RET500 - Understanding the Retail Business

Subject Title
Understanding the Retail Business

Subject Description
This course follows a managerial, practical approach to retailing, focusing directly on the issues faced by the owner, the manager, or the employee of a retail institution. It assumes prior knowledge of marketing, and it covers the conceptual and analytical foundations necessary to understand all aspects of retail management. The emphasis in this course will be on the application of retailing strategies and concepts to practical case problems. The students will be exposed to all of the essential ingredients such as: the complex nature of the Retail Industry, Retail Strategies, the competitive behaviour of Retail Institutions, the buying behaviour of consumers, store and merchandise design, and retail location management issues.

Credit Status
One credit.

Learning Outcomes
Upon successful completion of this subject the student will be able to:

1. Differentiate between the various retail formats and how current market trends, social influences and customer attitudes give rise to retail structures such as:
- department stores
- discounters
- factory outlets
- fashion chains
- big box/warehouse operations

Team written/oral projects will be completed to illustrate the differences between two existing retailers in directly competitive formats in areas such as:
- merchandise
- physical facility
- advertising
- customer service
- pricing and profit structure
- organization
- presentation
- sales promotion
- logistics

2. Explain the effect of external influences that cause industry reorganization and change such as:
- governmental
- demographic
- technological
- economic

3. Explain the many influences that trigger buying decisions such as:
- cultural
- social
- lifestyle
- age
- income
- family life

4. Describe the research tools available to the retailer and how this information can assist in developing a retail strategy.

5. Interpret the effect that key physical elements have on store profit and sales such as:
- layout
- design
- presentation

6. Explain the process of merchandise assortment planning, buying, and pricing as it applies to various retail formats.

7. Explain selling techniques and other sales supporting needs the customer responds to in developing a totally "customer focused" store environment.

8. Demonstrate the ability to apply research, the concepts of strategic planning, and integrate the learning outcomes above by participation in the completion of a written/oral team project that develops a viable retail concept. The project will include but not be limited to:
- market/competitive research
- strategic plan
- store type and image
- physical attributes
- merchandise plan
- marketing plan
- advertising and promotional plan
- customer service requirements

9. Demonstrate from a practical business standpoint, how retail managers are able to improve the results of these financial variables:

- Marketing
- Reductions
- Gross Margin
- Turnover
- Shrinkage
- Sales Growth
- GMROII

Academic Integrity
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Please visit the Academic Integrity website http://open2.senecac.on.ca/sites/academic-integrity/for-students to understand and learn more about how to prepare and submit work so that it supports academic integrity, and to avoid academic misconduct.

Discrimination/Harassment
All students and employees have the right to study and work in an environment that is free from discrimination and/or harassment. Language or activities that defeat this objective violate the College Policy on Discrimination/Harassment and shall not be tolerated. Information and assistance are available from the Student Conduct Office at student.conduct@senecapolytechnic.ca.

Accommodation for Students with Disabilities
The College will provide reasonable accommodation to students with disabilities in order to promote academic success. If you require accommodation, contact the Counselling and Accessibility Services Office at ext. 22900 to initiate the process for documenting, assessing and implementing your individual accommodation needs.

Camera Use and Recordings - Synchronous (Live) Classes
Synchronous (live) classes may be delivered in person, in a Flexible Learning space, or online through a Seneca web conferencing platform such as MS Teams or Zoom. Flexible Learning spaces are equipped with cameras, microphones, monitors and speakers that capture and stream instructor and student interactions, providing an in-person experience for students choosing to study online.

Students joining a live class online may be required to have a working camera in order to participate, or for certain activities (e.g. group work, assessments), and high-speed broadband access (e.g. Cable, DSL) is highly recommended. In the event students encounter circumstances that impact their ability to join the platform with their camera on, they should reach out to the professor to discuss. Live classes may be recorded and made available to students to support access to course content and promote student learning and success.

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