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A Retail Leader knows and understands: |
A Retail Leader is able to: |
| Retail Landscape – current and future |
- The key aspects of the retail sector including stakeholder location and its relevance to UK and Global economies.
- Key economic and political drivers, changes that affect the retail landscape and the impact of government legislation on the cost of retail operations.
- The overall retail landscape and concepts such as market share, and socio-economic trends, in a way that enables the development of a strategic plan for business growth
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- Construct the key plans for the business, and demonstrate creatively, clarity of thinking and decision making in delivering them both in-store and online.
- Analyse and evaluate key economic and political trends, and how they impact upon the retail landscape, including technology and Artificial Intelligence (AI)
- Consider the impact of different business models and propositions, including the move to on-line retailing
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| Retail product life cycle |
- How product ranges are built and balanced between existing products, new products and seasonality.
- How buying decisions are made by customers (Push v Pull).
- The attraction of products and brands (e.g. own label vs branded).
- The role played by pricing, merchandising, store layout, and online factors (eg website design) in improving business.
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- Construct customer profiles to ensure buying and merchandising impact is maximised, including the impact of on-line retailing
- Implement the link between product quality and customer satisfaction.
- Influence the design of an appropriate store / website layout based on current and customer buying patterns.
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| Retail innovation and the digital challenge |
- Strategic marketing plans, digital responses, and store propositions, as part of the omni-channel model.
- On-line only and / or store only operations and the impact of new purchasing methods. ‘Bricks and Clicks’.
- How new AI / digital and IT developments impact on the future of retailing, eg running a delivery / click and collect offer, and the impact of new / diverse revenue streams.
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- Critically evaluate the most effective methods of digital delivery, and how they will impact on the product range.
- Evaluate the impact digital channels play and identify the likely impact of changes in digital / AI behaviour by customers.
- Critically evaluate the impact of new technology on the customer journey and experience
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| Retail Marketing and the customer |
- The importance of ‘The Brand’, and how brand reputation is protected, enhanced or destroyed.
- Through the use of analytics, the purchasing, buying and loyalty behaviours of existing and potential customer groups, including the communities and customer profiles that are served, and pricing strategies
- How to identify the customer’s current and future needs and purchasing trends, including ethical and sustainable retailing.
- The role of contact centres, advertising, promotions and the use of social media (eg social media platforms).
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- Create an environment in which the brand and brand values underpin both colleague and customer understanding (internal and external).
- Consistently apply the retail brand ethos and values.
- Using critical research, construct a customer engagement / pricing strategy
- By using data, analyse and predict the customer’s current and future needs and purchasing trends, including how the customer journey is impacted
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| Retail Supply Chains |
- How to evaluate suppliers within a global and UK context.
- Relationship between cost efficiency and customer experience, including future delivery methods, eg drones / AI
- The need to have in place a ‘just in time’ approach to supply.
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- Appraise the effectiveness of the overall supply strategy and approach of the business, which is ethical, sustainable and profitable.
- Anticipate future requirements for new products.
- Critically review the role of logistics, warehousing and transport operation within the retail business.
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| Retail Finance, Data and Management Information (MI) |
- The key financial levers that affect the overall performance and profit of the business.
- How to analyse, interpret and use data.
- The role that management information and ‘Big Data’ plays in supporting growth, and its use in a personalised approach to the retail customer.
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- Review performance of against key financial and performance data and ratios.
- Use consumer trend data, and sales MI to predict the reaction of customers, and respond accordingly.
- Articulate the key business decisions (eg pricing strategy), and how they link with overall performance.
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| The impact of change in Retail on our people |
- How to deliver productivity for retail through different models.
- The impact that 24/7 retailing has on the sector’s employees.
- The importance of recruiting, inducting and developing an effective team to drive the performance of the business across omni-channel streams.
- The impact of having a talent pipeline across the business.
- The concept of having a ‘personal brand’ and leadership approach within the context of the overall organisational brand and values.
- The importance of GDPR legislation and how it will impact on the current and future use of customer data
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- Recognise the impact that the changing nature of retail has on people strategies, eg recruitment, L&D, employee engagement and talent management.
- Allocate appropriate levels of resource to different methods of operation.
- Build teams, and empower and manage others to improve business performance.
- Utilise emotional and social intelligence to build and develop relationships both internally and externally.
- Demonstrate effective problem solving and time management skills, and an expert written and verbal communication style
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