Lifestage

Lifestage

Refers to one of the distinct phases within a retail business’s lifecycle, encompassing its birth, growth, maturity, and eventual decline.

Each stage presents unique challenges and opportunities, from the initial market entry and establishing a customer base through expanding product lines and market share to maintaining relevance in a mature market and innovating to prevent decline. Success across these stages depends on effectively balancing the four pillars of retail: offering competitive pricing, providing a diverse selection of products, ensuring convenience for the consumer, and delivering an engaging shopping experience.

Related Terms

Just in time inventory

An inventory management that is focused on optimizing inventory levels by receiving raw materials and components