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This week's featured info!
What Is Your Retail SALES Potential?
Retailers: you know your average inventory over the year, right?
But here's the question: Is that enough for the sales you expect?
And, here's another question: How does that compare with other retailers in your segment? What kind of sales volume are they getting?
Now, get perspective on that. In 10 seconds (or less!) Use The ROI's unique Index of Retail SALES Potential.
In just seconds, you can see what sales volume the median-performing retailer in your segment would generate with the amount of inventory your stores typically carry.
Then you can compare. **
• Are their sales greater than what you've been doing with that amount of inventory? Or less?
Then, consider what that might mean for your operation.
• Is your inventory productivity lagging?
• Or are you missing sales?
• What about your cash flow?
• Your prospects for growth?
Want those insights for yourself? Take advantage now. Quick. Easy. Online. And free!
** Of course, "Your mileage may vary."
Time to Check Your Retail "Vital Signs"
6 Key Ratios • 55 Retail Segments • Five-Year Trend Charts
Questions? See Benchmarks Resource Center • Also Free
Retailers 3-in-1 Cash Flow Calculator
For projecting, not accounting!
Easy and quick for retailers to use and understand.
Available nowhere else.
This online "Retailer's Best Friend" enables any retailer, anywhere, to quickly generate
1. a monthly profit plan (budget) for the year,
2. plus a monthly inventory buying (Open-to-Buy) plan,
3. plus the resulting monthly cash flow projections!
All from the same few inputs (it's "integrated.")
Go here for more about this remarkable tool for retailers, available only from The ROI.
See why it is fondly known as the "Retailer's Best Friend!"
Webinar of the Week
A New Approach to "Customer Service"
Free Access, All Week Long
Commentary of Pat Johnson & Dick Outcalt
Outcalt & Johnson: Retail Strategists, LLC • Retail Turnaround Experts • Co-Founders, The Retail Owners Institute®
Is your store going to the dogs?
Maybe it's time!
Most of us have seen the stats. In the U.S., more than 2 in 3 households has a pet. And those households represent a lot of spending power.
In 2018, Americans spent $72 Billion on their pets.
That's $1,300 per "pet parent."
And Millennials spent even more: $1,704 on average (That's almost $150 per month!)
Most Americans consider their pets part of the family. This is true across all age groups. The only difference is the nature of that family tie:
Gen Z = My child
Millennials = My "Fur Baby"
Gen X = Part of my family
Baby Boomers = My best friend
Impact Well Beyond Pet Stores
In The Power of Pets*, the Hinsdale (Illinois) Humane Society speaks to this growing "pet culture." They suggest that embracing the pet culture can help build your business, no matter what merchandise you sell.
And they have some factoids to back this up. Consider how some brands already are doing so:
Louis Vuitton, Ralph Lauren, & Coach all make high-fashion designs for dogs.
The mattress company Casper noticed that their customers' dogs loved the new mattresses, so they adapted their design into a dog bed.
Meanwhile, the Hinsdale Humane Society points out that "After work, sleep and household chores, the average American has just 4.5 hours a day to spend with their pets. Rather than going out, many choose to stay home with their pet."
Wait. 👀 Is THAT why retail foot traffic has been declining?!
Asserts the Humane Society, "Welcoming pets may encourage more people to go out and visit your business."
Frankly, that is what caught us by surprise: the number of retailers who not only are accommodating but encouraging shoppers to bring their pets into their stores.
Retailers from Nordstrom to Tractor Supply Co., Ikea, and Bass Pro Shops are touting their long-standing acceptance of pets in stores, hosting of special pet-centered events, or provision of "dog parking" facilities.
And sure enough, a growing number of retailers are now welcoming pets to their stores, from Hobby Lobby, to LUSH, Crate & Barrel, Jo-Ann Fabrics, Ace Hardware, Neiman Marcus, and more.
More eating and drinking places are welcoming pets to their outdoor patios and drive thrus; others have special menu items (Starbucks' Puppuccino, In-N-Out's Pup Patty).
And of course, there are special website directories of dog-friendly businesses.
Does that mean that all retailers should allow dogs into their stores? No, not at all.
But in this environment, all retailers need to develop your own pet policy, both for your stores and customers and for your employees (especially at separate office and/or warehouse facilities.) And the Hinsdale Humane Society has some pointers for you on how to do that.
This may be one of those situations where there is no choice: Lead, follow, or get out of the way!
* The Power of Pets, Hinsdale Humane Society
Men's Clothing Stores
Women's Clothing Stores
Family Clothing Stores
Clothing Accessories Stores
Paint & Wallpaper Stores
Lumber & Building Materials Dealers
Outdoor Power Equipment Stores
Nursery, Garden Center & Farm Supply Stores
Audio/Video & Consumer Electronics Stores
Floor Covering Stores
Home Furnishings Stores
Baked Goods Stores
Supermarkets & Grocery Stores
Gasoline Stations with Convenience Stores
Fruit & Vegetable Markets
Food (Health) Supplement Stores
Candy & Nut Stores
Beer, Wine & Liquor Stores
Cosmetics, Beauty Supplies & Perfume Stores
Pharmacies & Drug Stores
Optical Goods Stores
Sporting Goods Stores
Hobby, Toy & Game Stores
Musical Instrument & Supplies Stores
Auto Parts & Accessories Stores
New Car Dealers
Recreational Vehicle Dealers
Used Car Dealers
Office Supplies & Stationery Stores
Gift, Novelty, and Souvenir Stores
Pet & Pet Supplies Stores
Used Merchandise Stores
Espresso, Juice, Snack Bars
Drinking Places - Alcoholic Beverages
The segments featured at The ROI reflect the definitions and designations of the North American Industrial Classification System (NAICS). The top of each Retail Segment Page on The ROI site includes the NAICS code and the NAICS definition for that industry segment.
The ROI has selected six key ratios (from the abundance of ratios available) that are particularly important for retailers to regularly monitor and manage. See The ROI's Benchmarks Resource Center to learn more about these key ratios for retailers.
The ROI's exclusive Retail Benchmark Trend Charts show the median value reported by Risk Management Association's Annual Statement Studies for each of these key ratios each year. There also is a Top Quartile – and Bottom Quartile – of results for every segment. See your bank or local library for those details.
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