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Retailing: Most Popular Articles

These articles are the most popular over the last month.
Retail Sales Percentage Increase / Decrease...
Calculate the difference between two sets of sales figures to find the increase or decrease percent with this JavaScript calculator.
Learn the Key Formulas of Retail Math
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.
50 Smart Ideas for Marketing Your Retail Business
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.
Retail Markup Markdown Calculator
Calculate the retail sales prices of a product or profit or loss using markup or markdown with this JavaScript calculator.
A Simple Store Layout for Clothing Stores
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 Retailer's Guide to Setting the Right 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.
6 Ways to Increase 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.
How To Control Your Inventory
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.
How (and Why) 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.
How to Decide if a Product Is Right for Your...
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.
What Does a Retail Business Look Like?
What is the definition of a retailer? One who sells goods or commodities directly to consumers. These items are generally sold in small quantities, at a marked up price from the manufacturer or wholesaler.
Retail 101: How Do I Buy Wholesale Merchandise?
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.
Opening a Retail Store? Ask These 4 Questions.
Page 2. Don't feel rushed into making a decision on where to put your retail business. Take your time, research the area and have patience. If you have to change your schedule and push back the date of the store’s opening, then do so. Waiting to find the perfect location is better than just settling for the first place that comes along. The wrong location choice could be devastating to your retail business.
The 7 Branches of 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.
Starting a Retail Business? You'll Need These
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.
How to Estimate Store Front Leasing 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.
Want to Start a Retail Business? Follow These...
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.
How to Stock a Cash Register
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.
Why Signs Sell in Retail
We believe that interior advertising, also known as signage, is the most misunderstood and underutilized tool to increase sales in retailing today.
How to Create and Use a Retail Planogram
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.
Understand the Benefits of Product Knowledge
Knowledge is power and for retailers, product knowledge can mean more sales. Read on to learn some of the benefits of knowing the products you sell.
How to Choose Between a Cash Register and POS...
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 Do's and Don'ts of Naming a Business
Need business name ideas? Here's how to use brainstorming to generate some options for your business name.
Daily Cash Drawer Report - Sample Form for...
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.
5 Ways to Track and Evaluate 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.
The New Retailer's Guide to FOB
Shipping term used to indicate who is responsible for paying transportation charges.
The New Retailer's Guide to 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.
4 Causes of Retail 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.
Stopping a Shoplifter Starts with This
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.
Understanding Advertising Rate Cards
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.
Success in Retail is All About Mastering This
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.
The amount of gross profit made when an item is sold.
What Size Building or Store 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.
6 Tips for Using 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.
Planning a Retail Sale? These Formulas Can Help
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.
Need to Write a Business Plan? Start Here
The most important thing you can do for your new or existing business is to write a business plan. Businesses have different reasons to write a business plan but the process of creating a solid business plan will help the business become successful.
5 Mistakes to Avoid When Selling Your Small...
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.
What Retailers Should Know About Keystone Pricing
Keystone pricing is a method of marking merchandise for resell to an amount that is double the wholesale price.
The 6 Types of Merchandise Your Retail Store...
In retail, there are 6 types of merchandise you should always carry in your store. Each of these types appeals to a different customer and all of them make you money.
Point-of-Purchase 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.
Staff Meeting Topics: Basic Safety
The key to accident prevention in retail begins with awareness of basic safety. It's also a great topic for the next staff meeting!
New Retailer's Guide to POS Systems
Point of Sale (POS) refers to the area of a store where customers can pay for their purchases. The term is normally used to describe systems that record financial transactions. This could be an electric cash register or an integrated computer system which records the data that comprises a business transaction for the sale of goods or services.
How Shoplifters Give Themselves Away
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.
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.
10 Ways to Market Your Retail Store in the...
Marketing online is as important for a brick and mortar retail store as an e-commerce site. Increase exposure by marketing online with these marketing tips for your retail store.
The Stock Keeping Unit (SKU) is a number assigned to a product by a retail store to identify the price, product options and manufacturer.
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.
How to Calculate GMROI in 4 Easy Steps
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.
15 Things a Retailer Should Never Say to You
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.
What Is a 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.
Parts of a POS System
Retailers can’t choose the right point of sale system for their business if they don’t first understand the parts of the POS cash register. POS systems can be purchased bundled, with or without software. Like your home PC peripherals, the various POS components can be purchased individually. Prices vary widely by brands and technology. The following is a guide to understanding point of sale hardware.
Products and Services
This part of the business plan is most important to retailers developing a business. The Products and Services section describe the goods and services offered, how they are provided, information about the vendors, and any plans for future growth of the product lines.
How to Keep Thieves from Stealing Your Profit
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.
Top 10 Recommended Retailing Books
The list of business books explaining how to start a business is almost endless. However, the number of good guides to opening and operating a retail store are few. The following list is our top picks for books we recommend for retailers starting their own shop.
Startup Cost Calculator - Calculating Costs to...
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.
5 Must-Read Books for Retail Managers
The following titles feature our top picks for books we recommend for retail managers and store operators.
Use 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.
Is Your Retail Space Ready for Customers?
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.
Writing a Return Policy
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. Page 2.
Own a Business? Here Are 10 Ways to Make it...
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.
Top 5 Types of Retail Ownership
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.
Where can I find 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.
Setting Store Policies
Establish policies and procedures for your retail business during the planning stages, including types of payment, product pricing, hours of operation, returns and exchanges
4 Social Media Tips for Retailers
Social media is a must for retailers. But what are the mistakes retailers make and how do they avoid them? Here are 4 tips to help you do social media well.
Receiving Goods
When the products arrive, they may be in plastic containers, cardboard cartons, wooden crates or other packaging. Some merchandise may be on hangers, other items may be on pallets. Keep in mind that a receiving area is designed to receive, not warehouse merchandise. Each step of processing freight should be done quickly and efficiently. Page 2.
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.
Job Safety and Health Protectin (OSHA) Poster
Job Safety and Health Protection (OSHA) and other workplace posters for retail businesses as required by the U.S. Department of Labor. Page 2.
Cash Management Systems
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.
5 Most Important Elements of Visual Merchandising
Visual merchandising is comprised of many elements and can create uncertainty about where to start. Many retailers leave valuable dollars on the table through poor visual merchandising.
Top 10 Ways to Turn Off Customers
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?
Marketing Strategy
What importance does the marketing section have on your entire business plan? What should you include and what should you leave out?
A reduction or loss in inventory due to shoplifting, employee theft, paperwork errors and supplier fraud.
District Manager Job Description
What are the responsibilities of a retail district manager? Learn more about this position, including necessary experience.
5 Must Follow Rules for Retail Merchandising
Having the right merchandise in your retail store is one thing, having it at the right price is quite another. Learn the art of balancing these two ideas for your retail store.
6 Things that Must Be In Your 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.
What is a Retail Business?
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.
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.
Merchandise budgeted for purchase during a certain time period that has not yet been ordered.
Visual Displays Photo Gallery
The images in our Visual Displays Photo Gallery have been submitted from retailers, merchandisers and visual display artists wanting to show off their talents. Find out how to submit your creative, attractive displays.
Merchandise Return Form
Download this sample merchandise refund and return form for your retail store.
Merchandise Mix
A merchandise mix is the breadth and depth of the products carried by retailers. Also known as product assortment.
Motivating 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.
More Mistakes to Avoid When Selling Your Small...
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. Page 2.
Independent Retailer
By definition, an independent retailer is a small business owned and operated by an individual versus a corporation. Independent retailers are the backbone of our economy.
4 Ways to Build Customer Loyalty
The Pareto Principle says that 80% of your sales come from 20% of your customers. To keep these customers coming back, you need to help them remain loyal to you. Here's how to build customer loyalty and keep customers coming back.
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.
Top 5 Ways Retailers May Lose Customers
Without customers, we wouldn't be in business. That is why 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.
Three Ways Your Retail Business Can Crush the...
It's inevitable that your retail business will have some form of competition. And while you can't control what your competitors do, you can minimize their impact on your business. Here are three ways to rise above the competition.
Top 10 Bargaining 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.
Calculate Inventory Turnover
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.
Pros and Cons of Starting a Retail Business
If you are considering opening a retail store, the following highlights some advantages and disadvantages of retailing.
New Retailer's Guide to 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.
Top 3 Cash Registers Under \$200 USD
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.
Retail Topic Ideas for Store Meetings
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.
Loss Prevention
Loss prevention is the act of reducing the amount of theft and shrinkage within a business.
Conduct a Physical Inventory
Most retailers are required by tax and/or accounting rules to provide an accurate on-hand value of the merchandise in its store. Although the retail store may be using a perpetual inventory system or other software to keep track of all items, it may still be required to physically count all inventory. Here's how to conduct a physical inventory with as little disruption and as much accuracy as possible.
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.
A percentage added to the cost to get the retail selling price.
How to Properly Receive Merchandise
The individual tasks of freight processing vary from one retailer to another. The size of the delivery, the type of products, location for receiving and method of tagging each play a vital part in merchandise handling. However, the overall concept of receiving merchandise is very similar across most retail stores.
Retail Store Evaulations
In order to meet our customers' needs, it is important to conduct regular retail store evaluations. Learn how and why, and what areas to evaluate. Page 2.
First In, First Out
First In, First Out, or FIFO, refers to a method of stock rotation in which goods that are received first are sold first. Newly received product is stocked behind the older merchandise.
Wholesale is the sale of goods, generally in large quantity, to a retailer for resale purposes.
Gross Margin
Gross margin is the difference between what an item cost and for what it sells.
6 Essential Tips for Retail Promotion
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.
Basic Business Legal Structures
Several factors should be considered when choosing the best form of business ownership. The type of business structure you choose can have an impact on multiple aspects of your business, including taxes, liability, and your exit strategy. Here are some basic forms of business ownership in the United States.
Use Customer Service to 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.
Implement and Maintain a Planogram
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.
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.
Choosing a Newspaper to Advertise Your Business
The number of non-personal channels of communication is extremely high, giving retailers many options for advertising. These include newspapers, radio, television, billboards, magazines, posters, and the list goes on. The following information looks at advertising with newspapers.
Store Supply List
What retail store supplies does your business need? View this list of store supply items needed in each area of your brick and mortar retail store.
Dead Stock
Dead stock is simply merchandise that cannot be sold. This type of product has never been worn, used or sold and has been in inventory for an extended period of time. It often has original packaging and tags.
Loss Leaders
Loss leaders are goods or services offered at steep discounts in order to attract new customers to a store and stimulate sales.
The New Retailer's Guide to Cost of Goods Sold
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.
8 Low-Cost Perks
Excellent customer service must begin by creating happy employees. Retailers that develop long-term incentives, perks, and rewards for its staff often see benefits like less employee turn-over and better customer service. What perks can a brick and mortar retail shop offer employees? Here are 8 low-cost perk ideas for retailers.
Fair Labor Standards Act (FLSA) Minimum Wage...
Fair Labor Standards Act (FLSA) Minimum Wage and other workplace posters for retail businesses as required by the U.S. Department of Labor. Page 3.
How to Calculate GMROI
Using GMROI or gross margin return on investment can make a huge difference in your retail business. It is the most accurate measure of the health of your business.
The term kiosk, as related to retailing, refers to a small stand-alone structure used as a point of purchase. This can be either a computer or display screen used to disseminate information to customers or may be a free-standing, full-service retail location. Kiosk are often found in malls and other high-traffic locations.
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. Page 15.
Top 7 Styles of Hangers and Their Uses in Retail
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.
How to Keep Cool When Dealing With a Disgruntle...
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.
Anchor Store
An anchor store is a major retail store used to drive business to smaller retailers. These larger department stores or grocery stores are generally part of a retail chain and are the prominent business in a shopping mall.
The Retail Sales Bible
The best book ever written on retail selling os the Retail Sales Bible. It's authors have over 50 years of combined retail experience and the lessons learned are included in this text.
EIN - 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.
Do You Need an 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.
Product Breadth
The product breadth is the variety of product lines offered by a retailer.
How much will inventory cost for my retail...
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.
Atmosphere is the physical characteristics and surrounding influence of a retail store that is used to create an image in order to attract customers.
How Much Does it Cost to Start a Retail Business?
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.
Retail Scheduling Basics
Once the retail manager understands the factors involved in scheduling employees, he/she can become skilled at balancing the store's staffing issues. Scheduling becomes easier over time. Here's what you need to write a weekly work schedule. Page 2.
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.
Recognizing Return Fraud
Does your return policy allow stolen merchandise to be returned for cash? We certainly hope not! However, the National Retail Federation's Return Fraud Survey says criminals often take advantage of retailers with relaxed return policies. Learn the types of return fraud and the signs your retail business may be the victim of return fraud.
The number of identical products (or same SKU) facing out toward the customer. Facings are used in planograms and when zoning a retail store.
Retail Store Evaluations
Every retailer starts out with the store matching their vision exactly, but if they do not constantly evaluate their retail store, it will eventually become something you do not want.
Selling Online vs Store
Retailers considering selling online only as a means to make sales without having much overhead have a lot to learn. It's not as easy as it seems.
What is Inventory Turnover
inventory turnover is a common measurement of the retailer's ability to manage its inventory well. Too high a turn and the retailer is missing sales. Too low and they have more inventory than it needs.
Notice to Workers with Disabilities/Special...
Notice to Workers with Disabilities/Special Minimum Wage and other workplace posters for retail businesses as required by the U.S. Department of Labor. Page 4.
Retail 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.
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.
Category Killer
A large retail chain store that is dominant in its product category. This type of store generally offers an extensive selection of merchandise at prices so low smaller stores cannot compete.
Financial Dictionary - The Terms You Need to...
Knowing how to read the financial statements of your retail store is critical to your success. Here are the most common terms you need to know.
Trade Show Attendance Tips
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.
Sales Floor
The sales floor is the location of a retail store where goods are displayed and sales transactions take place. For example, the receiving of merchandise takes place in the stock room, but all direct sales and customer interactions are done on the sales floor.
Creating a Newspaper Advertisement
As a retailer, you have so many responsibilities to manage that I suggest using a professional to create your newspaper ad.
Starting a Retail Business Quiz - Do You Have...
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.
Top 10 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.
What is RFID?
Radio Frequency Identification (RFID) refers to the technology that uses radio waves to transmit a product's unique number from a tag to a reader. It can be a great tool in today's retail store.
Writing an Executive Summary
An Executive Summary is critical to the success of the business plan. Less than 10% of all retailers actually have a business plan.
Store Meetings for Retailers
The best way to disseminate important information to retail store employees is by holding a store meeting. Some retailers have mandatory monthly meetings and others wait until special events or circumstances arise which may warrant a store meeting. Read these tips before your next store meeting.
Operating Expenses
The sum of all expenses associated with the normal course of running a business.
Reducing Retail Business 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.

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