Come and listen to Tim Radley speaking at the Retail Design Expo Olympia, London
No. 1 ““Rules & Conquer!”
It was Les Wexner, founder of the Limited group 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. Throughout the buying and merchandising chain getting detail right is essential to retail sales and profit. Today getting detail right quickly is the added pressure of the modern world.
Product design detail, colour, enhancements, quantities, replenishment, logistics, deliveries, reordering, analysis, rate of sale, days cover, sell-through are all utterly dependent on an attention to, and experience in…details.
The store itself doesn’t get away without such scrutiny. Whether part of a super chain or a single independent a lack of 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 against 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 s cost you sales, and a best-selling size of a best seller product is categorically killing your commerciality.
Retailers need to put in place rules and regimes to ensure that every product is on the shop floor in front of the customer. Product doesn’t sell from stockrooms, from warehouses or from factories. Into those hourly, daily and weekly routines put in measures to protect and replenish stock on the floor, re-order from the warehouse and place new orders to refresh and revisit what the customer wants.
Don’t throw money away. Insist on rules, and profit for discipline…
“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 percent
- “Put your money where your mouth is”
- “Make more from less!”
- “Return to investment!”
- “Add Value! Be special!”
- “Be obsessed about ‘ROS’”
Be there…make it a rule…!
Come and listen to Tim Radley speaking at the Retail Design Expo Olympia, London
Not just for VM… but absolutely for buyers, merchandisers, store operations, CEOs, commercial teams and anyone with a stake-holding in store commercial success.