It was Les Wexner founder of the Limited group, a man responsible for the success of some of the most iconic of fashion retailers from Victoria’s Secret to Express, from Abercrombie & Fitch to Bath & Body Works and quite possibly the first retail guru, who said that “retail is detail”
He was right and anyone in retail doesn’t need to be a modern day guru to know that.
That detail begins with the buying and merchandising chain where getting detail right is essential to retail sales and profit, and where getting the detail right quickly is the added pressure of the modern retail world.
And whilst product design detail, colour, enhancements, order quantities, replenishment, logistics, deliveries, reordering, and sales analysis from rate of sale to days cover are all utterly dependent on essential details, the quick-wins really do begin with the store itself.
Whether part of a super chain or a single independent retailer a lack of detailed discipline not only damages up-selling and additional sales but more often throws money away through the loss of easy sales.
Turning away easy sales has to be one of the ultimate crimes in retail, and in many cases completely unnecessary.
Missing a unit or size of a product on the shop floor quite possibly results in a lost sale. Missing a unit or size of a best-selling line, in a best-selling category, almost undoubtedly will cost you sales, and a best-selling size of a best seller product is categorically killing your commerciality.
Product doesn’t sell from stockrooms, from warehouses or from factories…it only sells from the shop floor.
Into the detail of those hourly, daily and weekly routines measures need to be included to protect and maintain the stock on the shop-floor, to replenish from the stockroom, to re-order from the warehouse and place new orders to refresh and renew what the customer sees.
Don’t throw money away. Insist on rules, and profit from discipline…
Do you prioritise the correct actions from the stockroom to the shop floor?
Are your store teams always following detailed rules on actions that deliver results?
Why not talk to use about helping you to put the correct rules & regimes in place.
Let us help you to make more money from your stores…
For more information:
This post is part of a forthcoming series looking at ways to generate more sales from your stores…
“10 ways to make more money from your stores…!”
Whilst saving money in retail businesses is important, ultimately retail businesses survive by generating increased sales; from increasing market share; and in all cases from generating maximum profit from each sale. This workshop looks at ten areas across a variety of VM operations, and their integration with wider retail functions to deliver higher sales, increased margin, and higher efficiencies.
- “Rules & Conquer!”
- “Be brave & act swiftly!”
- “Profit from your promotions!”
- “Entice just one more visit!”
- “Never look down on 10%!”
- “Put your money where your mouth is”
- “Make more from less!”
- “Return to investment!”
- “Add Value! Be special!”
- “Be obsessed about ‘ROS’”
I look forward to hearing your questions, whether large or small.
+44 (0)7967 609849
Always expert and easily accessible.