Retail 101 How to Open amp Run a Successful Retail Store

Retail 101 How To Open Amp Run A Successful Retail Store-Free PDF

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Top 5 Rules before you go into,the retail business. 1 You are not opening this store boutique for your ego. This is a business to make money, 2 You are not buying clothing or items for yourself You. are buying goods to sell to your target market,3 From day one think about the big picture which. includes having more than one store,4 You the owner should NOT plan on working on the. sales floor,5 Don t quit your day job,www globalpurchasinggroup com.
What you will need to decide,Who your target market is. What type of store will it be,What kind of retailer. Where will it be located,What will you sell,What size store do you need. www globalpurchasinggroup com,What will you sell,Start by asking yourself 3 questions. What is the need in your area,Can you supply the need.
Can you make a profit selling this item,www globalpurchasinggroup com. It s all about the math,Retail is 90 math 5 fashion. 5 good luck,It s not about,Pleasing your Friend Family. Being the Home Coming,www globalpurchasinggroup com. Markets that are under retailed,The Plus Size Market.
62 of the US population is a plus size consumer,The Baby Boomer. 38 of the US Population is a baby boomer born,between 1946 and 1965. The Petite Market,40 million Latin s live in the US 20 million. Lingerie boutiques,Children s boutiques,Social occasion. www globalpurchasinggroup com,You will need three Pros.
Legal consul that only does retail,contracts and leases. Retail accountant that understands,and knows all the retail and sales tax. A floor planner merchandiser,www globalpurchasinggroup com. Math you need to know,Mark Up Margin,Sales to Stock Ratio. Sales per Square foot,O T B Open to Buy,R O I Return on Investment.
www globalpurchasinggroup com, The truth is no one can make a living with a key stone. The key to pricing is knowledge,Understanding your customers price. resistance,Knowing what the competition is pricing the. Following the manufactures standards,Then charging the most you can for the. www globalpurchasinggroup com,Turnover Is literally how many times.
you clear the floor of goods and restock,Total net sales for the year. Average inventory at retail,120 000 20 000 6 0 turns per year. www globalpurchasinggroup com,Sales to Stock, Sales to Stock Ratio The amount of stock you have on. hand in relation to the sales you are predicting, Inventory on hand at the beginning of the month at retail. Sales to stock Ratio,Amount of predicted sales,90 000 in inventory 30 000 predicted sales 3 1.
3 1 is ideal 2 1 is great but tough to manage 1 1 and you. are under inventoried,www globalpurchasinggroup com. Sales per Sq Foot,Projected Yearly sales or yearly sales. Sales per square foot,Total sq feet of selling space. Chains do about 350 a sq foot boutiques,can have a much higher sales per sq. www globalpurchasinggroup com,Can you make your sales goal.
If you have to sell 20 000 a month to meet,your overhead you would take your average. price point lets say it is 30 and divide it by,the 20 000 Our store would need to make. around 667 sales If we were open 6 days a,week 8 hours a day we would need to make. about 28 sales a day or 3 5 sales an hour If,only half the people who shop at your store. buy then you would need 56 people a day to,stop at your store.
www globalpurchasinggroup com,Some good news,Not everyone will buy 30 hopefully you. will have multiple sales,More than half the people that visit your. store will shop In a small store your,sales goal should be 70 of the people. who stop in should buy,www globalpurchasinggroup com. Return on Investment,ROI the amount of profit before taxes and.
after depreciation from the investment,For every dollar you put in what is the. How many years will it take you to make,back your capital investment. the retail business 1 You are not opening this store boutique for your ego This is a business to make money 2 You are not buying clothing or items for yourself You are buying goods to sell to your target market 3 From day one think about the big picture which includes having more than one store 4 You the owner should NOT plan on working on the sales floor 5 Don t quit your day jo

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