Executive Summary of Retail Store Business Plan in Nigeria.
Overview
PATILAD Retail Store is a retail shop that will be located in one of the busiest streets in Oregun Lagos. We have been able to lease a facility that is big enough to fit into the design of the retail shop that we intend launching and the facility is located directly opposite the largest residential estate in Oregun Lagos.
Our retail shop will retail a wide range of durable goods and non – durable goods at affordable prices from most trusted brands. We retail goods such as groceries, clothes, sports equipment, beauty products, jewellery, baby stuffs, children’s toys, home furnishings and home appliances et al.
PATILAD Retail Store is a start-up retail store in Bendel Street, Opposite Victory Estate Oregun Lagos that provides interesting merchandise options at bargain prices. Financing will come from the private investments of Mr Dayo Adetiloye. He will supply all equity that will be cleared at the end of 36 months.
Executive-Summary-of-Retail-store-Business-Plan-in-Nigeria
The PATILAD Retail Store will be incorporated as a sole proprietorship company. It’s a sole proprietorship but will be run as a family business. PATILAD Retail Store will contribute from his personal savings toward this business venture. With an aggressive marketing plan PATILAD expects to experience steady growth as it becomes more familiar to the general public.
With the financing in place PATILAD will be able to successfully open and maintain operations through year one. The large capital investments of the owners will provide the public with a unique and innovative store that will cater to the needs of those on fixed incomes such as low income families, the elderly, and the large student population in the Bend area. The successful operation of PATILAD will provide a customer base that will allow it to be self-sufficient.
Vision
Our vision is to establish a one stop retail shop in Victory Estate, Oregun Lagos and in thirty other vibrant communities in Lagos within 15years.
Mission
- To give our customer the very best products and provide excellent customer service so that we can earn their trust and ensure continued business transaction.
- PATILAD Retail Store provides a variety of interesting merchandise options at bargain prices. Dedicated to customer service PATILAD Retail Store will give its patrons the kind of service that is respectful and prompt. Employees of PATILAD Retail will also be treated in a professional manner with a rewarding work environment and fair compensation.
Objectives
- Exceed customer expectations with superior pricing
- To provide a wide range of merchandise at reasonable prices.
- To achieve a healthy profit margin within the first year.
- To achieve a modest net profit by year two
- Increase the number of customers by more than 30% per year
- Develop a business that survives off its own cash flow
Keys to Success
The keys to success are:
- Satisfy our customers so they will return again and again
- Maintain low overhead and operating costs
- Provide better prices than all our competitors
- Sell a broad range of products.
- Provide for the satisfaction of 100% of our customers.
- Be an active member of the community.
- Encourage customer input.
Executive-Summary-of-Retail-store-Business-Plan-in-Nigeria
Products and Services
The PATILAD Retail Store sells a variety of quality discount merchandise. The merchandise is purchased from a variety of well-known manufacturers as well as a number of other generic branded companies. Shipments arrive on a daily basis. We will continue to find new product lines that can be added to our inventory. We are able to sell products at very low prices, because we will purchase items from discontinued lines, seconds over none, etc., that cannot be sold to a manufacturer’s usual retail customers.
The Market
We are aware that there are several large and small retail outlets all around Victory Estate Oregun Lagos, which is why we spent time and resources to conduct our feasibility studies and market survey, so as to offer much more than our competitors will be offering. We have sold service options for our customers, and our outlet is well secured with the various payment options.
Much more than selling the goods and products of top brands in the manufacturing industry, our customer care is second to none in the whole of Oregun. We know that our customers are the reason why we are in business, and that is why we will go the extra mile to get them satisfied when they visit our retail shop and also to become our loyal customers and ambassadors.
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Competition
Competitors for PATILAD Retail Shop are Alpha Store, Bolar Ventures, Citadel Stores, etc.
PATILAD Retail Shop competitive edge includes lowest prices possible for bulk purchase products, excellent customer service, the expertise of its founders, etc.
Management Team
Jide Akinyemi
John Richard has experience working with a major retailing outfit in Nigeria, as a drug representative. He was able to see first-hand the profitability associated with the retailing industry, as well as the inefficiencies with which most companies are plagued.
John graduated with an MBA from the University of Lagos’s innovative entrepreneurship program.
Dayo Adetiloye
He has over 15 years’ experience in business management, business start-up dynamics, financial management of business and overall business growth and development. He is an alumnus of Enterprise Development Centre (EDC) of the Lagos Business School (LBS), Pan Atlantic University (PAU). He is our business development strategist and a strategic partner.
We will manage the firm to profitability by strategic production, marketing and sales. We will provide quality assurance in our business by always upgrading our products and services to the taste of time. We will ensure excellence delivery of both products and services by employing more people with production, marketing and exemplary interpersonal communication skill. Our target is to build a team of exceptional goal getters and keep a steading assent of excellent performance.
Executive-Summary-of-Retail-store-Business-Plan-in-Nigeria
Financial Considerations
PATILAD Retail Shop seeks N5 million in long-term financing to cover start-up costs, equipment, building expenses, and working capital.
Funding for the launch of the business is provided primarily by equity from the partners and investors.
The business will reach positive cash flow in its 10th month of operation, allowing for expedited repayment of its loan obligations, as well as for dividends to be paid to the owners. Revenue will top N14,500,000 and profit will reach about N3,843,950 in the 1st year of operation.
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