How top retail and hospitality brands execute programs and standards on time, in full, at every site
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
Many growing businesses reach a point where they start to outgrow their current market. Perhaps you’ve already managed to capture a large chunk of customers in your local area. Maybe your regional business has grown to become the top choice in your category. Whatever the case, you may find yourself exploring the possibility of expanding … Continue reading How to Scale Your Operations from Regional to National
While industry data shows that foot traffic has somewhat recovered since the pandemic, there’s still plenty of room to improve. As such, it’s more important than ever to focus on in-store customer conversions. After all, attracting shoppers to your store is challenging enough as is it; the last thing you want is for customers to … Continue reading 5 Reasons People Leave Your Stores Without Buying Anything (and How to Fix it)
The retail industry has always been competitive, but the last few years have been more challenging than ever. People’s shopping habits have evolved dramatically and consumer expectations continue to increase. All the while, retail profit margins are shrinking. According to data from CSI Market, the specialty retail sector’s profit margins sat at 35.55% in the … Continue reading 7 Costly Mistakes to Avoid in Retail
Franchise and corporate-owned retail stores are two different breeds. Casual shoppers shouldn’t notice the difference, as both types of stores have the same general appearance and product mix. But, when it comes to franchise vs. corporate, the people managing and running these stores will have a different experience. Have a look at these comparisons below, … Continue reading Franchise vs. Corporate: 6 Things You Need to Know
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
Most entrepreneurs have the urge to think big and grow their businesses. As a retailer, this can mean expanding to other locations and setting up multiple stores in other cities or states. And while this is a perfectly sound strategy, growing your business isn’t just about developing your physical retail footprint. In many cases, you … Continue reading 11 Ways to Increase Your Local Retail Presence
Taking any business from one stage of growth to another requires knowledge, skills, and mindset. Growing from one to five stores requires a completely different strategy from scaling your retail store counts to double digits. In other words, what got your business to where it is today, won’t get it to the next level. So how … Continue reading How to Grow a Retail Concept from 5 to 50+ Stores
Now more than ever, retailers need to find ways to stay more competitive. Your product, price, and customer service, while important, can no longer be what you hang your brand’s hat on alone. Stores need to ensure that they are creating an experience for their customers and increasing engagement. One way retailers can accomplish this is … Continue reading 4 Ways Using Technology in Retail can Increase Sales
Retailers around the world are preparing to reopen stores. Whether you are still in the preparation phase or your stay-at-home orders have expired, here are 8 steps to take to successfully reopen stores. 1. Assess Physical Stores Make sure your stores are physically sound and safe for reopening. If they have been shuttered for some … Continue reading 8 Steps to Reopen Stores Successfully
Working as a retail district manager requires you to become a jack-of-all-trades. You oversee multiple stores in your region, handling their store-specific issues on a day-to-day basis. Concurrently, you’re tasked with ensuring that each store aligns with the company’s operational guidelines and longer-term strategic goals. To thrive in this fast-paced business environment, you need to … Continue reading 5 Manual Processes District Managers Should Automate
Retailers are held to higher standards than ever before. The most successful brands are nimble, customer-first, culture-oriented, and efficient. That’s a tall order. And management staff are feeling the pressure. In fact, 72% of business managers are overwhelmed by their job. Retail automation empowers brands with better data, increased efficiency, and overall cost savings. It … Continue reading 4 Ways to Automate in Retail
Retail returns aren’t just an eCommerce problem; all retailers should be thinking about ways to reduce returns. While online fashion purchases are returned twice as often as items bought in-store, returns in physical stores are also taking a big chunk out of retailers’ market share. This year alone, returns will cost companies $550 billion (that’s a … Continue reading How to Reduce Returns in Your Stores
A store missing its targets or failing to meet expectations can derail company revenue goals for the quarter or even the whole year. Additionally, underperforming stores can lower employee morale. This can lead to a further decline in revenue. For this reason, managers should act immediately to improve store performance when they discover that a … Continue reading 6 Ways to Improve Store Performance
One of the best ways to tell if your retail stores are doing well is to compare their performance from the previous period. Revenue numbers alone cannot tell the whole story without context or historical data, so it’s important to look at how a store’s revenue is tracking over a given timeframe. This is where … Continue reading 7 Tips to Increase Same-Store Sales in Retail
When was the last time you made an assumption about something? Or someone? The reality is, assumptions are often made instinctively – whether they are right or wrong. It’s human nature to react to situations, experiences and even people despite not knowing anything about these scenarios. It’s fair to say that first impressions matter – … Continue reading How Retailers can Create a Positive First Impression
If you’re in retail, we’re willing to bet that getting more visitors to your location is pretty high up on your wishlist. When you increase foot traffic to your retail store you also increase sales and revenue opportunities. This translates to a higher bottom line and a healthier retail business. That’s why it’s important to … Continue reading 5 Tips for Creating Campaigns That Increase In-Store Traffic
A point of purchase display (aka POP display) is a critical sales and marketing tool for retailers and CPGs. POP displays can introduce and educate shoppers, encourage them to try a product, and ultimately drive sales. Point of purchase displays can also enhance a retail store. The best ones breathe life into your space, making … Continue reading 10 Point of Purchase Display Tips to Increase Retail Sales
Let’s just cut to the chase — if you’re a retailer, your goal is to get new customers and keep the customers you have coming back, all in the name of increased sales. Without sales, you don’t have a business. Thus, strategizing about how to maximize retail sales should be a top priority. According to … Continue reading 10 Ways To Maximize Sales In Retail
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