RETAIL STRATEGIES AND PERFORMANCE OF BANKS IN EDO STATE, NIGERIA.

ABSTRACT

The aim of this research is to examine retail strategies and performance of banks in Edo state, Nigeria. The specific objectives of the study were; to examine the relationship between retail strategies and banks performance in Edo state, Nigeria; to examine the relationship between retail strategies and growth of the banks in Edo state, Nigeria and to examine the relationship between retail strategies and competitive advantage among banks in Edo state, Nigeria. The research design adopted for this study was the survey method. The population of the study consisted of two hundred and thirty-seven (237) staff in the two banks used as case study (GT Bank and Diamond). A sample size value of 237 was also maintained for the study. Questionnaire was used for collection of data relevant to the study. Data collected were generated from the questionnaire, which were analyzed using the simple percentages and mean. It was found that there is a significant relationship between retail strategies and performance of GT Bank and Diamond Bank in Nigeria; there is a relationship between retail strategies and growth of GT Bank and Diamond Bank in Nigeria; there is a relationship between retail strategies and competitive advantage of GT Bank and Diamond Bank in Nigeria and that there is a relationship between retail strategies and innovativeness of GT Bank and Diamond Bank in Nigeria. The study recommended that Banks retail strategic plans should not be too many or cumbersome for implementing; rather, it should be realistic, simple to understand and to act upon; employees should be made accountable for various aspects of the plan assigned to them. There should be a standard or benchmark for tracking the progress of the plan as it is being implemented and there should be a mechanism for feedback to ensure that actual output is not deviating from the planned output.