Diversify, develop your product range and retail offer and increase your market penetration.
Often business get lost in the NOW and don’t think about the FUTURE, especially in a period of strong performance. Good operators have a clear future growth strategy and a plan on how to get there. Continual review of the market place is required to ensure you are ahead of the competition.
Market share can be looked at globally, or locally, but in essence it is all about growing customers, which turn drives business profitability.
In light of the current COVID-19 challenge, future growth strategy is essential as shoppers’ habits change, and people become more aware of their social space. Retailers and operators who embrace this change and learn from it, will survive and indeed succeed.
“It is not the mountain we conquer but ourselves.”