howto use this word "in this regard"

I constantly saw "in this regard", could anyone tell me how to use it properly?

[twostep]

in reference to, concerning, related to ...

[HCaulfield]

I am sorry, but I don't concur. It seems to me that the proposed choice is not quite accurate and would probably replace "regarding sth" with no problems. Yet, more appropriate alternatives to "In this regard" would be "In this sense", "In this aspect", "Respecting this" or something of the sort.

[twostep]

Personally I prefer correspondence short and to the point. Fluff just takes up time and space. How would you replace "in regards" with "respecting this"? I think it does not replace the original. It may have been used in business correspondence a while back. But nowadays?

[HCaulfield]

The question was about "in this regard" which you use when you refer to a specific aspect, probably mentioned in the previous sentence. What you suggested will always need some clarifying afterwards:

In reference to sth, concerning sth, etc.

However:

Several aspects should be considered, especially the economy. In this regard, blah. or Respecting this, blah.

With your suggestions, even when use is appropriate, the entire structure need be changed, as in "Concerning the economy, blah" which should probably be left for one of the next paragraphs where you discuss many possible aspects, otherwise, it could be repetitive and/or redundant, as it needs reference to the original subject, whereas "in this regard" doesn't. To me it's not a matter of right and wrong, but of style, if you will.