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Retail IS detail. And so is success! | See ahead! Face the future with confidence | Getting through the retail maze with GMROI | Advanced retail management technique: the NINE STEPPER for Retail Forecasting
Friday, June 14, 2019

From The Co-Founders

Bring those details to life!


Ahh yes. Retail IS detail! 

But there are ways to make those details come to life for your employees and your customers. Here are a few ideas to keep your stores the inviting place to shop. And to help keep retailing fun! 
  • Music is a great way to create an inviting atmosphere in your store.
    But be careful – music should always be selected to appeal to your best, targeted customer, not the staff. There may be a difference.

  • First-time customers have no idea what to expect when they walk into your store. If you offer only price-and-item information, you may lose those first timers.
    Are you taking advantage of graphics and signage to educate about your merchandise, and to persuade why your store should be preferred?

  • Customers naturally gravitate toward new merchandise.
    Take advantage of that tendency. Consider pairing  older merchandise with new arrivals.

  • More than one-third of the retail businesses that fail are profitable(!) However, they ran out of cash as their creditors ran out of patience. 

  • The best displays are those that actually sell the merchandise. Even right off of the display! You are not running a museum (are you?)

  • Studies show that only 20% of customers are true price hounds who always chase the lowest price. The other 80% care more about what else your store offers.
    What value can you deliver to these folks?
    Don't let that fickle 20% distract you.

  • Look at your sales results from a variety of productivity measures.
    Besides total sales volume, monitor total number of transactions and items per transactions, both for your total operation as well as by category. You will find surprises!

  • The best time to take markdowns is just before the sales peak, not just after. Your past sales records will be indicators.
    Remember, when your suppliers start offering deals, it's time to start cutting prices!

Ahh yes, retail IS detail. And so is success!

Gain peace of mind.
Face the future with confidence.

 

Use The ROI's 3-in-1 INTEGRATED Cash Flow Calculator.

  • Easy and quick for retailers to use and understand.
  • Specifically for retailers who want to see for themselves
    "What would happen if I...?"
This online "Retailer's Best Friend" enables any retailer, anywhere, on your own, to quickly generate a profit plan (budget) for the year, plus an Open-to-Buy plan, plus the resulting cash flow projections! 

All from the same few inputs (it's "integrated.") And without having to ask your bookkeeper or accountant.

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!"
 
3-in-1 INTEGRATED Cash Flow Calculator

Objectivity • Perspective • Choices • Action!


Have questions? Let's talk. Free, confidential phone conference. 

Getting Through the Retail Maze with GMROI


Understanding GMROIOne of the best tools for measuring and managing the productivity of your inventory investment is GMROI - Gross Margin Return on Inventory Investment.

It's fast and easy to calculate.

It is dynamic (some call it the "earn 'n turn" measure.)

Best of all, it provides powerful insights specifically for retailers.

No wonder The ROI calls GMROI "the #1 measure of inventory productivity."

Ready to put this powerful tool to work for your business? Of course you are!

Just go here in The ROI's Library for Owners to find out more. FREE!
 
Use the Power of GMROI
Trade Associations •  Buying Groups • Chambers of Commerce • Suppliers • POS Providers • SBDCs • Consultants•  Lenders • Investors •
Others who work with retailers

 

Working with Retailers? Want to Make a Difference?

Be a Sponsor of The ROI for your retailers. Help them help themselves!
  • Thanks to their connection with you, your retailers gain access to all the tools and resources of The ROI. 
  • You use this program to increase retention of your members (or clients). Or attract new ones. Or both!
  • Gain a powerful competitive edge! 
Go here to get more details. (You'll especially like how cost-effective it is!) 
 
Make a Difference

The NINE STEPPER for Retail Forecasting

 

WEBINAR OF THE WEEK  •  Now thru Thursday June 20 

There are 3 kinds of retailers:
  1. Those who MAKE things happen
  2. Those who WATCH things happen
  3. Those who say, "Um, what happened?!"
Why are those who are in the first group – the retailers who make things happen – able to be so purposeful? Where does their confidence come from?

Their ability to look ahead. To preview the outcome. To understand, in advance, "What would happen if I...?"  

Pat Johnson and Dick Outcalt, Co-Founders of The Retail Owners Institute®, have developed a clear, step-by-step process to accomplish all that, specifically for busy retailers. They call this powerful projecting approach – wait for it – The Nine Stepper.

In their lively style, Pat and Dick share this unique process in this week's TOPICAL TUESDAYS Webinar of the Week.
  • Sophisticated? Actually, yes it is. 
  • Complicated? Not anymore! 
  • Powerful and empowering? Absolutely!
While this is an advanced retail financial management technique, like all the TOPICAL TUESDAYS sessions, it is packed with empowering consulting tips as well.

And it is well within the reach of all who own and operate retail businesses. See for yourself!
 
Free Access Now: WEBINAR OF THE WEEK

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