Our research topic is “The barriers to open ‘Tukitaki’ retail chain shop”.
Tukitaki is a new retail chain store that caters to the middle class and upper middle class community in Dhaka. The store is an upscale international grocery, food, toiletries and cosmetic with a distinct menu.
Our focus is to provide beverage, drinks, fruit, vegetables, healthy food, baby products etc. we want to become the central hub of shopping activity for the local middle class population as well other who enjoy buying quality product and healthy food items in a reasonable price. Our purpose of research is to understand the challenges and barriers to open the ‘Tukitaki’ retail shop.
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Furthermore, when it is time to communicate and implement their retail strategy in their stores, many retailers still rely on obsolete tools such as email, plain old telephone, and even faxes and paper memos.
The use of these manual tools makes it difficult or impossible for retailers to monitor how well their strategy is being implemented, analyze its effectiveness, and respond proactively if necessary. And because nobody in corporate has the time to read and summarize input from thousands of emails or phone calls coming back from the stores, suggestions for improvement disappear into a black hole. The opportunity for continuous improvement is lost.
The lack of cross-functional visibility and collaboration in four key retail processes– new item introductions, promotions, price changes, and recalls – often leads to suboptimal execution of retail strategy. Retailers use inefficient tools and processes in their operations when better solutions are available that enable success in the increasingly competitive and dynamic world of retailing.
The majority of retail stores are small when it comes to the volume of sales and size of the shop, especially when compared to the bigger stores. Usually, a store is run by just the owner or just a few employees.
While opening ‘TUKITAKI RETAIL SHOP’, first we determined the kind of retail store we want to open. A few types to choose from are store retailing, specialty retailing and selling on the Internet. Store retailing includes small, independent shops, convenience stores, department stores and national chains. In specialty retailing, stores carry what consumers want as opposed to what they need. These stores concentrate on the shopping experience and have merchandise that their target market most desires. The web has altered the retail shopping experience, and it links businesses and potential customers.
Secondly, we discovered our business type and the requirements. After choosing a name for our store, we visited our state's division of corporation’s website and register it. We also need to choose an entity for our business: sole proprietorship, S-corp., partnership, corporation, limited liability corporation, limited liability partnership or non-profit corporation. Each of them has advantages and disadvantages when it comes to taxes and liability.
Next, we needed to get an employer identification number from RJSC. Other licenses and insurance we had to obtain depending on our state, county and city regulations. At the very least, we had to have an occupational license and insurance for your business.
Third, we had to find a location. If we want to work from home, we can sell our merchandise at tables or stands at craft fairs or in joint booth areas at expositions or flea markets. We could also sell our items on the Internet.
However, a brick-and-mortar location could be our best bet. When it comes to choosing a location, we need to make sure it's within our budget, is visible to the...