PROJACT OF DEPARTMENTAL

STORE

INFORMATION
Depart as an Entrepreneur From a Department Store
Not even in the wildest of our imaginations, we can ever think
of a week without retail shops. Imagine how we would be
stuck without retail convenience stores. We would probably
be running to different markets to buy our vegetables,
stationery items, eatables, what not? The department store
has been a vital part of our life; it is still, and forever will be
so.

A department store is undoubtedly a lucrative business. Add

to this, the department store sector is one of the fastest-
growing sectors in terms of numbers both in terms of revenue
and start-ups. A recent survey pointed out around 1, 75,000
start-ups out of 5, 00,000 in the last year were department
stores.

1. Understanding and Analyzing

The department store business a bit confusing. It requires a
lot of understanding of each department and the latest trends
in the market. This is really a challenging task as it requires a
lot of study about the market. However, some experts in the
industry can help you with their experience. Moreover, proper
categorizing of products can help you big time.

2. Satisfying Space Requirement

The department store is one kind of business that will cost
you a lot of space. This is generally because you need to
separate and categorize each and every product according to
the department. Moreover, the customers should be able to
shop for their needs in a manner that gives them the least
discomfort. So, this is one major checkbox that needs to be
ticked. Properly lit and spacious stores are the most sought
after features that customers look for in the department
stores in their locality.

3. Selecting the Location

Selecting the appropriate location can never be more
important for most businesses, especially so for a department
 store. We’ve heard a lot of stories behind the successes and
failures of many stores. You can also see such live examples
around you, there are many multinational giants failing to
prove their strength just because they didn’t get to open shop
at the market hotspot.

So, be very specific and demanding in choosing your location

before starting. For the sake of location, you may even have to
spend more money, which will be well-spent as you can get
the returns on a far greater scale once you have established
yourself.

4. Reaching Out to the Manufacturers

When you are into business, there are always intermediates
between you and the manufacturer. The intermediates may be
a single step or even a multi-step chain. Your success ratio in
the department store business also depends on the levels you
cross to reach be to the manufacturer.

This not only increases your profit margin but also reduces the
time taken for the product to reach you. And also during times
of demand or crisis, the product can reach you ahead of your
competitors. This can result in a sharp increase in your
revenue and adds to the reputation of your business.

5. Pricing is the Icing

Pricing is the most important factor in running your
department store. Every penny that you offer by way of
discounts is worth ten. Yes, initially, this is the best gimmick
that you have for getting your business off to a great start. By
the book, this is the most convenient method of overcoming
start-up barriers. But, this creates more impact than you could
have ever imagined.

First of all, the very idea of starting a department store is

itself a winning decision. Moreover, the magnitude of the
business is clear by the successive ventures of market giants
like Wal-Mart into all developing countries like India, Pakistan,
and Brazil. So, it’s all set and you can go right ahead and set
up your own department store at the earliest.