CAPITALIZATION IN CORPORATE RETAIL: A POLYFACTOR MANAGEMENT APPROACH
Abstract
The article substantiates a multi-factor methodological approach to managing the capitalization of corporate retail enterprises under conditions of economic instability and martial law. The study proceeds from the premise that capitalization is not merely a financial outcome but a systemic managerial result formed through the coordinated interaction of operational efficiency, investment capacity, scalability mechanisms, and human capital stability. The research hypothesis assumes that the level of capitalization management depends on the degree of synchronization between unit-level economic performance, standardized business processes, logistics maturity, and workforce retention. The methodological framework integrates the principles of Value-Based Management, expert-based scoring and weighting techniques, correlation analysis, and comparative benchmarking. Based on this synthesis, a structured matrix of key performance indicators is proposed, grouped into four interrelated blocks: unit economics (CAPEX per store, payback period, EBITDA per unit, revenue and margin per square meter), inventory and stock turnover efficiency, scalability and logistics maturity, and human capital stability. Staff turnover is included as a key operational risk factor that directly affects cost structures, service continuity, and expansion capacity. The scientific novelty of the research lies in the development of an Integrated Capitalization Index based on weighted KPI aggregation and evaluation criteria adapted to the industry-specific characteristics of the retail sector. Digital technologies are conceptualized as strategic mediators between process optimization and financial performance, reducing operational volatility and mitigating labor shortages. Human capital stability and format management quality are interpreted as components of employer brand reputational capital, which is especially critical under wartime conditions. The empirical analysis covers ATB-Market, Fora, RUSH (EVA), and Novus. The practical value of the study lies in applying the proposed index for strategic analysis, benchmarking, and substantiating managerial decisions related to scaling and investment.
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