To read Basics of Retail Math (Part 1), please click here. To read Basics of Retail Math (Part 2), please click here. How to Increase Your Margin Obviously, the question here becomes, “How do I increase my margin?” An additional question must be, “How do I increase my margin while still keeping my customers happy and therefore my sales rising?” Relax. There are several different tactics you can use to…
To read Basics of Retail Math (Part 1), please click here. Inventory Turn Turnover of inventory, or turn, is the calculation of how many times you sell and replenish the merchandise in your store over the course of a year. To figure out your turn, divide your annual sales by your average inventory (at retail). For instance, if your sales are $400,000 for the year and your average retail is…
Retailing is all about change, because consumers change and so do their tastes. If you don’t change, you don’t grow. —MARVIN TRAUB, former CEO of Bloomingdale’s Financial freedom. Setting your own schedule. Being your own boss. Take your pick. No matter what your collateral reasons for opening a retail store, the numbers are obviously what drive your decision about whether or not to invest the large and intense amount of…
Connect with Us