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SR Retail Business

SR Retail Business

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Published by Richard Day
Start and Run a Retail Business is as much a valuable guide for owner-operated retailers working now as it is for people just starting out. With a practical and real world approach, the authors describe in detail the major aspects of running a profitable retail business. By examining retail from a customer’s perspective–and focusing on the in-store experience–this book will help you meet the challenges of today’s retail world head on.
Start and Run a Retail Business is as much a valuable guide for owner-operated retailers working now as it is for people just starting out. With a practical and real world approach, the authors describe in detail the major aspects of running a profitable retail business. By examining retail from a customer’s perspective–and focusing on the in-store experience–this book will help you meet the challenges of today’s retail world head on.

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Published by: Richard Day on Jun 26, 2009
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01/24/2013

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 James E. Dion and Ted Topping
Self-Counsel Press
(a division of)
International Self-Counsel Press Ltd.USA Canada
START AND RUN ARETAIL BUSINESS
 
PREFACE TO THE THIRD EDITION
xiii
INTRODUCTION
xvLearning to Be a GeneralistxviiHow to Use This Bookxviii
1THE BASICS OF RETAI
1Understanding the Six Rights of Retail2 Your Profit and Loss Statement2Preparing a pro forma profit and loss statement8Adding Value to the Products You Sell by Adopting a Best-Service Strategy10Developing a Strategic Framework13Developing your secret weapon14Developing a Clear Vision of Your Business16Identifying and Studying Your Three Most Important Direct Competitors19Conveying Your Strategic Message Through Your Store Location24Conveying Your Strategic Message Through Your Store Design and Layout26Conveying Your Strategic Message Through Your Advertising29 Your Advertising Plan32
2MERCHANDISING
37Grouping Merchandise into Departments and Classifications38Learning from Your Customers What They Want to Buy from You39
CONTENTS
 v 
 
 vi
Start & run a retail business
Using the Retail Method of Accounting43Monitoring Your Business Using a Monthly Maintained Margin Report44Controlling Your Business with Four Key Operating Ratios51Turnover51Stock-to-sales ratio53Gross margin return on inventory investment (GMROII)54Sales per square foot55Using Markdowns Effectively56Using promotional markdowns to stimulate your sales57Using regular markdowns to adjust your inventory to market value58Increasing Your Credibility by Using Seasonal Markdowns61
3 BUYING
65Seeing Your Products Through Your CustomersEyes66Building Win-Win Relationships with Suppliers66Buying Terms Are Often More Important Than Price69Following Eight Proven Buying Guidelines72Implementing a Price-Point Discipline73Establishing a Credit History with Each Supplier75Striving to Reach Sell and Buyby Choosing Payment Terms77Calculating an Open to Buyfor Every Classification, Every Month78Forecasting and Creating Six-Month Merchandise Plans80Buying with a Just in TimePhilosophy85
4 HUMAN RESOURCES
89Demonstrating That People Are Your Most Important Asset90Developing a Written Job Description92Determining duties by priority93Identifying relevant characteristics and qualifications97Sales-per-hour and average transaction objectives99Creating Win-Win Employment Relationships Through Employee Benefits101Paying Your Sales Associates103Following Established Guidelines for Effective Interviewing105Five-step interviewing107Evaluating the candidates111

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