This post was originally published on The Economic Times
Speed is a critical factor for success in the highly competitive retail industry. In markets where prime commercial properties with high-income footfall are highly sought after, the ability to act quickly can provide a significant competitive edge. In retail, the early mover often secures the best opportunities.
Expanding a retail footprint is not solely about financial resources. The ability to streamline and automate the retail expansion process can offer brands a decisive advantage. New store openings (NSOs) are the primary method by which brands extend their reach to new customers and drive revenue growth. However, the journey from deciding to open a new store to welcoming the first customer is fraught with complexity and demands careful management.
Launching a new retail store—or restaurant—involves coordinating multiple stakeholders, managing numerous tasks, and adhering to tight deadlines. Common challenges encountered by retailers during this process include:
Coordination complexity: The multitude of tasks involved in opening a new store—ranging from site selection to staff training—requires seamless coordination among stakeholders.
Regulatory hurdles: Each new location requires various
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