Audits, Tasks and Communication
Retail and Hospitality Operations
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
When a customer walks into a store, first impressions really do matter. As retail grows more competitive, a clean, well-considered store layout can easily mean the difference between gaining a sale or losing one. So, what do furniture and home decor retailers need to consider in order to design a showroom and product displays that … Continue reading How to Design a Furniture Showroom That Converts
Values related to sustainability, community, and corporate social responsibility (CSR) have become front and center for consumers, which is why many brands have ramped up their CSR efforts over the last few years. However, it’s worth pointing out that some retailers have long been prioritizing these values. We’re referring to co-op stores. Also known as … Continue reading 7 Tips to Successfully Manage a Retail Co-op
It’s no secret that retail and hospitality audits are incredibly important to your operations. Site audits and inspections enable you to evaluate programs and initiatives, ensure compliance, and even connect with teams on the ground. However, they can also take time. Between audit preparations, travel time, inspecting stores, and following up, site visits can take … Continue reading 6 Ways to Save Time During Retail and Hospitality Audits
Despite being a mature category, the alcoholic beverages market continues to grow. Analysts are forecasting a CAGR of 2.2% from 2022 to 2031, a performance that’s driven by an increase in young adult consumers and a rise in disposable income. This is great news for retailers specializing in beer, wine, and spirits. However, it’s important … Continue reading How to Audit Your Beer and Wine Retail Stores
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
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, simply publishing standards does not guarantee they will … Continue reading Why and How to Measure Store Compliance
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
Nobody said running a retail business would be easy. Even the most conscientious retailer can get bogged down trying to juggle the tasks that comprise day-to-day responsibilities. That’s why business operations need to be approached strategically. From managing sales associates to keeping a fresh flow of inventory stocked on the shelves, you can cut costs … Continue reading Retail Best-Practices to Help You Streamline Store Operations
Running a retail store is complex, and it might be difficult to know just where to start when you’re smoothing out your processes. But making retail operations run more efficiently should be at the top of every retail executive's to-do list, and the tips below will get you on the path to streamlined success. 1. … Continue reading 8 Ways Retailers can Streamline Store Communication and Execution
In retail today, every dollar counts, and loss prevention challenges are very real. Shrink has a significant effect on a retailer’s bottom line. In fact, a recent study by the National Retail Federation (NRF) found an average shrink rate of 1.6%. This costs the retail industry more than "a staggering $100 billion...”. This is why … Continue reading Loss Prevention Challenges in Retail
Whether you call them « audits », « assessments », « evaluations » or simply « visits », the practice of sending a district manager to a franchisee to check on brand standards, answer questions, communicate best practices and coach is widespread. Let's look at six reasons why franchisors should "audit" franchisees plus one reason … Continue reading 6 Reasons Why you Should Audit Franchisees (It’s not What you Think)
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