The Retail Academy Ltd
High Failure Rates
According to the Department of Trade and Industry the retail sector has the second highest business start-up rate. Yet the sector also has one of the highest business failure rates. Insights into the causes of such high failure rates have been offered by two independent research projects coordinated by the Manchester Metropolitan University Business School and MyKnowledgeMap Ltd.
Learning – The Path to Development and Improvement
The conclusions reached by both projects indicated that there is an inadequate provision of learning materials for the owners of small stores to develop their practical skills and knowledge of the industry. These are the same support materials which are freely accessible specifically to large retailers and have been a driving force in their progression in the UK.
A further factor in the high rate of cessation in the sector is the lack of enthusiasm shown by small retailers towards learning, either because the materials are not relevant or the delivery is not appropriate. What is clear however, is that learning for owners, shop managers and employees of small retail outlets can translate directly to business improvement and profit maximisation .
The Retail Enterprise Network has therefore established the need for a Retail Academy – a commercial learning body created by the UK’s leading retail educationalists and guided by retailers themselves.
Retail Academy’s Aim
To become an entity dedicated to the delivery and support of learning and people development in the retail sector.
Key Objectives
The Retail Academy has 5 objectives:
To act as a flagship brand for the provision of training for retailers, and to promote learning particularly within the small retail sector.
To support the requirements for people development in small retailer outlets and support the equal opportunity requirements of various disadvantaged groups in retailing.
To establish itself as a credible and reputable organisation for the bidding of provision of learning services to national retailers.
To provide an appropriate support structure to partner further education/higher education institutions to improve the delivery of learning for retailers.
To establish effective commercial agreements with key channel partners so that sustainable close working relationships can be maintained, and that their respective target retail clients are offered improved cost effective learning services.
From a Focus on Long Term Skills Acquisition…
The Retail Academy is fast becoming a centre of education for small retailers, bringing skills acquisition to the core of the small retail sector. Through partnership with City and Guilds it has created exclusive level-two qualifications for the sector. These qualifications seek to assist retailers in the long term directing of the business. The ‘Certificate in Retail Principles’ develops skills in the seven key areas apparent in most retail businesses. These are:
- Visual Merchandising
- Security in the Retail Environment
- Serving Customers in the Retail Environment
- Product Range Planning
- Marketing
- Legislation for the Retail Environment
- Monitor Retail Operations
Through the ingenuity of the lead partner MKM, the focus on skills acquisition has been combined with a dynamic use of information communication technology to deliver an interactive skills diagnostic program which allows shop managers to assess skills gaps in their operation. ‘How fit is your business?’ is a simple three step guide which gives shop managers the ability to identify exactly what training their business requires, if any, to encourage effective personal and staff development. Analysing such skills gaps is something large businesses substantially invest in, in the form of highly paid consultants. However, through the endeavor of the Retail Academy a simple, objective, interactive and cost effective version is available to the small retail sector.
…to a Focus on Short Term Management Assistance
Aside from the longer term development of small retail operations, the Retail Academy also provides day to day support for shop managers. This includes a range of outputs.
‘Retail support tools’ consisting of a pricing calculator, a margin calculator, a conversion calculator and a poster design program has been devised to take the effort out of time consuming operations.
The Retail Academy ‘Hints and tips’ provides a retail mind map of varying aspects of the business should shop managers require quick and accessible information. This is combined with an effective news service, informing retailers of important industry news and policy developments from Westminster.
To ease the burden of administration the Retail Academy has also created document templates for shop managers such as job specifications and crime recording and has complied information on sub sectors to assist shop managers on more specific issues.
Due to funding from the Equal Community Programme, the Retail Academy is able to offer these services either completely free or at a nominal cost through a dedicated website. Marketed as a ‘one stop portal for all your retail needs’ www.retailacademy.org provides more information on the Retail Enterprise Network’s most significant commercial output.