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Essay / Planning and Strategy - 1700
In any retail operation or business, planning is a very important factor for the success of any business as it involves the actual anticipation and organization of what should be done and how it should be done. to achieve a goal. (Retail, p. 40) Strategic planning involves a company or business adapting its resources to the real opportunities and possible threats of an ever-changing retail environment and, if used correctly, A good strategic plan can help retailers achieve and maintain a beneficial balance between their resources and possible future opportunities. There are actually four major elements in proper strategic planning that could help any retail business achieve its goals: developing a mission statement, defining specific goals and/or objectives, identification and analysis, and develop a core strategy. (Retail, p. 42) My goal is to determine, analyze and document how a growing and growing retail establishment by the name of Citi Trends, which is a growing urban product retailer fast and cost-effective, chain of fashion accessories and stylish clothing stores for today's urban families, implements these particular strategic planning techniques in its operations management and business objectives. Citi Trend's mission statement is: "Citi Trends is the place for real products at incredibly low prices." urban brands and urban style fashion for the whole family. You'll find Rocawear, Apple Bottoms, Coogi, Dereon, Akademiks, Mecca, Baby Phat, Ed Hardy and more at up to 60% off mall prices. Currently, we have more than 480 stores in 27 states. Since May 2005, Citi Trends has become a publicly traded company on the Nasdaq stock exchange under the symbol CTRN. Citi Trends headquarters is located in the middle of the paper ring so that its customers benefit from efficient movement of their goods. (Retail, p. 498) This type of environment is ideal for Citi Trends as it encourages customers to want to browse, and Citi Trends has strategically placed signs to let their customers know where each begins and ends. department. Citi Trends has been in the clothing retail business for over 58 years now, with over 480 stores operating in 27 states across the United States. They have proven that they know how to match resources to their opportunities and that they know and manage all possible threats to the company's objectives. Thanks to their good strategic plan, they have been able to adapt to a constantly evolving retail environment to be able to achieve and maintain a certain balance of its resources; thus positioning itself for accelerated and profitable growth.