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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\u2019s important to look at how a store\u2019s revenue is tracking over a given timeframe.<\/span><\/p>\n\n\n\n

This is where same-store sales come in. This metric, which is also referred to as “comparable store sales\u201d measures the increase or decrease in revenue of a retailer’s stores for a particular accounting period. It’s typically expressed as a percentage.<\/span><\/p>\n\n\n\n

\u201cSame-store sales\u201d is an important metric to track, as it gives you an idea of how your stores are performing. <\/span><\/p>\n\n\n\n

It also goes without saying that retailers should always strive to improve same-store sales. Increasing your revenue (along with maintaining a healthy profit margin, of course) will lead to a thriving and growing retail business. <\/span><\/p>\n\n\n\n

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1. Run promotions\u2026 but be smart about them!<\/span><\/h2>\n\n\n\n

Running a sale or promotion is often the go-to tactic for retailers who want to increase sales \u2014 and for good reason. They can be incredibly effective in attracting and converting shoppers. <\/span><\/p>\n\n\n\n

However, promotions can do more harm than good when they\u2019re not implemented with the right strategy. <\/span><\/p>\n\n\n\n

\u201cPoorly run promotions can be very expensive,\u201d comments Thom Iddon at <\/span>Formulate<\/a>. According to him, \u201cdiscounts on one product might severely undercut sales of another product.\u201d <\/span><\/p>\n\n\n\n

There\u2019s also an issue of stockpiling, when customers buy several units of an item while on sale, and don\u2019t buy for the next several months. <\/span><\/p>\n\n\n\n

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That\u2019s why you need to be smart about your promotions, and only run sales <\/span>if you have a plan for how to get shoppers to buy more and protect your profit margins. <\/span><\/i><\/p>\n<\/blockquote>\n\n\n\n

For instance, if you\u2019re selling something at a loss or with razor-thin margins, you need to have a strategy for how you\u2019re going to drive profits and sales. Many retailers use loss-leaders to attract customers in hopes that they would buy more profitable items when they\u2019re at the store.<\/p>\n\n\n\n

Take bread, for example. As Iddon points out, it\u2019s \u201ca relatively cheap product to discount, [but] can boost sales of cheese, where margins are much higher for a supermarket.\u201d<\/span><\/p>\n\n\n\n

The bottom line: promotions can do wonders for your sales, but be careful with how you implement them. Before putting up a huge SALE sign by your window, craft a plan to convert customers on higher-margin products when they\u2019re at the store, or at the very least, figure out how you can drive sales from these customers in the future. <\/b><\/p>\n\n\n\n

2. Collect customer information and put their data to good use<\/span><\/h2>\n\n\n\n

Generating future sales from existing customers can only be done if you have the right shopper data. To that end, make it a point to collect people\u2019s information when they\u2019re in your store. <\/span><\/p>\n\n\n\n

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The best way to do this is through the use of a rewards program. Incentivize your shoppers to sign up for your loyalty platform so you can capture their contact details, along with their purchase history. <\/span><\/p>\n<\/blockquote>\n\n\n\n

Take the denim company Levi\u2019s. The cashiers at most of its locations are trained to ask customers if they\u2019d like to give their email address and sign up for Levi\u2019s loyalty program. To sweeten the deal, subscribers get 20% off towards their next purchase when they opt-in.<\/span><\/p>\n\n\n\n

Here\u2019s what Levi\u2019s welcome email looks like:<\/span><\/p>\n\n\n\n

\"Levi's
Image credit: Francesca Nicasio<\/figcaption><\/figure>\n\n\n\n

Do something similar in your store. Then once you have your customers\u2019 information, make an effort to stay on their radar by keeping them posted on new products, company updates, and promotions.<\/p>\n\n\n\n

Bonus points if you send them messages that are relevant to their browsing history or previous purchases.<\/p>\n\n\n\n

Levi\u2019s, once again, excels at this. The brand automatically notifies shoppers when an item they looked at goes on sale, thus prodding them to make a purchase. <\/span><\/p>\n\n\n\n

\"Levi's
Image credit: Francesca Nicasio<\/figcaption><\/figure>\n\n\n\n

3. Invest in your team<\/span><\/h2>\n\n\n\n

\u201cDespite best efforts, some stores perform better than others,\u201d points out Carol Leaman, CEO of <\/span>Axonify<\/a>. <\/span><\/p>\n\n\n\n

According to her, to improve a store\u2019s performance, retailers should \u201clook no further than the frontline workforce.\u201d<\/span><\/p>\n\n\n\n

\u201cYour associates are critical to your operational success. They\u2019re your shrink stoppers. Your ADT (average dollar transaction) aces. Your process management masters. And your customer experience curators,\u201d Leaman adds.<\/span><\/p>\n\n\n\n

She recommends investing in training programs specifically for frontline staff. “It\u2019s time for training and communication that meet your retail associates where they are,\u201d she says.<\/span><\/p>\n\n\n\n

\u201cThere are technology platforms<\/a> that can help. Today you can instantly increase associate engagement with daily communication and reinforcement training, wrapped up in a fun, fast experience and personalized experience on the device of their choice. It\u2019s never been easier.\u201d<\/b><\/p>\n\n\n\n

We\u2019ve talked about staff training and engagement in more detail here<\/a> but below are some quick tips you can follow to improve your existing employee performance<\/span><\/p>\n\n\n\n