Winning at Retail is a guide for retailers who want to establish a significant and notable difference from their competitors, both in the way they present themselves in marketing communications and in how they conduct their internal operations. The authors have developed a theory about what makes the most successful retailers different. They call it the Est theory of retail success.
The Est theory states that a winning retailer must be good enough in five market positions and the best at one of them. The five positions are:
- Cheap-Est"lowest prices
- Hot-Est"most fashionable
- Big-Est"largest selection
- Quick-Est"fastest service
- Easy-Est"most convenient service
The Est theory is a prescription for a retailer’s market position, reducing all of the ways a retailer could claim to be superior to competitors to only five ways. However, it is more demanding than just a market position statement; an Est retailer must incorporate the theory into the core of its operations. The retailer can’t simply declare superiority in one of the five positions in its promotional materials"it must consistently deliver on the position and truly be superior in that position.
The book is aimed at larger retailers who have dedicated staff for the company’s various operations, and all of the examples involve large retailers like Home Depot or Target, but the ideas should apply to most retail businesses because, while small retailers may have different products or sell in different locations, they are competing against large retailers on the same five positions.
Like most popular business books, Winning At Retail is written in a direct style that is easy to read and includes many specific examples from real companies. The authors have a substantial background in formal market research, which is indicated in the strength of the ideas and not in obtuse text: the text’s only indication of their background in research is the occasional use of the word “theory.” Otherwise, the book is very accessible.
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