5strategiesforprofitableretail-12671806849004-phpapp02

7/25/2019 5strategiesforprofitableretail-12671806849004-phpapp02

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Five Strategies For A More

Profitable Retail Operation


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Five Strategies for a MoreProfitable Retail Operation

Agenda1. Create a Lean & Mean nventor!

". #tili$e nitial Mar%p and Margin 'ilders

(. A Corre)t Mar%do*n Strateg! *ill Ma%e t+e Retail'siness More Profitable

,. -ple-ent a Fo)sed Strateg! and Staff to -eetRetail Sales 'dgets

. Lo* Cost Soltions for /eeping 0or S+op #pto2ate and -proved 3isal Presentation


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Lean & Mean nventor!

/e! Con)epts to Control nventor!41. 5valate )rrent inventor!. 6+at is left t+at !o )an

e7tend into ne7t season and spple-ent *it+ ne*pr)+ases8

". S-all fre9ent deliveries of -er)+andise and b!ingdeeper *it+ s))essfl vendors. Ad:st ordersa))ordingl! based pon in season sales.

(. ;o* did vendors perfor- in retail sales< profitabilit!i-e to se an Open >o '!

a. #pdate %e! )o-ponents ever! -ont+

a. Retail sales< )ost of sales< -ont+l! inventor!< onorder re)eived< on order not re)eived.

b. A))ont for s+rin%age< p+!si)al inventor! vs. boo%+is is done b! deter-ining +o* -)+

prod)t !o *ant to sell in a given ti-e period andt+an deter-ining !or plan of a)tion to -a%e it sell4 >i-e4 ,. trnover goal G D da!s selling -odel

A-ont sold4 Plan to sell @ of inventor! in , da!s.

A)tion4 Mer)+andise not -eeting t+is goal sb:e)t

to -ar%do*n i--ediatel!.

Markdown Strategy


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Mar%do*n Strateg! )ont4Step (. Set -ar%do*n plan of a)tion4

a. Rotate=Fo)s=Signage G @ sell t+r

b. 1st-ar%do*n soft sale -ost profitable). "nd -ar%do*n -ore aggressive

d. (rd-ar%do*n final )learan)e

Markdown Strategy


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Staff Strateg! and >raining

5ver! golf s+op -st +ave a progra- inpla)e to >5AC; e-plo!ees +o* to selland servi)e )sto-ers.

B Step 1 4 Prod)t /no*ledge

B Step " 4 Sales training

B Step ( 4 3isal displa! training

B Step , 4 Sell otside t+e bo7


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Step 1 4 Prod)t /no*ledgeB Staff needs to learn featres and benefits of t+e prod)ts *+i)+

+ave been pr)+ased to sell in t+e golf s+op?

B 'eginning of season give staff a list of vendors and prod)tsalong *it+ des)riptions=e7a-ples of *+at is )o-ing in for t+e

seasonB Set p a prod)t %no*ledge training s)+edle *it+ %e! vendors.

0o )an allot 1 +or per vendor to ed)ate t+e staff. >+is is anall da! prod)t %no*ledge training approa)+

B 0o )an also set p s-aller training da!s li%e +osting -an!

de-o da!s. .e. on t+e da!s !o are +aving de-o da!s +ave t+estaff and vendor arrive +or earl! to revie* prod)ts *+i)+)sto-ers *ill be able to de-o for t+e da!

B 'e )reative. Assign ea)+ staff -e-ber a vendor to resear)+ and+ave t+e- do t+e training=s+aring of infor-ation in a staff-eeting on)e a *ee%


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Step "4 Sales trainingB 0o )an 535R ass-e !or e-plo!ees %no* +o* to sell?B Selling is otside -ost peoples )o-fort $one so !o +ave to

+elp t+e- be)o-e proa)tive and profi)ientB 5-po*er t+e- *it+ t+e %no*ledge and )onfiden)e to be

s))essfl at selling b! providing re)o--ended arti)les ands-all boo%s on selling t+at !o *ill 9i$ t+e- on or do rolepla!ing *it+ t+e- to +ave t+e- pt into pra)ti)e *+at t+e!learned

B ;ire se)ret s+oppers to see +o* !or staff +andles )sto-ersand sales *+en !o are not arond. >+is is not -eant to be a

negative e7perien)e< rat+er to give !o infor-ation abot +o* to-a%e !or staff better?B A %e! )o-ponent to s))essfl selling is for staff to be O >;5

FLOOR not '5;2 >;5 CO#>5R and *or%ing *it+ t+eprod)t. Straig+tening displa!s< ptting ot ne* prod)t< dstingfi7tres< et) are all great *a!s to get !or staff +ands on *it+ t+eprod)t and intera)ting *it+ )sto-ers otside t+e )onter


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Step "4 Sales training Co--ni)ate to Staff 'a)% offi)e s!ste- t+at )o--ni)ates t+e follo*ing4B Mont+l! orders

B 3endor

B Color stor!

B Pri)e points

B 3isal Mer)+andising infor-ation=e7a-ples


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6o-ens 2epart-ent Spring "1 Master Calendar4

Hanar!

>e+a-a PO >e+a-a sp111=11=1 B

" pie)es

Million 2ollar 'ab!



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Step (4 3isal displa! trainingBAgain< never ass-e an e-plo!ee %no*s +o* to fold

s+irts< pt otfits toget+er< )+ange a displa!< et).>+ese s%ills +ave to be tag+t.

BAt t+e beginning of t+e season< -a!be in )on:n)tion*it+ prod)t training< introd)e so-e basi) ele-entsto t+e- of visal displa! -et+ods.

;ave t+e- pra)ti)e folding s+irts in different *a!s. ive t+e- *o-ens prod)t and see +o* t+e! *old pt

otfits toget+er on a -anne9in. ;o* *old t+e! pt a displa! table toget+er *it+ -ltiple

prod)ts

B ;ands on training *ill give t+e- t+e )onfiden)e tospport %e! personnel in visal displa! and-aintenan)e


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This clearlygives visualdirection thatany staffmember cansetup.



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Step , 4 Sell otside t+e bo7B One of t+e biggest )+allenges a golf s+op )an +ave is getting

t+eir )ore )sto-ers to )ontine to pr)+ase -er)+andise

B >ea)+ !or staff to get to %no* t+e- and see *+at ot+erprod)ts !o )an offer t+e-

S-all bsiness o*ners are al*a!s spending -one! on logoed ite-sfor -ar%eting and advertising

C+arities and non profit organi$ations +ave s-all bdgets< bt )anbe a great opportnit! to sell to if !o %no* a %e! )onta)t *+i)+ -a!be !or )sto-er

Ma%e sre t+e staff )o--ni)ates spe)ial pri)ing to t+ose)sto-ers *+o -a! be *it+ a s-all bsiness or organi$ation t+at!o offer spe)ial pri)ing on a sele)tion of ite-s

B eed to fo)s on add on bsiness after !o +ave !or stafftrained to be effi)ient dail! in t+e golf s+op operations


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6+at is !or s+op overall -age8

6orn Carpet=>raffi)Pat+

2irt! and da-aged

*indo* )overings 2irt! and da-aged

fi7tres

C+ipped stainedsrfa)es

'rnt ot lig+tblbs

Lo* Cost Soltions to /eep 0or S+op#p>o2ate and -proved 3isal Presentation


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Clean ;ose4Annal ;ose%eepingPro)ess

Clean )arpetsFres+ paintRestain fi7tresClean=dst lig+tfi7tresRepla)e lig+t blbsRepair< repla)eo2ate and -proved 3isal Presentation


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Lo* Cost Soltions to /eep 0or S+op

#p>o2ate and -proved 3isal Presentation

3isal Mer)+andising 5ffe)tive 3isal -er)+andising )an in)rease sales 1@

to @?

B Mst +ave standards in pla)e 'rand First -pressions

Prposefl

Motivating

A))essories

>rain all staff

L C t S l ti t / 0 S+


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Lo* Cost Soltions to /eep 0or S+op

#p>o2ate and -proved 3isal Presentation

3isalMer)+andising

B #se fi7tres todire)t traffi)t+r s+op

B Create

depart-entsB Cross

-er)+andise

B Lifest!ledispla!s

B ( degreesof s+opping

B reat lig+ting

B Clean andorgani$ed


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B 5valate !or golf s+op spa)e and sage4 Mont+l!=Tarterl!=Annall!

B >raffi) flo*

B Mer)+andise allo)ation on selling floor

B Mer)+andise retail sales perfor-an)e anal!sis

B Fo)al points

B Overall )+ara)ter of s+op

B Lig+ting needs

B 5stablis+ 'dget


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>oo -)+ )an -ean less sales

Red)e fi7tre and organi$e displa! to5n)orage eas! s+opping


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;o* -)+ floor spa)e is allo)ated vs. POS sales

Pri-e real estate for +ig+ -argin prod)tAbilit! to visall! -otivate )sto-ers topr)+ase.


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3isal displa!standards

B ndstr!resor)es li%e

AMB Partner *it+

vendors

B Ot+er golfs+ops

B Assigndepart-entsto tea-s for-er)+andising

B COP0?


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>+an%ing 0o

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