engleski

Contemporary Issues in Retail Industry

With regard to both the consumer behaviour and the overall competition structure, the retail industry is constantly changing. Therefore, it has to thoroughly reconsider the state and the impact of its’ existing organizational strategies. Each industry has its peculiarities, retail is no exception. Thus, the standard predicting capabilities, coupled with the methodology of creating both the strategy and policy, with regard to consumer habits, no longer remains valid and needs to be modified accordingly. The customer loyalty levels are decreasing, therefore, the retail management at large has to decide which effective measures to take, in order to simultaneously gain new customers and retain the existing ones. At present, the average buyer is educated, experienced, and keenly self-aware of his/her importance, as well as of the entire purchasing process. Consequently, it is essential to obtain access and keep the buyer satisfied. The changes required, with regard to the management of retail chains, should thus cover all the stages of the process, ranging from the procurement to the sales. The companies’ unprepared or unwilling to undergo an operational shift will not be able to meet the demands of the existing marketplace. In this particular paper, we examine the corporate governance process and its’ requirements of competing on the retail market. The processes required to operate under current retail management conditions will be analysed. The findings will prove to be quite beneficial to Croatian retail companies and aid in overcoming the major threat of EU competitors, laying out the changes necessary for survival within this particular industry branch.

retail industry, retail management, strategy

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