For a District Manager who regularly travels between different stores, and for Store Managers, Weeks of Stock can be a very useful number. Weeks of stock is: $ inventory divided by average weekly sales for that category/department, etc. Example: Inventory level: $8,000.00 Total…
Retail Key Performance Indicators (KPI’s) (This is a sample only – detailed analysis of Retail KPI’s can be found in Retail Math-Made Simple) Sales compared to budget/target: Actual sales $ divided by budget/target sales $. Sales compared to last year (or any other period):…
If you are of the opinion that you can hire associates, have them complete ‘new hire’ paperwork, tell them a little bit about your store and your customers, train them on how to use whatever equipment they will need to operate on the job…
Tough Times at Retail – What Can You Do? Retailers in many parts of the world are entering their busiest, most hectic and usually most profitable time of year. For those retailers these last few weeks of the year are the ones that can…
Omni-Channel Retailing Today, consumers are increasingly embracing digital technologies and mobile devices in the buying process. The integration of digital and off-line shopping has led to the increasing popularity of Omni-Channel Retailing. Retailers who understand and implement the omni channel retailing concept …
Covid 19 certainly did interrupt our lives, didn’t it? Who would have expected such a thing to happen to an unsuspecting public? Of course, we’ve all heard about the ‘possibility’ of some crazy heretic unleashing a virus on the world. You know, like they…
There’s something about ‘the office’, isn’t there? It’s that place where we get quiet time to get our thoughts together. We can close the door and really get some serious work done. The office is where all of our equipment and files – physical…
In today’s CRM landscape the old analogy comparing the rifle and shotgun approaches to message and / or offer delivery is perhaps more appropriate than ever, as more retail organizations struggle to achieve one-to-one marketing-communications with customers and prospects. Targeting allows a retail enterprise…
Retail Business Plan Basics The best way to show bankers, venture capitalists, and angel investors that you are worthy of financial support is to show them a great business plan. Make sure that your plan is clear, focused and realistic. Then show them that…