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Apparel retailer Abercrombie & Fitch is restructuring its operations to cut the chief operating officer position. On a practical level, what that means is the other C-level executives will all report to the chief...
Clienteling is the art of building customer relationships that lead to profitable and efficient retailing. Effective clienteling requires the right tools that facilitate this relationship-building process. When you find those tools, you’ll discover that...
The point of sale is the crux of the retail operation. If you want to be profitable, you’ve got to have an effective and efficient point-of-sale (POS) system. The following five components of your...
Unless you manage your retail prices optimally, you’ll have a hard time being profitable. No matter what kind of retail operations you run, manage the prices of your products is paramount. Here are six...
Specialty retailers have their own ways of doing things. There’s some truth in that. But retail is still retail. You have customers, you have to drive traffic to your stores, and you’ve got to...
Moving inventory is the name of the game in wholesale. You want to move as much inventory as quickly as possible. That’s how you stay in business. So what do you do to move...
Integrated accounting in the retail sector is about using accounting principles within the retail environment to ensure maximum profitability. Every retail chain should strive for that. Here are five very specific ways to make...
Retail business intelligence is the collection and analysis of key data that retailers can use to impact revenues, profits, and effectiveness. It primarily involves three key components: Collecting the right data Delivering that data...
As a home decor retailer, you’ve got additional challenges. Ordering product is a little bit different than, say, book store retailers and shoe merchants. Most of your inventory is larger, bulkier, and requires more...
Retail key performance indicators (KPIs) are important metrics. They help retail managers understand their customers, business, and revenue situation better. If you want to run a profitable retail operation, then keep an eye on...
No matter what kind of retail store you manage, flexible planning is essential to profitability, better customer service, and effective retail operations management. Here are four distinct ways to make your retail open-to-buy planning...
