Final answer:
The ideal duration for a retail strategy is at least five years to facilitate long-term planning and align with the time required for expanding production capabilities.
Step-by-step explanation:
A retail strategy is the overall plan or framework of action that guides a retailer. Ideally, this plan will outline the mission, goals, consumer market, overall and specific activities, and control mechanisms of the retailer. On the supply side of markets, producers of goods and services usually find it easier to expand production in the long term, over several years, rather than in the short run of a few months. This is because in the short run, it can be costly or difficult to build a new factory, hire many new workers, or open new stores. However, over a few years, all of these expansions are possible, which aligns with the need for a retail strategy that is at least five years in duration.