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Store budgeting is one of the most important aspects of retailing. While every retailer is different, all retailers must engage in store budgeting if they want their stores to be profitable. The following five...
Merchandising is the art of promoting retail merchandise for sales. There are a variety of techniques that can help retailers move merchandise through the supply chain to the customer, but you’ve got to keep...
Store budgeting is one of the biggest challenges of retail store managers. Regional retail chain managers don’t have it any easier. You have to plan your merchandise purchasing around buyer habits and seasonal predictions,...
Setting goals in your retail budget can be an excellent way to create incentives for your stores and employees. They do this by setting the bar a little bit higher but within reach of...
The importance of retail budgeting is non-negotiable. Without a budget, you don’t know where your money is going and mistakes can be costly — as costly as losing your business. But long before things...
Usually, a retail budgeting approach is concerned with sales objectives and KPI targets and things like that. These things are important. What many managers miss are the ways that customer experience affects budget planning....
There is an old saying that goes, “if you fail to plan, you plan to fail.” This is similar to the idea that failing to set a target or goal guarantees that you will...
A good retail budget is the blending of proposed goals and realistic expectations. It is based on facts, which could be discouraging. But good budgets for retailers include the setting of appropriate sales and...
The Point of Sale (POS) is the pivotal moment when the shopper commits to a purchase by handing over the price. Various things can go wrong at this point — we have all seen...
One of the best things about today’s technology is the way that customer relationship management (CRM) data can be captured and utilized. For Sporting Goods retail managers, this means customer preferences can be analyzed...
