"Entrepreneurs interested in opening a retail business find the tools, tips, and practical advice needed to plan for and open a successful retail store. Readers receive an overview of the market and are guided through the steps of planning and managing a store with the help of valuable, real-world examples from successful retail owners. From the traditional brick-and-mortar to the online-only stores, the experts of Entrepreneur offer an insider's look at creating a stable, cost-effective, and profitable business with long-term growth. Readers learn how to: pick the right retail outfit for their products or services (brick-and-mortar vs. online-only shops); analyze the market, assess the competition, and evaluate consumer demand; choose a location, design a retail space, and find the necessary floor and back-end equipment; assess startup costs, develop a business plan, find the right suppliers, and manage inventory; hire the right team and manage customer service; calculate the competitive advantage with pricing strategies and marketing that maximize profits, and calculate discounts that take profit loss into consideration; capitalize on emerging consumer trends like Pinterest, Twitter, and Instagram; create synergy between brick-and-mortar and online components; set store policies: hours, credit, customer service, security, and day-to-day operations"-- "Personalized shopping experiences powered by the use of mobile devices has helped nearly double the number of retail stores in operation since the last edition. Updated with emerging trends, new resources and case studies, this revised guide provides the tools to help retail savvy entrepreneurs start a successful retail business"--