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Rick Segel & Matthew Hudson

Updated Articles and Resources

By Rick Segel & Matthew Hudson

    Updated Articles and Resources
    • How to Make Your Retail Business A Valuable Resource to Customers Created: Tuesday, July 15, 2014 Updated: Tuesday, July 15, 2014
      Be successful in retail by managing your customer's expectations. Know what your customers want and not only how to deliver on those expectations, but exceed them.
    • Is the Advice You’re Receiving Bad for Your Retail Business? Created: Monday, July 14, 2014 Updated: Monday, July 14, 2014
      What should I consider when hiring a consultant for my retail store?
    • How to Calculate GMROI for your Retail Store Created: Thursday, July 10, 2014 Updated: Thursday, July 10, 2014
      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.
    • 6 Tips For Getting the Most Out of Your Retail Employees Created: Wednesday, July 09, 2014 Updated: Wednesday, July 09, 2014
      Use these tips to get the most out of your retail employees while positioning yourself as a source of encouragement and stability every retail employee needs.
    • The 5 Most Important Elements of Visual Merchandising Created: Tuesday, July 08, 2014 Updated: Tuesday, July 08, 2014
      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.
    • Types of Store Layouts Created: Thursday, August 03, 2006 Updated: Thursday, July 03, 2014
      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 ...
    • Cash Management Systems Created: Friday, June 16, 2006 Updated: Thursday, July 03, 2014
      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 ...
    • Reducing Retail Business Expense Created: Tuesday, January 22, 2008 Updated: Thursday, July 03, 2014
      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 reta...
    • 4 Ways to Boost Convenience for Customers Created: Wednesday, July 02, 2014 Updated: Wednesday, July 02, 2014
      In today's competitive retail environment, its not enough to satisfy customers, you must exceed their expectations.
    • Why They Buy Created: Tuesday, April 08, 2014 Updated: Wednesday, July 02, 2014
      WHAT CAN BE DONE TO INCREASE SALES IN SPITE OF THE SALES STAFF? Boosting retail sales faster than by replacing staff.
    • Power Failure in Your Store Created: Sunday, April 15, 2007 Updated: Monday, June 30, 2014
      We all hope we're never faced with having to operate a retail store without electricity, but acts of nature, mechanical problems and other emergency situations could result in power failure at your...
    • Wholesale Created: Friday, April 28, 2006 Updated: Monday, June 30, 2014
      Wholesale is the sale of goods, generally in large quantity, to a retailer for resale purposes.
    • Add-On Sales Created: Monday, March 30, 2009 Updated: Monday, June 30, 2014
      Add-on sales is the promotion of additional products or services to a customer at the time of purchase.
    • How to Properly Receive Merchandise Created: Friday, November 20, 2009 Updated: Friday, June 27, 2014
      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 ...
    • Product Depth Created: Thursday, August 24, 2006 Updated: Friday, June 27, 2014
      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.
    • Atmosphere Created: Friday, January 19, 2007 Updated: Thursday, June 26, 2014
      Atmosphere is the physical characteristics and surrounding influence of a retail store that is used to create an image in order to attract customers.
    • Anchor Store Created: Thursday, January 10, 2008 Updated: Thursday, June 26, 2014
      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 busi...
    • Calculate GMROI Created: Friday, February 24, 2006 Updated: Wednesday, June 25, 2014
      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 evaluat...
    • Customer Comment Cards Created: Monday, October 22, 2007 Updated: Wednesday, June 25, 2014
      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 ...
    • Shoplifting Policies and Procedures Created: Friday, July 14, 2006 Updated: Wednesday, June 25, 2014
      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 ...
    • How to Identify Shoplifters Created: Friday, July 14, 2006 Updated: Wednesday, June 25, 2014
      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. ...
    • Benefits of Product Knowledge Created: Saturday, November 18, 2006 Updated: Wednesday, June 25, 2014
      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.
    • Petty Cash and the Cash Drawer Created: Thursday, June 15, 2006 Updated: Wednesday, June 25, 2014
      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 o...
    • What Size Building or Store I Need? Created: Friday, May 19, 2006 Updated: Wednesday, June 25, 2014
      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 ...
    • Balancing a Cash Register Created: Friday, June 30, 2006 Updated: Wednesday, June 25, 2014
      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 an...
    • Average Inventory Cost Created: Wednesday, April 26, 2006 Updated: Wednesday, June 25, 2014
      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 c...
    • Category Killer Created: Monday, April 24, 2006 Updated: Wednesday, June 25, 2014
      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.
    • First In, First Out Created: Wednesday, September 05, 2007 Updated: Wednesday, June 25, 2014
      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.
    • Facing Created: Monday, July 30, 2007 Updated: Wednesday, June 25, 2014
      The number of identical products (or same SKU) facing out toward the customer. Facings are used in planograms and when zoning a retail store.
    • Operating Expenses Created: Sunday, March 05, 2006 Updated: Wednesday, June 25, 2014
      The sum of all expenses associated with the normal course of running a business.
    • Retailing Created: Sunday, February 26, 2006 Updated: Wednesday, June 25, 2014
      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 prod...
    • Writing a Business Plan Created: Tuesday, July 11, 2006 Updated: Wednesday, June 25, 2014
      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 bus...

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