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By The Numbers: Grim Figures No Reason to Despair

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By The Numbers: Grim Figures No Reason to Despair

THE NOVEMBER FIGURES from our survey group certainly make grim reading. Still, they’re no reason to despair, although they suggest you’re going to have to get creative with  your average retail value, achieved margin, purchases and expenses. If your sales are down by say 20 percent, then your average retail value needs to be increased by 20 percent — e.g. an $80 item needs to become a $96 item — to keep your numbers up. If you can manage only a 10 percent increase in your average retail value then you need to boost your margin to make up for the lost gross profit. You’ve got work to do!

By The Numbers: Grim Figures No Reason to Despair

This story is from the February 2009 edition of INSTORE.

David Brown is the President of The Edge Retail Academy (sister company of The Edge), who provide expert consulting services to help with all facets of your business including inventory management, staffing, sales techniques, financial growth and retirement planning...All custom-tailored to your store’s needs. By utilizing the power of The Edge, we analyze major Key Performance Indicators that point to your store’s current challenges and future opportunities. Edge Pulse is the ideal add-on to the Edge, to better understand critical sales and inventory data to improve business profitability. It benchmarks your store against 1100+ other Edge Users and ensures you stay on top of market trends. 877-569-8657, Ext. 001 or [email protected] or www.EdgeRetailAcademy.com

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