Risk management in the major retail/groceries store
In today's unforgiving retail market where every large food/groceries retailoperator is deriving new strategies to surpass its rivals to achieve marketsuccess, facilities in retail stores play an important role in sustaining anddelivering quality products and services to shoppers. This in turn leads to a betterbusiness position in the realisation of organisational objectives.In view of this key importance, there is a need to ensure that there is a proper riskmanagement plan adopted to manage these facilities and keeping the five areasof facilities risks i.e. physical, human, organisation, environment and financial totheir minimum. Failure to manage will lead to undesired consequences such asdisruptions to business operation which could result in other damaging effects toretail companies.Based on previous research on risk management, there has been a range ofstudies into risk management of other industries; however, little has been carriedout in the retail industry. Being a key contributor to the national economy, risk ofbusiness disruptions to this sector has major impacts to the overall economicalbalance. Therefore, this investigation is focused on the facilities risk managementof a major food/groceries retail multiple.The research methodology of this study comprises questionnaires, personalinterviews and site visit/observation. The sample of this study is based on amember of the Retail Benchmarking Forum (RBF) of the Centre for FacilitiesManagement (CFM) i.e. J Sainsbury.The research findings have concluded that the key facilities risks presence in theretail superstore are physical and human risks. Nevertheless, other facilities riskshave influencing effects for the above risks to be manifested. Additionally, thestudy has shown that there are various risk mitigating measures in-place tominimise and eliminate their possible occurrence. Therefore, in order to ensure allrisks are well-managed and maintain as a top player in the U.K. food/groceriesmarket, the entire risk management system should be strictly adhered to andeffectively implemented otherwise the entire process will be easily compromisedand could lead to many ruinous impacts to business operation.
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