Framework for a generic retail Charter: a guide towards sustainability and stakeholder support

Abstract

This paper develops a framework for a generic retail stakeholder charter that addresses expectations of relevant retail business stakeholders to achieve success and sustainability. Hevner’s design science research model was used for the development of this framework. Relevant literature on retail business management, stakeholder theory, and existing charters was reviewed and used for the design of a draft generic retail charter framework. The draft framework was submitted to expert practitioners and academics for verification in terms of correctness, completeness, and relevance to develop the final retail charter framework. The framework addresses stakeholder expectations regarding relevant categories, and the structure of the retail charter addresses the identity, elements, and the management of the retail charter. The elements in the generic retail charter are structured to achieve stakeholder support by ensuring compliance, satisfaction, and excitement. This generic retail charter framework creates research opportunities for the development of detailed retail charters for every stakeholder category, and customized retail charters for individual retail businesses. The framework provides further research opportunities for retail businesses operating in a particular industry, ecommerce, various Standard Industrial Classification (SIC) codes, and other countries.