For any retail company, managing store lifecycles throughout the portfolio is critical. The consequences of failure are clear: 2017 featured a record number of store closures, and 2018 seems off to a similarly rocky start with the high-profile demise of the longstanding retail chain Toys “R” Us. These losses underscore the need for retail businesses to operate as efficiently as possible. Informed decisions must be made about shuttering existing stores with dim futures and remodeling or opening new stores with bright ones. Every new and remodeled location needs to be innovative enough to compete with online retailers—and to get up and running as quickly as possible. From concept to opening, the goal is to get customers inside new and remodeled stores quickly while making sure not to cut any corners along the way. The faster your new or updated store opens, the sooner you can begin earning.
One proven way to speed up the process while ensuring no vital details get overlooked involves software: By using an Integrated Workplace Management System (IWMS) like IBM TRIRIGA®, you can streamline everything needed for your grand opening. The cumulative effect of getting each component task done as quickly and as thoroughly as possible? Decreased time to market (TTM) and increased speed toward your return on investment (ROI).
How an IWMS Decreases Time to Market
Opening a new retail location involves multiple challenges. Depending on your particular circumstances, you may need to manage multiple service-level agreements (SLA), order construction work or deal with complex new lease accounting standards. An IWMS can help with all of that, and you’ll have the reassurance that you’ll be in compliance with all regulatory and reporting requirements. eCIFM, a premier IBM business partner and a certified value-added reseller for IBM TRIRIGA, goes a step further by supplying retailers with solutions customized for their unique needs.
One way eCIFM’s solution for retailers helps decrease time to market is through critical path method (CPM) scheduling, which allows you to view in real-time all the projects related to opening the new location. You’ll see if tasks are lagging and could cascade into other parts of the project. If you need to make a change, you can do it quickly and effectively. Altogether, CPM helps you finish all projects as quickly as possible—keeping you on time, under budget, and on the way to seeing new customers come through the doors.
eCIFM’s retail solution helps you monitor your costs to prevent potential waste while keeping capital expenditures under control. By identifying areas where delays are likely or where costs threaten to spiral out of control, you’ll be able to prevent or solve problems as soon as they’re spotted, giving you the best chance to decrease your time to market.
Remodel or Close: How To Decide
When a store in a particular location has performed below expectations, you may opt to close it, or you may attempt to breathe new life into it by remodeling it. While closing a store is a significant undertaking with many potential long-term repercussions, pouring money into updating a store whose location is no longer viable will only create more problems. To decide on the best course of action, you’ll need ready access to comprehensive and reliable data.
As with planning and building a brand-new store, you’ll want to make sure any store you choose to remodel is in a spot poised for steady business and growth over time, taking demographic projections and growth patterns into consideration. An IWMS can provide you with all the information you need to make informed, conscientious decisions.
Beyond Time to Market: Store Lifecycle Management
When your new location opens, an IWMS helps operations run as smoothly as possible at every stage of its lifecycle, all of which can increase your ROI. IBM TRIRIGA lets you:
- Easily request work at any time and anywhere and auto-enforce how your team responds
- Manage service-level agreements to lower costs and improve customer satisfaction
- Increase ROI through predictive analytics
- Improve the use of retail store assets and enhance corporate real estate portfolio value
- Monitor all your leases and keep track of critical deadlines
- Streamline building maintenance records and repair requests
- Satisfy lease accounting criteria set by the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB)
An IWMS like IBM TRIRIGA gives you access to all the important information about your buildings, allowing you to make informed decisions about optimal space usage and the need for building repairs or upgrades for the entire lifecycle of your retail store.
Decrease Time to Market with an IWMS: Getting Started
Retailers with multiple locations need a single view of their real estate and facilities portfolios to make the best possible data-driven decisions. eCIFM has helped hundreds of organizations, including some of the world’s largest retail chains, do just that.
We handle everything involved in getting an IWMS up and running and customized for your organization. We’ve created tools like Data Migrator to make the process as speedy and accurate as possible, plus a full suite of powerful mobile apps to extend TRIRIGA functionality beyond the desktop.
Whether you’re planning on closing or remodeling stores or are in the middle of a large global expansion, an IWMS will help ensure every retail store launches as quickly as possible and operates at peak efficiency. If the process of opening a store seems needlessly complicated or time-consuming, eCIFM may have the solution for your retail hassles. We’d like to hear from you.