Volatility and explosive changes continue to dramatically alter the retail landscape. Thousands of retailers file for bankruptcy each year, while others disappear altogether through liquidation or buyout. Survival for retail stores, catalogers, and e-tailers will not become any easier in the new millennium. Coping with and exploiting the changing environment will continue to be a constant challenge as retailers strive to remain competitive and grow in this fast-paced, global marketplace.
Business Strategy, Technology, or Process Improvement developed alone will not transform a retailer into a world-class competitor. A great idea without a supportive infrastructure will remain only an idea. Performing processes more efficiently may result in short-term gains, but it may not create sustainable competitive advantages. Similarly, technology without purpose or process is only a technology adventure.
To achieve meaningful results, LakeWest Group has developed a set of strategy capabilities, integrated with all of our services. This combination balances the need for stimulating immediate bottom-line results (quick wins) and creating long-term competitive advantages (strategic breakthroughs). LakeWest Group has assisted numerous retailers and consumer product manufacturers in developing and implementing strategies to expand their markets and enhance their profitability.
Enterprisewide Strategy
Merchandising Effectiveness
Store Performance Enhancement
Marketing and Advertising
Integrated Channel Retailing
Enterprisewide Strategy
Gaining a sustainable competitive advantage within retail is difficult but essential to long-term viability. Winning at the zero-sum retail game, when competitors can quickly knock off successful merchandising programs, requires a thoughtful and properly executed strategy. Professional services include
- Growth Planning
- Customer Segment Assessment and Analysis
- Concept Repositioning Studies
- Competitive Position Evaluation
- Peer Group Benchmarking
- Best-Demonstrated Practice Reviews
- Market Positioning Evaluation
- Store Rollout Planning
- Integration/Merger Planning
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Merchandising Effectiveness
What is a retailer without its merchandise? Creating customer excitement through the merchandise assortment, while ensuring that the offering is profitable, is a critical success factor for every retailer. Many in the retail industry believe establishing this balance is an "art." LakeWest believes that merchant talent, combined with the right organizational structure, supportive processes, and measurements, is how the "art" of effective merchandising is achieved. Our consultants, many of whom are former merchants with industry leaders, combine their best-in-class, "real-world" experience with the perspective that comes from our work with numerous retailers. The result has been significant improvement in our clients' merchandising effectiveness. Merchandising Effectiveness services include
- Buyer Training
- Store Layout and Merchandising Presentation
- Direct Product Profitability
- Assortment Refinement
- Management Process Design
- Merchant/Buyer Performance Incentive and Measurement Development
- Matrix and Zone Pricing Design
- Vendor/Line Review Program Structuring
- Deal Evaluation Model Design
- Micro-Marketing Application
- Plan-O-Gram/Adjacency Program Structuring
- Line Change Management
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Store Performance Enhancement
The culmination of the efforts of many retail enterprises is found in the stores. There is a complex, linked network of physical assets, processes, technologies, and people that creates the experience that drives customers across the lease line and to the cash register again and again. Indeed, sustaining the optimal performance of these individual links, while developing a highly effective integrated store model, is the key to optimal store performance.
LakeWest Group has framed these links into six key store performance pressure points: Store Operations, Real Estate, Store Design, Merchandise, Marketing, and Inventory Management. Our Store Performance Enhancement practice is focused on defining specific performance objectives for each pressure point, while building implementation approaches that measure and deliver the results. Our consultants, former store executives with best-in-class store organizations, have used this approach to help numerous retailers dramatically improve the performance of their stores. Services include
- Management and Operational Process Design
- In-Store Systems Evaluation and Implementation
- Clienteling Programs and Systems Development
- Staffing Model and Customer Service Assessments
- Store Inventory Management Evaluation
- Training Program Design
- Store Operational Strategy Development
- Organization Efficiency Review
- Incentive Program Design
- Plan-O-Gramming and Store Layout Design
- Store Replenishment Process Refinement
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Marketing and Advertising
The modern consumer shops everywhere and expects the retailer to speak the local language. Consequently, a new marketing science has emerged, which adds to the relatively uncomplicated co-op dollar negotiation, store site selection, and media placements of times past. Today, brand management, distribution channel synergy, and personalized, highly targeted customer marketing are hot, and retailers are racing to define their unique, profitable marketing mix.
LakeWest Group has helped leading retailers measure the effectiveness of existing marketing and advertising strategies while developing successful, profitable approaches for the future. Services include
- Advertising Effectiveness Measurement
- Shopper Satisfaction Analysis and Tracking
- Pricing Analysis
- Promotion Pretesting
- Media Return on Investment Measurement
- Gross Margin Return on Advertising Investment
- Direct Marketing Effectiveness Assessment
- e-tail Marketing Effectiveness Assessment
- Distribution Channel Marketing Synergy Strategy
- Signing Awareness Evaluation
- Underperforming Site Investigation
- Competitive Image Assessment
- Store Layout and Customer Flow Design
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Integrated Channel Retailing
It's no secret that the Internet is transforming many industries today. Seeking to optimize operations between stores, catalog, telemarketing and the Internet, retailers are embracing integrated channel retailing, also known as "bricks and clicks." Full integration results in maximum leverage and productivity in each company function, positioning the retailer effectively with its customers and achieving competitive advantage.
LakeWest Group helps clients understand their options and optimize their integrated channel strategies — for example, move from minimal or moderate integration to fully integrated commerce channels. Our knowledge of the business dynamics required to satisfy the retail customer produces innovative, returns-focused solutions for successful integration of your multi-channel business. Our traditional retail experience, coupled with e-business design, launch and scale expertise, helps our clients achieve their full business potential. Services include
- Strategy Assessment
- Integrated Channel Strategy Design and Implementation
- Technology Integration
- Enterprisewide Integration
- Business Process Integration (e.g., Merchandising, Inventory Management, etc.)
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