How top retail and hospitality brands execute programs and standards on time, in full, at every site
Retail audits, also called Store Visits or Store Inspections, drive higher compliance with store program and brand standards. They are part of the retail execution workflow and designed to increase sales and profit margins, boost customer satisfaction and cut business risks. Maybe you are starting a retail audit program from scratch. Maybe you have an … Continue reading 🚀 How to Build a Retail Audit Checklist
Making the most of sales and promo periods can earn your store a ton of revenue. In fact, for brick and mortar retailers, promotions generally account for anywhere from 10% to 45% of total revenue. Understanding how to manage seasonal sales and promotions is key to running a successful store. But it also requires having an … Continue reading How to Manage Seasonal Sales and Promotions Across Multiple Locations
Online reviews make a huge difference in where people choose to eat these days. 90% of diners research restaurants online before choosing a place to eat. 33% won’t eat at any place that has fewer than four stars. Ultimately, this means that negative reviews have a significant impact on a restaurant. In addition to reducing … Continue reading Top Reasons People Leave Negative Restaurant Reviews (and How to Fix Them)
It wasn’t too long ago that retailers and consumers were facing a plague of out-of-stock merchandise and empty shelves — on account of supply-chain disruptions in global retail. Times have certainly changed since then, and so have the challenges. A recent study shows that 50% of retailers in the U.S. are struggling with unsold inventory … Continue reading How to create an Effective Merchandising Plan
Guess what’s costlier than diamonds these days? Acquiring customers in the retail industry. That’s right. The customer acquisition cost in retail has skyrocketed in the last eight years, recording a whopping 222% increase. How did we get here? Among other things, stricter regulations around consumer privacy, the imminent demise of third-party cookies, and the launch … Continue reading 5 Store Operations Best Practices Every Manager Must Implement
Retailers and consumers alike have been facing the brunt of inflation of late. You don’t have to be an expert in economics to see how dramatically the prices of everything — from gas to household essentials — have been rising since the past year. June 2022 recorded an inflation rate of 9.1%, the highest we’ve … Continue reading How to Run a Thriving Retail Business Amidst Economic Uncertainty
The retail and hospitality business is hard enough, there are headaches you can do without because...you can. Sometimes, a little planning is all it takes. In this post, we'll have a look at 3 common headaches of retail operations and how to avoid them. Let's dive in. Knowing what has to be done and actually … Continue reading 3 Retail Operations Headaches You Can Avoid
A site inspection keeps your business, employees and customers safe by identifying potential hazards and risks. Here are some tips on using site inspections to reduce commercial insurance premiums. While an insurance company will often send an inspector to survey the site when you insure a new property and business, taking a preemptive approach can … Continue reading How to Use Site Inspections to Reduce Commercial Insurance Premiums
Consistency is the bedrock of any successful franchise business. Customers expect the same experience from your brand no matter where they’re shopping, eating or staying, which is why it’s important to keep your franchisees in check and ensure they stay consistent with brand standards, corporate guidelines and policies. A good starting point to achieving this … Continue reading 7 Ways to Deal with Rogue Franchisees
Between rapidly changing consumer trends and more competition, agility is a super power in the retail industry. If you want to thrive today and in the coming years, it’s critical that you learn how to be fast, nimble, and adaptable. This post explores the topic of retail agility in more detail, and sheds light on … Continue reading How to Be an Agile Retailer: 6 Expert-Backed Ideas
Getting sued is a retailer's worst nightmare. Lawsuits aren’t just stressful and time consuming, they’re notoriously expensive. With average attorney rates ranging from $250 to $550 an hour, businesses can expect to shell out hundreds of thousands dollars (likely more) in the event of a lawsuit. Then there are the hard-to-quantify costs that come with … Continue reading 6 Reasons Retailers Get Sued — and How to Avoid Them
It’s the busiest time of the year for retailers. Because of all that happened since the pandemic began, most of the challenges that you’ll face this year will likely take place behind-the-scenes instead of behind the counter or on the sales floor. Online sales will surge this year due to continued social distancing and health … Continue reading Timely Order Fulfillment – How to Tips for Retailers
The classic phrase “the devil’s in the details” rings very true in the retail world. A retail store may look simple and easy to mange on the outside. However, store managers and associates are constantly juggling multiple moving parts. From monitoring inventory levels to entering customer data, there are a lot of details to manage … Continue reading How to Prevent Human Errors in Retail
No retailer likes to think about injured employees and customers, but it’s something that you need to consider and prepare for. Workplace injuries cost business owners and at least 1 billion a week — not to mention the tremendous hassle that comes with such incidents. Simply put, accidents and injuries can land your business in … Continue reading How to Minimize Injuries and Liabilities in Retail: 9 Tips
Compliance with standard operating procedures, merchandising programs, health and safety directives, and loss prevention protocols is essential to the success of a retail business. Stores that stay on top of programs and brand standards run more efficiently and provide a better customer experience. But with so much going on, publishing standards does not guarantee they … Continue reading Why and How to Measure Store Compliance
Diversity should be at the forefront of conversations around hiring — and not just because it’s politically correct or timely to talk about. The fact of the matter is there is a lack of diversity in many workplaces. Employers must take steps to ensure that candidates, regardless of their race or gender, get an equal … Continue reading How to Hire for Diversity in Retail
Benjamin Franklin wisely said that “failing to plan is planning to fail.” While he wasn’t specifically referring to the retail industry, the adage could not ring more true — especially when it comes to merchandise planning for your retail store. If the merchandise you order and so diligently display in your store and on your website … Continue reading Merchandise Planning: The Clever Retailer’s Guide for How to Do It Right
Pre-pandemic, district managers physically visiting the stores in their district, cluster or region (aka store audit, store walk, inspection, or visit) was considered a cornerstone of store operations best practices. When travel restrictions were put in place, many district managers became unable or limited as to how much time they could spend time on the … Continue reading How to Manage Store Operations Remotely
All retailers should know how to hold a sale since promotions and discounts are easily one of the best ways to boost your bottom line. It creates a sense of urgency amongst consumers, and also helps to introduce your brand to new customers who haven’t encountered you before. However, sale events can also reduce your … Continue reading How to Hold a Sale without Killing Your Profits
Single-store retailers that have found success often start thinking about the prospect of setting up shop in other locations. This is a natural step that many businesses take, and for good reason: expanding to other locations puts your business in front of more people and opens up opportunities for growth. But as you think about how … Continue reading How to Grow a Retail Business: From 1 Store to 5 Stores
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