Tagged: profit

specialty retail

5 Profitable Retail Specialties

In retail, there are almost as many specialties as there are retailers. Of course, there are popular mainstays – jewelry, department stores, sporting goods, home decor, footwear, and apparel, to name a few. But...

product management

Does Effective Product Management Increase Profits?

In retail, there are a number of ways to increase profits. Reduce expenses and increase sales are two very basic ways to impact profits. Do both and you are guaranteed to increase profits. But...

product management

3 Principles of Open-to-Sell Wholesaling

Open-to-buy has been the practice in retail for many years. It’s based on historical trends. You can predict what will be popular for Christmas by analyzing what has been popular for Christmas for the...

retail budgetig

3 Goals Store Budgeting Should Shoot For

Setting performance objectives is the whole idea behind store budgeting. The defining of goals allows the allocation of resources to be appropriate for each specific target. And what is the hoped-for result of an...

How Do You Manage Customer Relationships?

How Do You Manage Customer Relationships?

Customer relationship management (CRM) is one of the most important aspects of running a retail business. If you can’t manage your relationship with your customers, then you may not have much of a relationship...

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