Insights from Steve Ridehalgh
As retail brands consider expansion, Steve from PartnerWise Franchise shares key points for a successful growth strategy.
Expanding through owned stores is often bypassed due to factors like high expenses, the need for substantial infrastructure, large team requirements, lack of experience, and unfamiliarity with international markets. However, alternative expansion methods can offer quicker market entry and reduced financial risk.
PartnerWise Franchise supports brands in exploring these alternatives, tailoring approaches to different markets. We provide comprehensive support, from building structures and processes to in-house legal support to help with all the legal requirements. Key expansion strategies include:
· Franchising (Single or Master): This approach retains the brand’s essence while leveraging local expertise in areas like staffing and logistics. It offers a quicker market entry with reduced financial risk.
· Concessions: Partnering with department stores can launch your brand to their customer base, benefiting from their local market knowledge and customer footfall.
· Joint Ventures: This involves mutual investment and expertise sharing – capitalising on the strengths of both parties.
· Wholesale Distribution: By appointing regional agents, brands can outsource business development, invoicing, and distribution. This network provides a broad market reach, though it may challenge brand identity control.
· Licensing: Suitable for brands with strong recognition, looking to enter new sectors or markets with import restrictions.
· Third-Party Websites: These platforms offer high visibility and provide good footfall, but brands may have less control over pricing policies.
In conclusion, understanding these avenues, their benefits, and challenges is crucial for a successful expansion. PartnerWise Franchise is dedicated to guiding and implementing the best strategy for your brand’s unique needs and goals.
If you’d like to find out more please Get In Touch