Retailing: Most Popular Articles
These articles are the most popular over the last month.
Retail Math Formulas
Retail math is often used in various ways by store owners, managers, retail buyers and other retailing employees. It is used to evaluate inventory purchasing plans, analyze sales figures, add on markup and apply markdown pricing to plan stocks. Use the following equations and retail math formulas to track merchandise, measure sales performance and help create pricing strategies.
Retail math is often used in various ways by store owners, managers, retail buyers and other retailing employees. It is used to evaluate inventory purchasing plans, analyze sales figures, add on markup and apply markdown pricing to plan stocks. Use the following equations and retail math formulas to track merchandise, measure sales performance and help create pricing strategies.
Buying Wholesale For Resale
Looking for wholesale merchandise? Don't know where to get the products to sell in your store? Once you know what products or product lines you would like to sell, it's time to buy wholesale merchandise. Here's where to find wholesale merchandise to resell.
Looking for wholesale merchandise? Don't know where to get the products to sell in your store? Once you know what products or product lines you would like to sell, it's time to buy wholesale merchandise. Here's where to find wholesale merchandise to resell.
Retail Markup Markdown Calculator
Calculate the retail sales prices of a product or profit or loss using markup or markdown with this JavaScript calculator.
Calculate the retail sales prices of a product or profit or loss using markup or markdown with this JavaScript calculator.
Retail Pricing Strategies
Knowing what and how to price your products can be confusing for any new retailer. We're in retailing to turn a profit and while there are many factors that affect the profitability of a business, setting the right price is a major step toward making that profit. Here's how to determine which of the retail pricing strategies to use in order to set the right product price.
Knowing what and how to price your products can be confusing for any new retailer. We're in retailing to turn a profit and while there are many factors that affect the profitability of a business, setting the right price is a major step toward making that profit. Here's how to determine which of the retail pricing strategies to use in order to set the right product price.
Tips to Increase Retail Sales
Whether it's due to forces beyond our control, seasonal sales or a decline in foot traffic, many retailers will experience a slump in sales at some point. The following are a few simple ways you and your staff can improve your retail sales.
Whether it's due to forces beyond our control, seasonal sales or a decline in foot traffic, many retailers will experience a slump in sales at some point. The following are a few simple ways you and your staff can improve your retail sales.
50 Marketing Ideas for Retail
Small business owners can easily get too involved in the day-to-day operations of their retail stores to spend any time brainstorming marketing ideas. Some retailers worry that marketing is too expensive, others may find it too time consuming. Without announcing who you are and what you sell, how will anyone know? Here are 50 marketing ideas for retailers.
Small business owners can easily get too involved in the day-to-day operations of their retail stores to spend any time brainstorming marketing ideas. Some retailers worry that marketing is too expensive, others may find it too time consuming. Without announcing who you are and what you sell, how will anyone know? Here are 50 marketing ideas for retailers.
Basic Floor Plans
A well-planned retail store layout allows a retailer to maximize the sales for each foot of the allocated selling space within the store. Store layouts generally show the size and location of each department, any permanent structures, fixture locations and customer traffic patterns. Each floor plan and store layout will depend on the type of products sold, the building location and how much the business can afford to put into the overall store design. Here are a few basic store layouts.
A well-planned retail store layout allows a retailer to maximize the sales for each foot of the allocated selling space within the store. Store layouts generally show the size and location of each department, any permanent structures, fixture locations and customer traffic patterns. Each floor plan and store layout will depend on the type of products sold, the building location and how much the business can afford to put into the overall store design. Here are a few basic store layouts.
Creating an Attractive Display
A creative display can draw the customer in, promote a slow-moving product, announce a sale, or welcome a season. Some stores located in a mall or other structure may lack windows, but don't despair. There are many places throughout the store to build beautiful displays.
A creative display can draw the customer in, promote a slow-moving product, announce a sale, or welcome a season. Some stores located in a mall or other structure may lack windows, but don't despair. There are many places throughout the store to build beautiful displays.
Business Name Ideas
Need business name ideas? Creating a business name is easily one of the most enjoyable aspects of starting a retail business. Here's how to use brainstorming to generate some business name ideas.
Need business name ideas? Creating a business name is easily one of the most enjoyable aspects of starting a retail business. Here's how to use brainstorming to generate some business name ideas.
Retail Sales Percentage Increase / Decrease Calculator
Calculate the difference between two sets of sales figures to find the increase or decrease percent with this JavaScript calculator.
Calculate the difference between two sets of sales figures to find the increase or decrease percent with this JavaScript calculator.
Calculate GMROI
An important tool in analyzing your sales and inventory is GMROI (also known as GMROII) which stands for Gross Margin Return On Inventory Investment. The GMROI calculations assist buyers in evaluating whether a sufficient gross margin is being earned by the products purchased, compared to the investment in inventory required to generate those gross margin dollars.
An important tool in analyzing your sales and inventory is GMROI (also known as GMROII) which stands for Gross Margin Return On Inventory Investment. The GMROI calculations assist buyers in evaluating whether a sufficient gross margin is being earned by the products purchased, compared to the investment in inventory required to generate those gross margin dollars.
Retail Math: Using Percents
The longer a person is out of school, the easier it is to forget how to use percents and other basic business math formulas. Computer programs, cash registers and automated point-of-sale systems can easily complete the calculations; however there will be moments when retailers will need to process the numbers manually. Here's how.
The longer a person is out of school, the easier it is to forget how to use percents and other basic business math formulas. Computer programs, cash registers and automated point-of-sale systems can easily complete the calculations; however there will be moments when retailers will need to process the numbers manually. Here's how.
Start Your Own Business
The dream of starting a retail business can easily become a reality. It may take a lot of initial work as you start your own business, but with the right planning anyone can achieve their goals. The following steps to starting a retail business should be used as a guide before you open a store.
The dream of starting a retail business can easily become a reality. It may take a lot of initial work as you start your own business, but with the right planning anyone can achieve their goals. The following steps to starting a retail business should be used as a guide before you open a store.
Open To Buy Planning
Good inventory control is critical to ensuring an adequate level of stock is on hand for the amount of sales being generated. Having too much inventory (or the wrong type) during certain periods can slow your cash flow and reduce profits with too many markdowns. On the other hand, if you under buy and miss sales opportunities then you are not making your potential profit. A retailer can be sure to stock the right amount of the right products at the right time by using an Open-To-Buy (OTB) plan.
Good inventory control is critical to ensuring an adequate level of stock is on hand for the amount of sales being generated. Having too much inventory (or the wrong type) during certain periods can slow your cash flow and reduce profits with too many markdowns. On the other hand, if you under buy and miss sales opportunities then you are not making your potential profit. A retailer can be sure to stock the right amount of the right products at the right time by using an Open-To-Buy (OTB) plan.
Choosing Products to Sell
Finding a product for your retail business to sell may very well be the most difficult decision you will need to make when starting a business. Not only should there be a demand for your products, but it must be profitable and something you enjoy selling. Before you commit to a product or product line, consider these factors while deciding what to sell.
Finding a product for your retail business to sell may very well be the most difficult decision you will need to make when starting a business. Not only should there be a demand for your products, but it must be profitable and something you enjoy selling. Before you commit to a product or product line, consider these factors while deciding what to sell.
Store Atmosphere Don'ts
As retailers, we can't afford to turn off a single customer and image is everything. Keeping our stores neat and clean is not only easy to do; it is generally an inexpensive way to attract customers and create a pleasant store atmosphere. Take a look around your retail store. Do any of the following situations exist?
As retailers, we can't afford to turn off a single customer and image is everything. Keeping our stores neat and clean is not only easy to do; it is generally an inexpensive way to attract customers and create a pleasant store atmosphere. Take a look around your retail store. Do any of the following situations exist?
Contribution Margin
Contribution Margin is the difference between total sales revenue and total variable costs. The term is applied to a product line and is generally expressed as a percentage. In retail, the Gross Margin Percent is recognized as the Contribution Margin Percent. The contribution margin information can be used to add or remove products and product lines or to make informed pricing decisions.
Contribution Margin is the difference between total sales revenue and total variable costs. The term is applied to a product line and is generally expressed as a percentage. In retail, the Gross Margin Percent is recognized as the Contribution Margin Percent. The contribution margin information can be used to add or remove products and product lines or to make informed pricing decisions.
Parts of a Business Plan
Do you know what goes in a business plan? Take a look at the various business plan parts and what to include. The purpose of your business plan will determine how much information should be included and what format to use. For financing, you'll have a better chance of convincing someone to fund your company if there are plenty of details provided. Here are the essential business plan parts and what to include.
Do you know what goes in a business plan? Take a look at the various business plan parts and what to include. The purpose of your business plan will determine how much information should be included and what format to use. For financing, you'll have a better chance of convincing someone to fund your company if there are plenty of details provided. Here are the essential business plan parts and what to include.
COGS
The price paid for the product, plus any additional costs necessary to get the merchandise into inventory and ready for sale, including shipping and handling.
The price paid for the product, plus any additional costs necessary to get the merchandise into inventory and ready for sale, including shipping and handling.
Purchase Order
A purchase order (or PO )is a written sales contract between buyer and seller detailing the exact merchandise or services to be rendered from a single vendor. It will specify payment terms, delivery dates, item identification, quantities, shipping terms and all other obligations and conditions. Purchase orders are generally preprinted, numbered documents generated by the retailer's financial management system which shows that purchase details have been recorded and payment will be made.
A purchase order (or PO )is a written sales contract between buyer and seller detailing the exact merchandise or services to be rendered from a single vendor. It will specify payment terms, delivery dates, item identification, quantities, shipping terms and all other obligations and conditions. Purchase orders are generally preprinted, numbered documents generated by the retailer's financial management system which shows that purchase details have been recorded and payment will be made.
Calculate Rates for Print Ads
A rate card is a document provided by a newspaper or other print publication featuring the organizations rate for advertising. It also details deadlines, policies, additional fees and artwork requirements. Many newspapers and magazines have their rate cards online in a PDF format.
A rate card is a document provided by a newspaper or other print publication featuring the organizations rate for advertising. It also details deadlines, policies, additional fees and artwork requirements. Many newspapers and magazines have their rate cards online in a PDF format.
Writing a Business Plan
One of the most important things you can do for your business, new or existing, is to write a business plan. Businesses have different reasons to write a business plan but the process of creating a business plan will only help the business become successful.
One of the most important things you can do for your business, new or existing, is to write a business plan. Businesses have different reasons to write a business plan but the process of creating a business plan will only help the business become successful.
Merchandising Opportunities
The following retail promotional calendar is a list of some of the major holidays, observances, retail trends, seasonal events and other happenings to help plan your store's retail merchandising. Combine this information with your own marketing calendar for a powerful retail promotion tool.
The following retail promotional calendar is a list of some of the major holidays, observances, retail trends, seasonal events and other happenings to help plan your store's retail merchandising. Combine this information with your own marketing calendar for a powerful retail promotion tool.
Mark-up
A percentage added to the cost to get the retail selling price.
A percentage added to the cost to get the retail selling price.
Pricing and Small Retailers
One of the most crucial areas of decision making for retailers is pricing. Yet, we have found that small firms often do not have well-conceived pricing plans. Joel R. Evans, Ph.D. and Barry Berman, Ph.D. has prepared this six-part series on pricing. They offer a number of tips to help you improve your pricing decisions.
One of the most crucial areas of decision making for retailers is pricing. Yet, we have found that small firms often do not have well-conceived pricing plans. Joel R. Evans, Ph.D. and Barry Berman, Ph.D. has prepared this six-part series on pricing. They offer a number of tips to help you improve your pricing decisions.
Balancing a Cash Register
The process of counting the money, reconciling the receipts and balancing the cash drawer creates an internal control or accountability of the day's transactions. Here are some tips for how, why and when to balance the cash drawer.
The process of counting the money, reconciling the receipts and balancing the cash drawer creates an internal control or accountability of the day's transactions. Here are some tips for how, why and when to balance the cash drawer.
Margin
The amount of gross profit made when an item is sold.
The amount of gross profit made when an item is sold.
Starting a Retail Business Quiz - Do You Have What it Takes?
Are you ready for retail? Is retailing right for you? Take this Starting a Retail Business Quiz to find out if you have what it takes to open your own shop.
Are you ready for retail? Is retailing right for you? Take this Starting a Retail Business Quiz to find out if you have what it takes to open your own shop.
Measuring Retail Performance
Your shop has customers steadily coming through the doors, employees are busy and there is the frequent 'cha-ching' of the cash register, but how well is your business really doing? It is critical for the success of your business to constantly work towards improving not only the efficiency of employees, but the productivity of the store's selling space and inventory as well. Here are a few of the ways to measure a retail store's performance and track retail sales.
Your shop has customers steadily coming through the doors, employees are busy and there is the frequent 'cha-ching' of the cash register, but how well is your business really doing? It is critical for the success of your business to constantly work towards improving not only the efficiency of employees, but the productivity of the store's selling space and inventory as well. Here are a few of the ways to measure a retail store's performance and track retail sales.
Calculate Inventory Turns
Controlling inventory turnover is the key to keeping our shelves stocked with interesting products and keeping the cash flowing. We want to buy the merchandise, move it quickly and then repurchase more products for our customers. However, if the turnover becomes too high, sales may be lost because of reduced customer selection. Here's how we calculate inventory turns to help create a proper inventory control.
Controlling inventory turnover is the key to keeping our shelves stocked with interesting products and keeping the cash flowing. We want to buy the merchandise, move it quickly and then repurchase more products for our customers. However, if the turnover becomes too high, sales may be lost because of reduced customer selection. Here's how we calculate inventory turns to help create a proper inventory control.
About Planograms
The planogram is a visual diagram, or drawing, that provides in detail where every product in a retail store should be placed. These schematics not only present a flow chart for the particular merchandise departments within a store layout but also show on which aisle and on what shelf an item is located.
The planogram is a visual diagram, or drawing, that provides in detail where every product in a retail store should be placed. These schematics not only present a flow chart for the particular merchandise departments within a store layout but also show on which aisle and on what shelf an item is located.
Startup Cost Calculator - Calculating Costs to Start a Retail Business
This calculator lets you estimate the initial costs of starting your retail business. While Inventory is not usually included in calculating Monthly Operating Expenses, it is often overlooked in calculating business expenses and it is therefore listed below. Remember, inventory sold must be restocked.
This calculator lets you estimate the initial costs of starting your retail business. While Inventory is not usually included in calculating Monthly Operating Expenses, it is often overlooked in calculating business expenses and it is therefore listed below. Remember, inventory sold must be restocked.
Retail Store Organization
The organizational structure of a retail store will vary by the size and type of the business. The following is a brief outline of some of the divisions in a retail organization.
The organizational structure of a retail store will vary by the size and type of the business. The following is a brief outline of some of the divisions in a retail organization.
Setting Store Policies
The best time to establish policies and procedures for your retail business is during the planning stages. By anticipating problems before you open your doors, you can strategize how you’ll handle special situations, as well as the normal day to day operations. This helps avoid making mistakes once you’re faced with customers.
The best time to establish policies and procedures for your retail business is during the planning stages. By anticipating problems before you open your doors, you can strategize how you’ll handle special situations, as well as the normal day to day operations. This helps avoid making mistakes once you’re faced with customers.
Shoplifting Policies
It is important to plan policies and procedures for shoplifting early in the business planning. We hope it will never happen in our store but in the event it does, retailers and their staff should be prepared to handle the situation. Take the following questions into consideration when writing your shoplifting policies and procedures.
It is important to plan policies and procedures for shoplifting early in the business planning. We hope it will never happen in our store but in the event it does, retailers and their staff should be prepared to handle the situation. Take the following questions into consideration when writing your shoplifting policies and procedures.
Spot the Shoplifter
In order to stop a shoplifter, retailers must first be familiar with the categories of shoplifters, common shoplifting methods, and know what to look for in customers who exhibit strange behavior. Learn how to spot a shoplifter.
In order to stop a shoplifter, retailers must first be familiar with the categories of shoplifters, common shoplifting methods, and know what to look for in customers who exhibit strange behavior. Learn how to spot a shoplifter.
FOB
Shipping term used to indicate who is responsible for paying transportation charges.
Shipping term used to indicate who is responsible for paying transportation charges.
Design to Reduce Shoplifting
The easiest way for retailers to discourage theft in a store is by taking away opportunities to steal. A well-designed store layout will not eliminate all shoplifting but will help reduce it. Here's how to use your store design to reduce shoplifting.
The easiest way for retailers to discourage theft in a store is by taking away opportunities to steal. A well-designed store layout will not eliminate all shoplifting but will help reduce it. Here's how to use your store design to reduce shoplifting.
Average Sales Per Square Foot
The average sales per square foot for your chosen type of retail store are often needed to write a business plan. However, average sales per square foot data can prove difficult to locate. Below are a few places to find the average sales per square foot by retail industry.
The average sales per square foot for your chosen type of retail store are often needed to write a business plan. However, average sales per square foot data can prove difficult to locate. Below are a few places to find the average sales per square foot by retail industry.
4 Sources of Shrinkage
Do you know the four sources of retail shrink? The percentage of loss of products between manufacture and point of sale is referred to as shrinkage, or sometimes called shrink. Here are the four main sources of inventory shrinkage in retail.
Do you know the four sources of retail shrink? The percentage of loss of products between manufacture and point of sale is referred to as shrinkage, or sometimes called shrink. Here are the four main sources of inventory shrinkage in retail.
Daily Cash Drawer Report - Sample Form for Balancing Cash Register
The process of counting the money, reconciling the receipts and balancing the cash drawer creates an accountability of the days transactions. In order to track the day's sales, use the following form to balance the cash register.
The process of counting the money, reconciling the receipts and balancing the cash drawer creates an accountability of the days transactions. In order to track the day's sales, use the following form to balance the cash register.
Retailing
Retailing is the sale of goods or commodities in small quantities directly to consumers. Also known as to sell at retail. For example: We began our retailing business by selling a locally made product to the community.
Retailing is the sale of goods or commodities in small quantities directly to consumers. Also known as to sell at retail. For example: We began our retailing business by selling a locally made product to the community.
Customer Comment Cards
A carefully planned and well-written customer comment card allows the customer to express their opinion and provide valuable feedback. This form of store evaluation not only helps measure customer satisfaction, but also shows the retailer what areas of operation may need additional resources.
A carefully planned and well-written customer comment card allows the customer to express their opinion and provide valuable feedback. This form of store evaluation not only helps measure customer satisfaction, but also shows the retailer what areas of operation may need additional resources.
Stop Retail Shoplifters
This shoplifting prevention guide will help retailers identify shoplifters and shoplifting methods, create a less attractive environment for shoplifters and teach retailers how to put policies and procedures in place to protect their store against theft.
This shoplifting prevention guide will help retailers identify shoplifters and shoplifting methods, create a less attractive environment for shoplifters and teach retailers how to put policies and procedures in place to protect their store against theft.
Store Manager Profile
The function of the store manager is to oversee the overall daily operations of a retail store. Learn more about the key responsibilities, summary of experience, education and salary compensation for retail store managers.
The function of the store manager is to oversee the overall daily operations of a retail store. Learn more about the key responsibilities, summary of experience, education and salary compensation for retail store managers.
Gross Margin
Gross margin is the difference between what an item cost and for what it sells.
Gross margin is the difference between what an item cost and for what it sells.
How to Lose Customers
Without customers, we wouldn't be in business. That is way it is surprising how easily retail shops unintentionally drive customers away. Sometimes, understanding the what can ruin a business can help us focus on what not to do while building our enterprise. Here are five simple ways to lose customers.
Without customers, we wouldn't be in business. That is way it is surprising how easily retail shops unintentionally drive customers away. Sometimes, understanding the what can ruin a business can help us focus on what not to do while building our enterprise. Here are five simple ways to lose customers.
Choosing a Store Location
Where you choose to locate your retail business will have a major impact on everything your shop does. The difference between selecting the wrong location and the right site could be the difference between business failure and success. Here are tips for selecting a retail site.
Where you choose to locate your retail business will have a major impact on everything your shop does. The difference between selecting the wrong location and the right site could be the difference between business failure and success. Here are tips for selecting a retail site.
Retail Ownership Models
Entrepreneurs have many forms of retail business ownership available to them. Each business model has its own advantages, disadvantages, support and style. Choosing a type of retail business to start will depend on why you want to own a business, as well as your lifestyle, family, personality, basic skills and much more.
Entrepreneurs have many forms of retail business ownership available to them. Each business model has its own advantages, disadvantages, support and style. Choosing a type of retail business to start will depend on why you want to own a business, as well as your lifestyle, family, personality, basic skills and much more.
Average Inventory Cost
Average inventory cost is found by adding the beginning cost inventory for each month plus the ending cost inventory for the last month in the period. If calculating for a season, divide by 7. If calcualting for a year, divide by 13.
Average inventory cost is found by adding the beginning cost inventory for each month plus the ending cost inventory for the last month in the period. If calculating for a season, divide by 7. If calcualting for a year, divide by 13.
Benefits of Product Knowledge
Knowledge is power and for retailers, product knowledge can mean more sales. It is difficult to effectively sell to a consumer if we cannot show how a particular product will address a shopper’s needs. Read on to learn some of the benefits of knowing the products you sell.
Knowledge is power and for retailers, product knowledge can mean more sales. It is difficult to effectively sell to a consumer if we cannot show how a particular product will address a shopper’s needs. Read on to learn some of the benefits of knowing the products you sell.
Cash Register vs. POS System
Should you choose a cash register or a Point of Sale system for your retail business? The one item in a retail store a business owner can’t do without is the cash register. Whether it's the traditional, electronic cash management system or an elaborate computerized point of sale (POS) system, every store needs a machine to process sales. Here's where to buy a cash register, the benefits of a POS system and understanding your cash management needs.
Should you choose a cash register or a Point of Sale system for your retail business? The one item in a retail store a business owner can’t do without is the cash register. Whether it's the traditional, electronic cash management system or an elaborate computerized point of sale (POS) system, every store needs a machine to process sales. Here's where to buy a cash register, the benefits of a POS system and understanding your cash management needs.
The Display Ad
People get their news from so many sources these days that newspapers aren't as effective as they once were. This doesn't mean your newspaper ad won't be effective, but it does mean you need to plan your print ads more strategically. Some types of ads will be more effective than others. It will depend on your target audience, the type of products you offer and where the ad is seen.
People get their news from so many sources these days that newspapers aren't as effective as they once were. This doesn't mean your newspaper ad won't be effective, but it does mean you need to plan your print ads more strategically. Some types of ads will be more effective than others. It will depend on your target audience, the type of products you offer and where the ad is seen.
Retail Buyer Profile
A retail buyer selects merchandise and develops product assortments to grow the business and increase market share. Learn more about the key responsibilities, summary of experience, education and salary compensation for retail district managers.
A retail buyer selects merchandise and develops product assortments to grow the business and increase market share. Learn more about the key responsibilities, summary of experience, education and salary compensation for retail district managers.
Store Front Startup Costs
Evaluating startup costs can be difficult for new retailers. The bottom line is many of the figures for the business plan will need to be estimates. Others may be found through research. Here are few of the most common startup cost questions and answers for planning a retail business.
Evaluating startup costs can be difficult for new retailers. The bottom line is many of the figures for the business plan will need to be estimates. Others may be found through research. Here are few of the most common startup cost questions and answers for planning a retail business.
Financing FAQs
How much does it cost to start a retail business? The research you'll put into your planning will show the startup costs and monthly operating expenses involved in running your retail store. It will also show how long until your business reaches a break-even point.
How much does it cost to start a retail business? The research you'll put into your planning will show the startup costs and monthly operating expenses involved in running your retail store. It will also show how long until your business reaches a break-even point.
Dealing With the Disgruntled
In retail, it's inevitable that there will be the occasional disgruntled customer. No matter how wonderful your products are or how committed you are to provide the best customer service, problems do occur. Armed with the following customer service tips, you can diffuse a situation and possibly even save the customer, as well as the sale.
In retail, it's inevitable that there will be the occasional disgruntled customer. No matter how wonderful your products are or how committed you are to provide the best customer service, problems do occur. Armed with the following customer service tips, you can diffuse a situation and possibly even save the customer, as well as the sale.
Gondola Shelving Unit
A photo guide to some of the most common retail store fixtures used to display merchandise. This is a gondola display unit with pegboard and shelves.
A photo guide to some of the most common retail store fixtures used to display merchandise. This is a gondola display unit with pegboard and shelves.
Visual Merchandiser Profile
The function of the visual merchandiser is to create an inviting, visually appealing environment for the customer's shopping pleasure. Learn more about the key responsibilities, summary of experience, education and salary compensation for visual merchandisers.
The function of the visual merchandiser is to create an inviting, visually appealing environment for the customer's shopping pleasure. Learn more about the key responsibilities, summary of experience, education and salary compensation for visual merchandisers.
What's Your Competitive Edge?
It's important for new businesses to complete a competitive analysis during the business planning stage, but competitive intelligence can also be useful for marketing, pricing, managing and other strategic planning for retailers. Before you can know your competitive edge, you must know your competitor.
It's important for new businesses to complete a competitive analysis during the business planning stage, but competitive intelligence can also be useful for marketing, pricing, managing and other strategic planning for retailers. Before you can know your competitive edge, you must know your competitor.
Internet Marketing Tips
Internet marketing is as important for a brick and mortar retail store as an e-commerce site. Increase exposure online with these Internet marketing tips for your retail store.
Internet marketing is as important for a brick and mortar retail store as an e-commerce site. Increase exposure online with these Internet marketing tips for your retail store.
Retailers Should Never Say
We all know that a positive tone and language are highly important when it comes to good customer service, but many retailers still use phrases that may give the wrong image and negatively impact our customers' shopping experience. Here are some customer service phrases retailers should avoid.
We all know that a positive tone and language are highly important when it comes to good customer service, but many retailers still use phrases that may give the wrong image and negatively impact our customers' shopping experience. Here are some customer service phrases retailers should avoid.
Brick and Mortar
Brick and mortar store refers to retail shops that are located in a building as opposed to an online shopping destination, door-to-door sales, kiosk or other similar site not housed within a structure.
Brick and mortar store refers to retail shops that are located in a building as opposed to an online shopping destination, door-to-door sales, kiosk or other similar site not housed within a structure.
Profit Margin
A ratio of profitability calculated as earnings divided by revenues. It measures how much out of every dollar of sales a retail business actually keeps in earnings.
A ratio of profitability calculated as earnings divided by revenues. It measures how much out of every dollar of sales a retail business actually keeps in earnings.
What Size Store Do I Need?
What size store do you need? When planning your retail store, the amount of selling space will be one of the most important factors in selecting a location. It is also one of the most difficult to determine. Here's how to determine how many square feet of selling space your business needs.
What size store do you need? When planning your retail store, the amount of selling space will be one of the most important factors in selecting a location. It is also one of the most difficult to determine. Here's how to determine how many square feet of selling space your business needs.
Hardlines
Hardlines is a retailing term referring to a store department or product line primarily consisting of merchandise such as hardware, housewares, automotive, electronics, sporting goods, health and beauty aids or toys.
Hardlines is a retailing term referring to a store department or product line primarily consisting of merchandise such as hardware, housewares, automotive, electronics, sporting goods, health and beauty aids or toys.
Loss Leaders
Loss leaders are goods or services offered at steep discounts in order to attract new customers to a store. The intent of the loss leader pricing strategy is to not only have the customer buy the loss leader, but other products that are not discounted.
Loss leaders are goods or services offered at steep discounts in order to attract new customers to a store. The intent of the loss leader pricing strategy is to not only have the customer buy the loss leader, but other products that are not discounted.
Types of Retail Locations
Retail locations are available in many different forms. Stop and think about the stores in your town. Like most communities, there are probably older shopping areas, new bustling retail locations and some tucked away shops. Retailers have many store location options to consider when choosing a place for their business. Here are a few of the more common types of retail locations.
Retail locations are available in many different forms. Stop and think about the stores in your town. Like most communities, there are probably older shopping areas, new bustling retail locations and some tucked away shops. Retailers have many store location options to consider when choosing a place for their business. Here are a few of the more common types of retail locations.
Executive Summary
An Executive Summary is critical to the success of the business plan. The Executive Summary offers synopsis of the business plan, and highlights the key points raised within. Here is where you need to capture the reader's attention so that he/she will be compelled to read on.
An Executive Summary is critical to the success of the business plan. The Executive Summary offers synopsis of the business plan, and highlights the key points raised within. Here is where you need to capture the reader's attention so that he/she will be compelled to read on.
Retail Store Cash Management
Find out how to select the right cash register, understand the benefits of a point of sale system, learn the parts of a POS cash register, and know how much money to keep in the till. We also have linked to other cash management resources, including POS software and POS hardware vendors. There is also a printable form for balancing a cash register daily.
Find out how to select the right cash register, understand the benefits of a point of sale system, learn the parts of a POS cash register, and know how much money to keep in the till. We also have linked to other cash management resources, including POS software and POS hardware vendors. There is also a printable form for balancing a cash register daily.
Cash Flow
The movement of money in and out of a business and the resulting availability of cash.
The movement of money in and out of a business and the resulting availability of cash.
Overcoming Fears
There are so many risks involved in beginning a business that the fears generally overtake the thoughts of success. Here are four barriers that keep people from starting a retail business, as well as tips for conquering those fears.
There are so many risks involved in beginning a business that the fears generally overtake the thoughts of success. Here are four barriers that keep people from starting a retail business, as well as tips for conquering those fears.
Petty Cash and the Cash Drawer
How much money should my retail business keep in the cash drawer? The question of petty cash should be addressed during the business planning stage, while creating internal procedures. The amount of money a retailer should keep on hand will vary by the volume of sales, the ability to safely store the money and the type of payments the retailer receives from customers. It may take a few weeks actually dealing with the public before you can determine exactly how much petty cash to have on hand.
How much money should my retail business keep in the cash drawer? The question of petty cash should be addressed during the business planning stage, while creating internal procedures. The amount of money a retailer should keep on hand will vary by the volume of sales, the ability to safely store the money and the type of payments the retailer receives from customers. It may take a few weeks actually dealing with the public before you can determine exactly how much petty cash to have on hand.
Motivating Your Sales Staff
Just because sales may be slow doesn't mean the economy is bad. If you are doing the right things to market your business and staying in touch with your customers on a regular basis they will return after your slow period of summer vacations, back to school, etc. Motivational speaker Debbie Allen tells how to motivate your retail sales staff in slow times.
Just because sales may be slow doesn't mean the economy is bad. If you are doing the right things to market your business and staying in touch with your customers on a regular basis they will return after your slow period of summer vacations, back to school, etc. Motivational speaker Debbie Allen tells how to motivate your retail sales staff in slow times.
Inventory Startup Costs
Evaluating startup costs can be difficult for new retailers. The bottom line is many of the figures for the business plan will need to be estimates. Others may be found through research. Here are few of the most common startup cost questions and answers for planning a retail business.
Evaluating startup costs can be difficult for new retailers. The bottom line is many of the figures for the business plan will need to be estimates. Others may be found through research. Here are few of the most common startup cost questions and answers for planning a retail business.
Trade Credit
Trade credit (or business credit) is an essential tool from suppliers for delaying cash outflow. It is an open account with a vendor who lets the retailer buy inventory now and pay later. Once a retail business has established that it can pay the bills on time while building business credit, it can negotiate trade credit terms.
Trade credit (or business credit) is an essential tool from suppliers for delaying cash outflow. It is an open account with a vendor who lets the retailer buy inventory now and pay later. Once a retail business has established that it can pay the bills on time while building business credit, it can negotiate trade credit terms.
Prevent Shoplifting
Good store management can be an effective tool against shoplifting. Retailers should also use store layout, adequate inventory controls and follow common security practices to combat shoplifting. If your store has been designed with loss prevention in mind, another form of prevention is to use customer service techniques to take away opportunities to steal.
Good store management can be an effective tool against shoplifting. Retailers should also use store layout, adequate inventory controls and follow common security practices to combat shoplifting. If your store has been designed with loss prevention in mind, another form of prevention is to use customer service techniques to take away opportunities to steal.
Customer-Friendly Fixtures
One key way to attract and keep the attention of shoppers is to create an environment that is conducive to shopping – and one key way to do that is to use compelling, interchangeable store fixtures and retail display systems to keep your store fresh, interesting and appealing.
One key way to attract and keep the attention of shoppers is to create an environment that is conducive to shopping – and one key way to do that is to use compelling, interchangeable store fixtures and retail display systems to keep your store fresh, interesting and appealing.
Point of Sale Hardware
An essential part of a POS system is the cash drawer. Money, credit card receipts and other paperwork is stored here. This piece of hardware receives a signal from the computer or receipt printer and opens when necessary. If purchasing the components of the POS system separately, be sure the cash drawer is compatible with the rest of the system. Cash drawers should be sturdy and withstand the constant opening and closing.
An essential part of a POS system is the cash drawer. Money, credit card receipts and other paperwork is stored here. This piece of hardware receives a signal from the computer or receipt printer and opens when necessary. If purchasing the components of the POS system separately, be sure the cash drawer is compatible with the rest of the system. Cash drawers should be sturdy and withstand the constant opening and closing.
Keystone Pricing
Keystone pricing is a method of marking merchandise for resell to an amount that is double the wholesale price.
Keystone pricing is a method of marking merchandise for resell to an amount that is double the wholesale price.
GMROI
Ratio measuring inventory profitability as it relates to the gross profit margin earn on sales.
Ratio measuring inventory profitability as it relates to the gross profit margin earn on sales.
Open-to-Buy
Merchandise budgeted for purchase during a certain time period that has not yet been ordered.
Merchandise budgeted for purchase during a certain time period that has not yet been ordered.
Comp Sales
What are comp sales? Comparable-store sales is a measurement of productivity in revenue used to compare sales of retail stores that have been open for a year or more. Historical sales data allows retailers to compare this year's sales in their store to the same period last year.
What are comp sales? Comparable-store sales is a measurement of productivity in revenue used to compare sales of retail stores that have been open for a year or more. Historical sales data allows retailers to compare this year's sales in their store to the same period last year.
Operating Expenses
The sum of all expenses associated with the normal course of running a business.
The sum of all expenses associated with the normal course of running a business.
Break-Even Point
What is the break-even point? The point in business where the sales equal the expenses. There is no profit and no loss.
What is the break-even point? The point in business where the sales equal the expenses. There is no profit and no loss.
Wholesale
Wholesale is the sale of goods, generally in large quantity, to a retailer for resale purposes.
Wholesale is the sale of goods, generally in large quantity, to a retailer for resale purposes.
Financial Plan
One of the more difficult sections of the business plan, the Financial Plan will involve the company's revenue and profitability model. The Financial Plan assesses the amount of capital the retail business needs, as well as the proposed use of these funds and the expected future earnings. It includes Break-even Analysis, Sales Forecasts, Balance Sheets and Cash Flow Statements broken down monthly for the first year and then annually for the next 2-5 years.
One of the more difficult sections of the business plan, the Financial Plan will involve the company's revenue and profitability model. The Financial Plan assesses the amount of capital the retail business needs, as well as the proposed use of these funds and the expected future earnings. It includes Break-even Analysis, Sales Forecasts, Balance Sheets and Cash Flow Statements broken down monthly for the first year and then annually for the next 2-5 years.
Planogram Execution
In order to optimize shelf layout and receive a return on investment, a planogram should be properly executed and maintained by staff. Here's how.
In order to optimize shelf layout and receive a return on investment, a planogram should be properly executed and maintained by staff. Here's how.
Sell-Through Rate
Sell-through Rate is a calculation, commonly represented as a percentage, comparing the amount of inventory a retailer receives from a manufacturer or supplier against what is actually sold to the consumer.
Sell-through Rate is a calculation, commonly represented as a percentage, comparing the amount of inventory a retailer receives from a manufacturer or supplier against what is actually sold to the consumer.
Assistant Store Manager
The function of the assistant store manager is to oversee the overall daily operations of a retail store. Learn more about the key responsibilities, summary of experience, education and salary compensation for retail assistant store managers.
The function of the assistant store manager is to oversee the overall daily operations of a retail store. Learn more about the key responsibilities, summary of experience, education and salary compensation for retail assistant store managers.
Private Label
Products which are generally manufactured or provided by one company under another company's brand.
Products which are generally manufactured or provided by one company under another company's brand.
Retail Pros and Cons
If you are considering opening a retail store, the following highlights some advantages and disadvantages of retailing and can help you make an informed decision of whether or not retail ownership is right for you. Here are the pros and cons of retail ownership.
If you are considering opening a retail store, the following highlights some advantages and disadvantages of retailing and can help you make an informed decision of whether or not retail ownership is right for you. Here are the pros and cons of retail ownership.
Softlines
Softlines is a retailing term referring to a store department or product line primarily consisting of merchandise such as clothing, footwear, jewelery, linens and towels.
Softlines is a retailing term referring to a store department or product line primarily consisting of merchandise such as clothing, footwear, jewelery, linens and towels.
Recognizing Return Fraud
Retailers should keep customer service in mind while writing a return policy. It's a delicate balance to strike, but an obtainable one. First, understand what customers want. Shoppers want their returns to be effortless. They want the returns to have a reasonable time frame, include the ability to receive credit for the merchandise and not be penalized for making a return.
Retailers should keep customer service in mind while writing a return policy. It's a delicate balance to strike, but an obtainable one. First, understand what customers want. Shoppers want their returns to be effortless. They want the returns to have a reasonable time frame, include the ability to receive credit for the merchandise and not be penalized for making a return.
Business Licenses and Permits
Knowing what business licenses and permits your retail business needs can be very confusing when planning a new business. Each item requires time, energy and paperwork to obtain the proper business registrations. Here are some of the more common retail business licenses and permits to keep your business operating legally and where to find them.
Knowing what business licenses and permits your retail business needs can be very confusing when planning a new business. Each item requires time, energy and paperwork to obtain the proper business registrations. Here are some of the more common retail business licenses and permits to keep your business operating legally and where to find them.
Wrap Counter
A photo guide to some of the most common retail store fixtures used to display merchandise. This is a wrap counter or cash wrap.
A photo guide to some of the most common retail store fixtures used to display merchandise. This is a wrap counter or cash wrap.
Good Pricing Practices
The Federal Trade Commission says it can be relatively easy to improve pricing practices -- and in the process, boost customer satisfaction, your bottom line and compliance with the law. Here are their step-by-step suggestions.
The Federal Trade Commission says it can be relatively easy to improve pricing practices -- and in the process, boost customer satisfaction, your bottom line and compliance with the law. Here are their step-by-step suggestions.
Trade Show Tips
No matter how small your retail business may be, the benefits of attending a trade show sponsored by vendors or industry associations far outweigh any reason not to attend. To get the most from attending a trade show, you should have a strategy. Knowing what you would like to accomplish before, during, and after the trade show will help maximize your time. Here are some trade show planning tips.
No matter how small your retail business may be, the benefits of attending a trade show sponsored by vendors or industry associations far outweigh any reason not to attend. To get the most from attending a trade show, you should have a strategy. Knowing what you would like to accomplish before, during, and after the trade show will help maximize your time. Here are some trade show planning tips.
Selling Mistakes
Everyday small business owners make drastic mistakes when selling their business and lose thousands of dollars in the process. All their hard work and long-term investment goes down the drain. Motivational speaker, Debbie Allen offers five mistakes to avoid when selling your small business.
Everyday small business owners make drastic mistakes when selling their business and lose thousands of dollars in the process. All their hard work and long-term investment goes down the drain. Motivational speaker, Debbie Allen offers five mistakes to avoid when selling your small business.
Resolutions for Retailers
Retailers all have the same basic path to success. That is, we must increase sales and reduce expenses in order to improve profitability. The goal is the same but how we achieve each milestone may vary. Take a look at the following ways to better your business.
Retailers all have the same basic path to success. That is, we must increase sales and reduce expenses in order to improve profitability. The goal is the same but how we achieve each milestone may vary. Take a look at the following ways to better your business.
What is a SKU?
The Stock Keeping Unit (SKU) is a number assigned to a product by a retail store to identify the price, product options and manufacturer.
The Stock Keeping Unit (SKU) is a number assigned to a product by a retail store to identify the price, product options and manufacturer.
Creating a Newspaper Ad
As a retailer, you have so many responsibilities to manage that I suggest using a professional to create your newspaper ad. You can find freelance copywriters, graphic design students or advertising agencies to assist you in creating an ad. Fees will vary and so will talent. Be sure to review portfolios of past work and detail in writing what exactly you expect to be done by the individual or agency creating your newspaper ad.
As a retailer, you have so many responsibilities to manage that I suggest using a professional to create your newspaper ad. You can find freelance copywriters, graphic design students or advertising agencies to assist you in creating an ad. Fees will vary and so will talent. Be sure to review portfolios of past work and detail in writing what exactly you expect to be done by the individual or agency creating your newspaper ad.
Marketing Calendar
A marketing calendar is a tool used by retailers to show what marketing events, media campaigns and merchandising efforts are happening when and where, as well as the results.
A marketing calendar is a tool used by retailers to show what marketing events, media campaigns and merchandising efforts are happening when and where, as well as the results.
ARC Loan Program
Need a bail out? Retailers and other small businesses experiencing financial troubles due to the slow economy may be eligible for a new SBA guarantee loan program, America's Recovery Capital.
Need a bail out? Retailers and other small businesses experiencing financial troubles due to the slow economy may be eligible for a new SBA guarantee loan program, America's Recovery Capital.
Vendor Negotiation Tips
Learn how to bargain and negotiate prices with vendors to receive the best pricing and terms on products with these negotiation tips for retailers.
Learn how to bargain and negotiate prices with vendors to receive the best pricing and terms on products with these negotiation tips for retailers.
Capital
Capital is money available to build and grow a retail business. These liquid assets represent the amount of ownership and risk in a business.
Capital is money available to build and grow a retail business. These liquid assets represent the amount of ownership and risk in a business.
Shrinkage
Retail shrinkage is a reduction or loss in inventory due to shoplifting, employee theft, paperwork errors and supplier fraud.
Retail shrinkage is a reduction or loss in inventory due to shoplifting, employee theft, paperwork errors and supplier fraud.
Marketing Strategy
The marketing strategy should explain how your retail business will penetrate your target market. Detail the company's desired image and branding strategy. Give an overview of the company's pricing strategies, current and potential marketing partnerships and provide documented research to back your plan.
The marketing strategy should explain how your retail business will penetrate your target market. Detail the company's desired image and branding strategy. Give an overview of the company's pricing strategies, current and potential marketing partnerships and provide documented research to back your plan.
Creating Coupon Promotions
Coupon redemption may have decreased but retailers should not abandon this form of promotional tool. Learn why and how to use coupons as an inexpensive form of marketing, create effective coupon promotions and measure your coupon's response.
Coupon redemption may have decreased but retailers should not abandon this form of promotional tool. Learn why and how to use coupons as an inexpensive form of marketing, create effective coupon promotions and measure your coupon's response.
Visual Merchandising
Visual merchandising is the art of implementing effective design ideas to increase store traffic and sales volume.
Visual merchandising is the art of implementing effective design ideas to increase store traffic and sales volume.
Retail Management Books
The following titles feature our top picks for books we recommend for retail managers and store operators.
The following titles feature our top picks for books we recommend for retail managers and store operators.
Myths of Retailing
In retail, there are many misconceptions about what it takes to be successful. Whether our understanding of customers, marketing or other retailing information came from bad advice, myths, or elsewhere, negative information can have a profound impact on our business decisions. The following examines common (and some not-so-common) retail myths.
In retail, there are many misconceptions about what it takes to be successful. Whether our understanding of customers, marketing or other retailing information came from bad advice, myths, or elsewhere, negative information can have a profound impact on our business decisions. The following examines common (and some not-so-common) retail myths.
Turn Returns into Sales
Our job is to satisfy our customers and returns and refunds are a reality of retailing. Here's how to turn those inconvenient returns into exchanges and avoid refunds by implementing these simple customer service skills. Listen and learn, offer suggestions, cross-sell, up-sell and satisfy the customer.
Our job is to satisfy our customers and returns and refunds are a reality of retailing. Here's how to turn those inconvenient returns into exchanges and avoid refunds by implementing these simple customer service skills. Listen and learn, offer suggestions, cross-sell, up-sell and satisfy the customer.
Planogram
Visual description, diagram or drawing of a store's layout to include placement of particular products and product categories.
Visual description, diagram or drawing of a store's layout to include placement of particular products and product categories.
Business Analysis
Another section of the business plan is the Business Analysis. From the business structure, legal name, location and goods or services offered to an analysis of your customers and competition, the business analysis will describe the nature of your retail business. Use easy-to-read, common terminology. Never assume that those reading your business plan have the same level of technical knowledge that you do.
Another section of the business plan is the Business Analysis. From the business structure, legal name, location and goods or services offered to an analysis of your customers and competition, the business analysis will describe the nature of your retail business. Use easy-to-read, common terminology. Never assume that those reading your business plan have the same level of technical knowledge that you do.
Cash Register Stand
A photo guide to some of the most common retail store fixtures used to display merchandise. This is a cash register stand.
A photo guide to some of the most common retail store fixtures used to display merchandise. This is a cash register stand.
Corner Rack
A photo guide to some of the most common retail store fixtures used to display merchandise. This is a corner rack with other display cases.
A photo guide to some of the most common retail store fixtures used to display merchandise. This is a corner rack with other display cases.
Full Vision Display Case
A photo guide to some of the most common retail store fixtures used to display merchandise. This is a full vision display case.
A photo guide to some of the most common retail store fixtures used to display merchandise. This is a full vision display case.
Retail Loss Prevention Books
Retailers are constantly struck by outside influences out of their control. Rising cost of living, less consumer spending and increases in operating expenses erode profits. But what the retailer can control is its methods of loss prevention. Preventing shoplifting, stopping employee theft and reducing shrinkage can help ensure the retail store is keeping the most revenue possible.
Retailers are constantly struck by outside influences out of their control. Rising cost of living, less consumer spending and increases in operating expenses erode profits. But what the retailer can control is its methods of loss prevention. Preventing shoplifting, stopping employee theft and reducing shrinkage can help ensure the retail store is keeping the most revenue possible.
POP Display
Point-of-purchase displays, or POP displays, are marketing materials or advertising placed next to the merchandise it is promoting. These items are generally located at the checkout area or other location where the purchase decision is made. For example, The checkout counters of many convenience stores are cluttered with cigarette and candy POP displays.
Point-of-purchase displays, or POP displays, are marketing materials or advertising placed next to the merchandise it is promoting. These items are generally located at the checkout area or other location where the purchase decision is made. For example, The checkout counters of many convenience stores are cluttered with cigarette and candy POP displays.
Digital Signage in Retail
What is digital signage and how can it benefit a retailer? Learn how today's technology of digital signage enables a retailer to control and display their messages quickly and effectively. Understand the equipment used in digital signage networks.
What is digital signage and how can it benefit a retailer? Learn how today's technology of digital signage enables a retailer to control and display their messages quickly and effectively. Understand the equipment used in digital signage networks.
Scheduling Employees
One of the most important tasks of the retail manager is scheduling employees. Creating the work schedule requires meeting the needs of the store, while satisfying the needs of the workers. Learn factors which influence the weekly work schedule.
One of the most important tasks of the retail manager is scheduling employees. Creating the work schedule requires meeting the needs of the store, while satisfying the needs of the workers. Learn factors which influence the weekly work schedule.
Neon Music Notes
View this neon sign and other neon signs in our gallery to see how other businesses are implementing neon lights.
View this neon sign and other neon signs in our gallery to see how other businesses are implementing neon lights.
Merchandise Mix
A merchandise mix is the breadth and depth of the products carried by retailers. Also known as product assortment.
A merchandise mix is the breadth and depth of the products carried by retailers. Also known as product assortment.
Product Depth
Product depth is the number of each item or particular style of a product on the shelves. Product depth is also known as product assortment or merchandise depth.
Product depth is the number of each item or particular style of a product on the shelves. Product depth is also known as product assortment or merchandise depth.
Types of Clothing Hangers
Economical plastic, durable metal and classic wood hangers may all be suitable to use in a retail environment. Before choosing clothes hangers to use in your store, learn about the more popular types of hangers.
Economical plastic, durable metal and classic wood hangers may all be suitable to use in a retail environment. Before choosing clothes hangers to use in your store, learn about the more popular types of hangers.
Get Involved
Is your retail store involved in your community? One excellent way to market any retail business is through networking. And how do we network efficiently? By becoming involved with our community! Here are five tips for getting a retail business involved with the community:
Is your retail store involved in your community? One excellent way to market any retail business is through networking. And how do we network efficiently? By becoming involved with our community! Here are five tips for getting a retail business involved with the community:
Merchandise Return Form
Download this sample merchandise refund and return form for your retail store.
Download this sample merchandise refund and return form for your retail store.
Retail Store Evaulations
In order to meet our customers' needs, it is important to conduct regular retail store evaluations. An objective assessment of our stores can help us measure whether or not we are fulfilling our customers' expectations. Learn how and why retailers should conduct a retail store evaluation.
In order to meet our customers' needs, it is important to conduct regular retail store evaluations. An objective assessment of our stores can help us measure whether or not we are fulfilling our customers' expectations. Learn how and why retailers should conduct a retail store evaluation.
Auction House Bargains
Many retailers are using eBay but few small businesses are capitalizing on live auctions. If you sell antiques or collectibles, chances are you know auction houses can be a gold mine of bargains for items to resell in your shop. Other retailers may not be aware of the deals they can find at an auction house. Local auctions are great places to purchase store fixtures, display props, merchandise and other items to be used in a retail store.
Many retailers are using eBay but few small businesses are capitalizing on live auctions. If you sell antiques or collectibles, chances are you know auction houses can be a gold mine of bargains for items to resell in your shop. Other retailers may not be aware of the deals they can find at an auction house. Local auctions are great places to purchase store fixtures, display props, merchandise and other items to be used in a retail store.
Tips for Retailers Going Green
Retailers who think going green is just another fad or marketing ploy should think again. Consumers are becoming more aware of their overall impact on our communities. Here are some ways retailers can reduce, reuse and recycle for improved social-responsibility.
Retailers who think going green is just another fad or marketing ploy should think again. Consumers are becoming more aware of their overall impact on our communities. Here are some ways retailers can reduce, reuse and recycle for improved social-responsibility.
Staff Meeting Topics
As a retail store manager, have you ever planned a staff meeting and had no idea what to talk about? Consider discussing one of these staff meeting topics at the next store meeting.
As a retail store manager, have you ever planned a staff meeting and had no idea what to talk about? Consider discussing one of these staff meeting topics at the next store meeting.
Slatwall Panels
A photo guide to some of the most common retail store fixtures used to display merchandise. This is a slatwall panel.
A photo guide to some of the most common retail store fixtures used to display merchandise. This is a slatwall panel.
Contoured Hanger
Confused about the many different hangers available? View our Hanger Gallery to see examples of contoured hangers and other popular types of clothing hangers.
Confused about the many different hangers available? View our Hanger Gallery to see examples of contoured hangers and other popular types of clothing hangers.
Business Plan Books
Many books have been written on starting a business and the necessity of writing an effective business plan. Each book in our list of recommended business plan books, is devoted solely to the topic. Many have forms and outlines, others have sample business plans for you to review. These are the best step-by-step guides on content, presentation and execution of a business plan still in print today.
Many books have been written on starting a business and the necessity of writing an effective business plan. Each book in our list of recommended business plan books, is devoted solely to the topic. Many have forms and outlines, others have sample business plans for you to review. These are the best step-by-step guides on content, presentation and execution of a business plan still in print today.
Drop Shipping Tips
Drop shipping may sound like the perfect scenario, but to be profitable, a retailer must do some research before deciding if, or when, to drop ship. Here are 4 drop shipping tips for retailers
Drop shipping may sound like the perfect scenario, but to be profitable, a retailer must do some research before deciding if, or when, to drop ship. Here are 4 drop shipping tips for retailers
District Manager Profile
The function of the district manager is to oversee the overall operation of retail stores within an assigned territory or district. Learn more about the key responsibilities, summary of experience, education and salary compensation for retail district managers.
The function of the district manager is to oversee the overall operation of retail stores within an assigned territory or district. Learn more about the key responsibilities, summary of experience, education and salary compensation for retail district managers.
Retail Store Recovery
Zoning, recovery, straightening--call it what you will--is simply the act of getting a retail store ready for customers. It is the combination of several processes to make the store look great, ease store operations and it should be done on a daily basis. Make your store recovery go by quickly and efficiently with the following tips.
Zoning, recovery, straightening--call it what you will--is simply the act of getting a retail store ready for customers. It is the combination of several processes to make the store look great, ease store operations and it should be done on a daily basis. Make your store recovery go by quickly and efficiently with the following tips.
Plastic Hanger
Confused about the many different hangers available? View our Hanger Gallery to see examples of plastic hangers and other popular types of clothing hangers.
Confused about the many different hangers available? View our Hanger Gallery to see examples of plastic hangers and other popular types of clothing hangers.
Big Box Stores
Retail business owners often worry when a large chain store comes to town. Similarly, many people contemplating starting a small business are reluctant to compete with the large retailers. Here are some tips to better position your retail business for competing with the big box stores.
Retail business owners often worry when a large chain store comes to town. Similarly, many people contemplating starting a small business are reluctant to compete with the large retailers. Here are some tips to better position your retail business for competing with the big box stores.
Placing a Newspaper Ad
In-store, retailers rely on personal selling techniques to make money. The salesperson has direct contact with a customer and can gauge a reaction, tailor a pitch or strike up a dialog to better understand the customer's needs. Contact with that customer is limited. We also want to reach the consumer who has never visited our store and that's where advertising (or non-personal selling) comes in.
In-store, retailers rely on personal selling techniques to make money. The salesperson has direct contact with a customer and can gauge a reaction, tailor a pitch or strike up a dialog to better understand the customer's needs. Contact with that customer is limited. We also want to reach the consumer who has never visited our store and that's where advertising (or non-personal selling) comes in.
Retailing - QuickTips
An index of QuickTips for the Retailing guide site.
An index of QuickTips for the Retailing guide site.
Employer Identification Number
An Employer Identification Number (EIN) is also known as a Federal Tax Identification Number, and is used to identify a business entity. Most businesses need an EIN. You may apply for an EIN in various ways, including online.
An Employer Identification Number (EIN) is also known as a Federal Tax Identification Number, and is used to identify a business entity. Most businesses need an EIN. You may apply for an EIN in various ways, including online.
Independent Retailer
Becoming an independent retailer, that is starting your business from scratch, is one of the several types of retail business. Understand each type of retail business, the advantages and disadvantages of each to learn what style of business is right for you.
Becoming an independent retailer, that is starting your business from scratch, is one of the several types of retail business. Understand each type of retail business, the advantages and disadvantages of each to learn what style of business is right for you.
Retail Ownership Skills/Traits
Do you have what it takes to own your own retail store? Anyone considering starting a business will probably answer 'yes' to that question. Choosing to become an entrepreneur is just like making any career decision. Before starting your business, take a moment to seriously consider your strengths, weaknesses and the qualities any good retailer should possess.
Do you have what it takes to own your own retail store? Anyone considering starting a business will probably answer 'yes' to that question. Choosing to become an entrepreneur is just like making any career decision. Before starting your business, take a moment to seriously consider your strengths, weaknesses and the qualities any good retailer should possess.
Submit Retail Store Photos - Displays - Signs - About Retailing
Submit Retail Store and Visual Display Photos - How to Share Your Retail Merchandising Pictures
Submit Retail Store and Visual Display Photos - How to Share Your Retail Merchandising Pictures
Inventory Turnover
How many times during a period that a business sells its inventory and replaces it.
How many times during a period that a business sells its inventory and replaces it.
Ways Retailers Can Cut Expense
There are many areas in spending in which retailers can reduce without compromising customer service or quality. If your store is experiencing a cash crunch, consider the following ways to cut retail business expenses.
There are many areas in spending in which retailers can reduce without compromising customer service or quality. If your store is experiencing a cash crunch, consider the following ways to cut retail business expenses.
Cash Registers Under \$200
There are several good cash registers available today for less than $200. While it may seem these low-priced machines are sacrificing functionality for price, we suggest you take another look. These affordable electronic cash management systems come with thermal printers, built-in customer display poles and drawer locks. The following are our favorite cash registers under $200.
There are several good cash registers available today for less than $200. While it may seem these low-priced machines are sacrificing functionality for price, we suggest you take another look. These affordable electronic cash management systems come with thermal printers, built-in customer display poles and drawer locks. The following are our favorite cash registers under $200.
Management Plan
In the management section, the information will show that the retail business has the necessary human resources to be successful. It will answer questions about the key management personnel and their background, explain how the store will be staffed and detail all personnel compensation and benefits, including employment policies and procedures.
In the management section, the information will show that the retail business has the necessary human resources to be successful. It will answer questions about the key management personnel and their background, explain how the store will be staffed and detail all personnel compensation and benefits, including employment policies and procedures.