Four out of five of the world’s most successful retailers use Mintel to develop their offerings, understand their competitors’ shoppers and manage their suppliers. Mintel Reports include detailed consumer research, sales data and market information along with analysis, context and commentary to provide the complete picture of the past, present and future of key markets.At Mintel, we deal in market retail science, not therapy. Bespoke fieldwork from more than 25,000 shoppers in over 130 countries worldwide. Some retail market intelligence is just window shopping. You want in-depth data on retail markets worldwide – sales performance, space allocation, store portfolios.The stability of store images over time can also vary sharply across product categories.
The store image should be analytically defined and designed to appeal to and be compatible with the store's target customers.
The store image is the product of a set of components or attributes that are important in determining customer patronage within a particular retailing competitive market.
This paper discusses the retailer's strategic planning needs, the concept of local retail market monitoring as a routine research procedure and presents an example of pragmatic local retail market monitoring with a discussion of strategic implications.
RETAILING: THE STRATEGIC MARKETING PROBLEM The basic strategic marketing problem confronting the retailer centers around the classic issue of market positioning.
Four out of five of the world’s most successful retailers use Mintel to develop their offerings, understand their competitors’ shoppers and manage their suppliers. Our international team of expert retail industry analysts pulls all those resources together and mine them for insight. Innovation in products, ranges, service and formats.
We offer a rich combination of published and consulting services to give you the multi-layered market research and intelligence you need to succeed in the business of retailing. You need to benchmark your own business, with pricing or point of sale audit, mystery shopping and competitor intelligence. Above all, you need to understand how it fits together – to see your place in the bigger picture, global trends in the local context. Consumer perceptions of store images, however, are very time related.Store images can change significantly over time due to changing retailer strategies, new competitive entries or other exogenous market variables.In its ultimate form, the local retail market monitoring system would produce a comprehensive perceptual "image map" of a local retail market place.Based on that map, shifts in consumer perceptions and the resulting changes in retail market positioning could be tracked.Historical Store Image Research: The State of the Art Since the now classic Martineau (1958) conceptualization of the "store personality or image", store image research has become extremely topical among leading retailers and marketing academics.Over the past 19 years, great strides have been made in gaining management interest in the concept of store image as a key market variable and as a pragmatic strategic merchandising tool.LOCAL RETAIL MARKET MONITORING: A CONCEPTUAL OVERVIEW To address the issue of retailer market position and customer perceptions, the retailer needs an on-going local retail market monitoring program.The concept of local retail market monitoring is a direct extension of traditional store image research.The research has tended to be exploratory in topic content with too little historical linkage or futuristic continuity.More importantly, across the store image research, there has been little standardization in field methodology or measurement instrumentation.