Retail is a highly attractive and lucrative business. But it’s a difficult sector to be in because success doesn’t come easy. The recipe requires a range of ingredients – huge capital, vigilant and focused management, detailed strategy and plans to map expansion in different locations. That’s not all. Deciding a location itself requires pre-planning and in-depth research. Then you need the right product mix, offered by efficient and friendly staff. You’ve got to get all this right if you wish to taste success and make retail a lucrative business.
Importantly, what makes retail attractive is the consumer. If consumers like a product, they will go to all corners to purchase it. The retail concept has to offer quality products and services at attractive price points – that’s the simple rule of thumb in retail! If the concept or brand doesn’t strike a chord with consumers, it fizzles out – be it fashion, electronics, jewellery or food and beverage (F&B). If you can’t sell, you can’t sustain for long.
Abdul Jabbar Al Sayegh, group chairman of Abu Dhabi-based Al Sayegh Group