Partnerships within the retail landscape are not a new phenomenon. Think: Starbucks operates within Target, and Samsung and Apple have small set-ups in Best Buy. More recently however, retail partnerships have evolved from the traditional branded "store-in-a-store" format to other designs such as retailer-in-retailer shops, loyalty, marketing and digital partnerships.
In this Executive Insights, we address the different retail partnership models and hash out the benefits of partnering, the pitfalls and the key elements of success.
To determine whether your organization is ripe for partnership, critical success factors include market and consumer alignment, appropriate resourcing, clear plans and preparation, and realistic, joint goals. Protecting your strategic priorities and creating clear expectations for the partnership are just the beginning — the right partnerships can create a better value proposition for each business’s customers and drive significant incremental profits.