In business, it is difficult to find an area where competition would be as high as in trade. The owner of even a small trading company, whether it is an online store or a street outlet, must continuously think about how to reduce costs without losing buyers. But think about it, when the store is empty, it will be too late, it is better to plan everything so that this does not happen. In the book with the simple name “Increasing the effectiveness of retail,” recently released in the US with the support of companies Vend and Square, it all boils down to a few simple tips. On their basis, I made my list of the main parameters that contribute to the proper functioning of your business.
Sales Per Square Meter Of The Store Area
Specific revenue, or sales for a specified period per square meter. Meter floor space, probably the most straightforward indicator for the calculation in retail. At the same time, he talks a lot about your business and the efficiency of using the trading space, especially if there is a possibility of comparison with competitors.
Track how this indicator varies in your company: its change to a smaller size or a significant deviation from the average for similar retail properties does not promise anything good. Always remember this and, probably, you will decide in time on moving to a smaller area or, more than anything, joking, into a more spacious room.