This post contributed by 4CGeoWorks Managing Consultant of Global Services, George Anderson
Many retailers today are faced with the daunting task of international store expansion, but for many looking to grow, the notion of expansion outside of the U.S. is a complex challenge. How are they to know, with confidence, which country they should expand into next?
To appropriately develop and expand across a global platform of new/existing stores and for the retailer to be successful in the international theatre, one key factor is to mitigate risk. To mitigate risk the retailer must have a clear market understanding. They must understand not only who the customer is today, but how many customers exist in the marketplace, their share of wallet (how much disposable income they have to spend on non-essentials) and how many potential locations can realistically be opened.