In this clip we will go a little more in depth into retail management. What are the activities that are more relevant for successfully managing retail in luxury and fashion and actually what a retail manager does. The starting point in this strategy is the definition of retail formats. We have seen there are many retail formats from the flagship, to the shop-in-shop, the corner, and the factory outlet; so the first activity is that of defining the right number, the right structure, and the right location of these formats across the different geographical areas and in different locations. After you have your network of formats in the right places, for each format according to the kind of audience you have, you have to decide what kind of selection, assortments, service levels, mix of products, and pricing levels you want to give. Of course in a resort kind of formatting such as Portofino or Miami will require a different pricing assortment and delivery compared to a store in Cortina or . After the definition of formats and the definition of the assortment plan you have to work on the store itself. The store has a lot of marketing issues that we usually call as field marketing from actually the relational marketing activities. The database of customers, the events on the point-of-sales, the communication activities the direct marketing, the VIP marketing. And then there are also retail operations that are, are sometimes incorporating marketing, but are really sometimes operations that they have to do. They are connected with the service level. For instance, in the point of sale custom made repairs returns, sales period. Remember connecting all the network, the store network, internationally, so trying to actually work in a way that is consistent. After retail operation, there is another area that is very important in retail nowadays that is people management. So, retail is the last mile of your strategy, but at the end of the day is the first point for the customer it’s the door through your world as a brand. The staff in retail is fundamental, it’s your brand ambassador. In the last years companies invested a lot in retail training, retail academies, in order to train sales associates in delivering the best stores, delivering the right message, and delighting the customer in terms of experience.