market, time spent in the store, induces impulse purchase and positioning of the retailer and relates with the strategy chosen by the retail outlet (Evans & Berman, 2003, p. 490). The basic four component of retail atmosphere includes the following, Exterior: The element which comprises of exterior includes the store fronts, entrances, the marquee, visibility of the store, display windows, design of the stores, the surrounding areas. The exteriors are as important as the interiors which help to define space and the exterior of the space provides with public interface. The outside should reflect the inside as retail stores exterior are a tant to the new and potential customer who tends to judge the sore through its appearance and might not enter if they do not like it or find it attractive enough. The exterior of Charles & Keith, Singapore contains all the elements to attract the target customers. One of the stores of Charles & Keith is located at Anchor point Shopping Mall based on Alexandra Road and provides ample parking areas for visitors (Frasers, 2008). The open entrance is accessible and inviting and helps to break down the barriers in between the stores and exteriors. The lobby increases the proportion of window display and invites the shoppers to enter the retail outlet. Figure 1 shows the mall of Charles & Keith as a part of the exteriors Figure 1: Anchor point Mall General interior: general interiors comprises of elements like flooring, scents, lighting, colors and others. It should be able to provide the customers with a comfortable and a safe environment by applying the perfect color schemes along with the materials, lighting and others. The interiors of Charles & Keith are well designed with soothing environment, proper lighting, light color and well display of shoes, accessories and bags. Figure 2
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