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Risk in running a departmental store

 Whenever, there is risk, there is a possibility of making profit. Like other business, there is some risk inherent in running a departmental business. Some risk can be avoided by carefully monitoring however some risk can't be avoided but can decrease it's severity. There are also different kind of risk in sense of damage, financial, health etc. Some risk are given below which should be considered before running a departmental store. There risk in running a departmental store has the potential to completely devasted the business.  1. Physical Theft: The store manager or the owner should aware that theft can be a problem to the business. This risk can be avoided by putting surveillance cameras, securities. 2. Fire: Hazardous items inside the departmental store should be avoided. In case of fire, it can bring extreme loss to the business. Hence safeties like water circuit breaker, fire extinguisher should be keep inside the store in an easily assessable place. 3. Payment default
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Departmental Store Business

    Departmental store is one of the most profitable business in all over the world, provided it should have the right location and right business model. Departmental store is also a kind of store in which different kind of stores such as, clothing, food and snacks, electronics, vegetables, utensils, toiletries, toys are open under the single roof. This kind of different departments of items can be varies from one store to another store depending on the demand of the costumer, location and size of the store.



     Mostly in European, big departmental stores like Walmart, Ikea, Maxima occupied most of the market. However, in India there are also growing opportunities in the market. There are also some big departmental stores like D-mart, Reliance Fresh store, India Mart, Family Mart etc. in India. However, there are always rooms for small or local shops in India where one will not see in the develop countries. 

    Shopping with the departmental stores give us more advantages over the traditional way of shopping through small pawn shop, grocery shops. Products in the departmental stores are mostly verified or approved by the government of India. They all well organized and choices of the consumer ay increase.

    When running a departmental store business, it can be 100% equity or can be run as a franchised of big companies. Opening a departmental store business can cost you as minimum as Rs. 10 lacs. 

    With changing technologies and innovations, many stores are coming up with different models like setting up automatic payments, hybrid store (online and offline), and many more.

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