What Is The Final Element of Retail Strategy?

The final element in a retail strategy is the retailer’s approach to building sustainable competitive advantage.

Some advantages are sustainable over a long period of time while others can be duplicated by competitors almost immediately. Establishing a competitive advantage means that a retailer builds a wall around its position in the retail market.

Over time, all advantages will be eroded due to these competitive forces.

Seven important opportunities for retailers to develop sustainable competitive advantages are-

(1) Customer loyalty

(2) Location

(3) Human resource management

(4) Distribution and information systems

(5) Unique merchandise

(6) Vendor relations

(7) Customer service