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Profitable retailing – how to grow your profits

Profitable retailing is about maximising the return per square metre / foot of retail space in your store.

Maximising return per m2 involves:
  • ensuring your stock is merchandised correctly for your target market, 
  • ensuring your customer flow allows 100% of customers to see 100% of product, 
  • ensuring your signage speaks to your customers needs, 
  • ensuring your marketing is appropriate for your customer demographic.
  • ensuring what you sell is appropriate for your customer demographic
The faster you turn /sell your stock the more money you make. This may sound blindingly obvious, but the number of clients that we work with who have stock that has been sitting on their shop floor for a year or more is huge. They invite us to come and help them grow their profits and often cannot understand why we think their stock holding is a problem that needs immediate attention.

Let me reiterate: the faster you turn your stock, the higher your return per square metre or foot, and the higher your profits grow.

Stock turn is not the end of the story. It is only part of the equation. You need to make sure that it is displayed and merchandised in the best possible way to appeal to your customers. The route around your store needs to be well thought through so that 100% of your customers ‘flow’ in the best possible route around your store so that they are exposed to 100% of your product offer.

Your signage needs to answer the unspoken questions and thoughts that go through your customers minds. It must have the right amount of information on it to encourage a purchase, but not so much information that your customers will not read it.

Your marketing to attract customers to your store must be appropriate to what you do and to who your customers are and what their interests and lifestyle choices represent. Are you up to date with how your customers live their lives? Are you providing what your customers seek today?

Your team also need to be focused on your customers’ needs today. Today business is about value and values as perceived by your customers. The role of your team today is turn your customers into advocates for your business.

Ask John how he can help you increase your sales per square metre through effective store layout, appropriate merchandising, targeted marketing, effective signage and well trained team to turn customers into advocates to grow your profits.
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