and awareness of the dynamics of the trading environment. The second tipping point is handling rejection-never easy, even for the most confident of suitors! Retailers quickly realise when customers are rejecting their offer, but need to be agile to get back on track. This agility comes from knowing when and what to measure, and implementing strategic and operational contingencies. The important lesson for both daters and retailers is to learn quickly from rejection-why it went wrong and how to avoid repeating the mistake.

6. Is this Mr or Ms Right?

This question is rarely answered on a first date, however many suitors have a clear picture of who their ideal partner would be, how to attract this person, and where to find them, in their head. The same goes for retailers. A clear picture of target customer segments, an understanding of their shopping expectations, requirements and behaviours, and a robust strategy for acquiring and retaining these customers are all essential-particularly in the changing market place.

Conclusion

Waiting for the recession to be over is a false hope-2010 will simply be replaced by new challenges. Retailers have got to get their businesses in a position where they can cope with whatever the economy or market throws at them next.

The author is Director of Consultancy Services at Retail Assist