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RTL 1015 Final Project This is 15% of your final grade. Opening a Retail Store
You and your partner will be opening a retail store. This assignment will tie several different topics together that will be discussed during the semester. It is important to have an understanding of the research behind the scenes prior to a store being built in a certain area. Both the demographics and the psychographics of the population in the area must be studied in order for the store to succeed.
The point of the project is to make a connection between the retailer, the merchandise they carry, the physical location of the retailer and the demographic that lives in the area. For the retailer to be successful all of these items need to match each other. For example, you would not have a university bookstore located 30 miles away from the campus in a suburban neighborhood.
Some questions about the population are:
1. Who lives in the area? What ethnicities? Is it young singles, or families?
2. What is the income level of the population? Do they have enough disposable income for that particular retailer?
3. How far are they willing to drive for this particular type of store?
a. Does this population own cars?
i. Is parking available?
b. Is there a convenient bus route?
c. Can people walk to the store?
You also want to think about the store:
1. What merchandise is the population that is in the area looking for?
2. What other stores are close by? Is there indirect or direct competition for the store?
3. What price points does this population typical shop?
Conduct research to determine the best location to open a new store for the retail brand your team has chosen. You will select a brand that is already established and select a new location that is appropriate for that brand. (Be sure to confirm your brand does not already have a store located there.)
1. Select a retail brand.
2. Research the retail brand and determine where the merchandise is currently sold (utilizing vocabulary terms and concepts presented during the semester) Chapters 3 & 23 in our textbook will be a help.
3. The following must be included:
a. Selection of a retail brand
b. Category of retail (using appropriate terms from the text)
c. Demographic profile of the area you have chosen to locate your store
d. Research about the retailer (history of the retailer, merchandise mix, price points, etc., describe the retailer as if someone does not know about them)
e. Exact location (correct terminology to define location, include surrounding retail
Format: Word Doc., (one paper per team)
1. Cover page
2. Must utilize MLA formatting. MLA in-text citations are required. Plagiarism will result in a zero.
3. Introduce the retail brand and the location that you have chosen. You should have three strong paragraphs describing the retailer. You want to include the history of the retailer, merchandise assortment, price points, something interesting that the retailer is currently doing to drive business. In this description, include what type of retailer this is. What do consumers believe this retailer’s image is? Who does the retailer believe their target market is?
4. Summarize the demographic that lives in the area of the store. You should have 2 strong paragraphs describing the consumer. Note if this area is a vacation spot. Who vacations there? Is the population growing or declining? Is the population changing? In your description use both demographics and psychographics.
5. Conclusion. Why is this the best location for your retail brand? You need to tie your research together. Will this retailer do well in this area? Why? Is there a population to support the retailer? This conclusion is in your own words. You have stated your research already. This conclusion should be one to two paragraphs.
6. Works cited.
7. Each team will prepare a PowerPoint presentation of your work to share with the class during Week 14. Professor Fisher will post a schedule. The presentation should be no longer than 8 minutes with 2 minutes for Q and A. Your presentation must be a minimum of 5 slides, no more than 10 slides.
A great starting place for this project is our textbook. Please note that the textbook is only the beginning of your research.
· Retail locations - Pages 541-546 in our textbook.
· Classifications for Retailers- Pages 530-541 in our textbook.
· Demographics – Pages 64-68 and 89-93 in our textbook.
· Psychographics – Pages 68-69 in our textbook.
1. The Gallup Organization § https://www.gallup.com/home.aspx
2. U.S. Department of Commerce § www.commerce.gov 3. AC Nielsen www.acnielsen.com
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