Glossary /
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

Everyday Low Price (EDLP)

A retail pricing strategy offering customers consistently low prices on products without requiring coupons, waiting for