Many charities are considering updating or having a retail strategy for good reason. Retail is going through its biggest change in history driven by the growth of online shopping and changing consumer shopping habits and its now highly influenced by the economic recession.
To write a successful charity retail strategy you require the following areas of experience and capabilities.
1. Retail strategy development expertise (experience of writing several strategies for complex retail businesses)
2. Charity retail expertise (experience of leading a charity retail business)
3. Relevant qualifications MBA (or equivalent)
4. An excellent understanding of e-commerce
5. A deep understanding of current retail trends.
Most charity retail leaders are operational and not strategic due to either not operating at board level in mainstream retail or not having the required academic qualifications. This tends to make them good operators but writing a charity retail strategy is not their greatest strength.
However, help is at hand, we have three helpful options
1. A Free consultation
2. The Skyline certification of Charity Retail Strategy workshop
3. Some top tips here and on our website.
Top Charity Retail Tips
A Charity Retail Strategy should have this structure:
Objective: Having a clear objective is important, for example: To grow profits to £x.xm within 3 years
Overarching strategy: The overarching strategy gives clear overall direction for the retail team, for example: To grow the online business and reshape the retail shop portfolio.
Tactics: There will be a range of different tactics / actions to grow profits within the overarching strategy.
Within this strategy structure there a range of key elements that need to be considered.
People: Including the retail structure and training of the retail team.
Shops: Including the current retail portfolio and retail operations.
Online: Including the supply chain, selling platforms and distribution aspects.
Technology: Including all the current and future technology requirements.
There are two key aspects that should be used for all recommendations
Financial Modelling of all recommendations is one key aspect.
Implementation planning of all recommendations is another key aspects.
If you would like more information on how we help many charities develop their retail strategy Click Here
