Archive Page 17

Who Should Attend DMSRetail Workshops?

Published February 18, 2012 Uncategorized Leave a Comment

Store Management for Maximum Success Workshop – this is for people who are Store Managers, Assistant Managers and any other position that has responsibility for the store operation in the Managers absence. The workshop teaches participants the importance of running the store as a successful business. Often we find that Store Managers perceive their role in a certain way – perhaps as an administrator, or as an enforcer of all the rules, or as the person who makes sure the store is kept clean and tidy, or maybe a sales manager. While all of those duties are within the scope of the Store Manager’s position, it is important for them to understand how the store operates as a business that is required to return a profit to the stakeholders. This workshop develops Store Managers (and Assistants and other in-store supervisory positions) into stronger business people by understanding how everything they do every day impacts their store’s success.  

District/Region Management Workshop – this is for people who are District/Region Managers already and others in the organization who might be promoted to these positions in the near future. One of the biggest challenges for District/Region Managers is that they manage, and are accountable for stores spread throughout a geographic region, and cannot see/hear everything that is going on in each of those stores every day. We call this managing remotely. This is, of course, much different and much more difficult than managing in one location that a person works out of every day.
So there is a strong focus on the responsibilities of a District/Region Manager to be a very good leader. We talk about leading people, integrity, supporting their people, representing their Head Office, and much more. We also introduce some straight forward methods to get the best out of their people, through certain processes that they can use every day in their work. As the leader, there is no doubt who is accountable for the store teams in their district/region – no matter how difficult, the District/Region Manager is the person who has to make the stores operate successfully through effective leadership and management of their teams. We teach them how – from what to look for when hiring store managers and associates, to how to drive sales, to how to ensure they get maximum productivity from a store visit and much more. 

The Retail Operations Management Workshop – this is for people who are in mid to upper management in the operations side of a retail business. People who attend this workshop usually have implementation power so they can make changes to their operation based on ideas they get at the workshop. It is also a very good way for Head Office Managers who may not work in the operations side of the business but who need to understand how things work. For example, people from the following departments: purchasing, administration, human resources, accounting, distribution, marketing, etc. There is a huge benefit to the organization to have people from these departments attend this particular workshop because it gives them a foundation of store operations knowledge so that they can make any and all of their decisions with this in mind.

Brand & Category Management Workshop – this is for people on the product side of the business and for marketing teams. It is all about the benefits of category management; managing vendor relationships; taking different marketing approaches based on changing circumstances. There is a lot of detailed information and several case studies in this 3 day workshop

Store Manager Screams at Customer from Across the Store!!

Published February 16, 2012 Uncategorized Leave a Comment

 

True story. I know a guy who worked in retail for years. He started as a sales associate and progressed to higher positions in a relatively short period of time. He shared this story with me and I just have to pass it on.

The events in this story took place when my friend was a brand new, young, impressionable sales associate.

 The actual dispute between the Store Manager and the Customer isn’t all that important but here it is (below) anyway…

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The Super Retail Success Bundle, electronic download version, is really affordable at two monthly payments of just $77 each. And, we ship your DVD’s after you make your first payment! You get 8 Success books and tools and 7 DVD’s…plus, 7 personal development bonuses and a bonus DVD on Selling Skills! Check it out here: http://www.dmsretail.com/superbundle.htm
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The customer had purchased some merchandise from the store. It happened that the Store Manager was the person who sold it to him. The Store Manager had made a lot of promises about what the merchandise would do…how it would perform…and most of the promises turned out to be lies. Actually, it turned out that this Store Manager was a little shady!

Not surprisingly, the customer was upset and returned the merchandise to the store. The Store Manager refused to give the customer a refund. The store had a return policy which would have allowed this customer to receive a refund but the Store Manager refused.

The customer was angry, justifiably so. He was sold some merchandise which was falsely represented and he was angry. Add to that the fact that he was refused a refund when he clearly was within his rights to receive his money back and you have to ask…

Who wouldn’t behave a little irrationally?

Anyway, the part that’s interesting is this: As the customer was storming out of the store, he yelled back at the Store Manager “My lawyer will see you in court over this.”

That’s bad, isn’t it? Imagine the effect on customers hearing this kind of thing; hearing an obviously dissatisfied customer screaming about a law suit. Bad, yes…but it gets worse…

The Store Manager yelled back, from across the store, “Oh, yeah? You have one lawyer, we have a hundred lawyers!”

Then, to really show off his managerial abilities, he approached his employees and said “Never be afraid of customers.” I’m not making this up. It really happened.

So, can you tell us everything the Store Manager did wrong? Join the conversation on http://www.facebook.com/dmsretail

All the Success!
DMSRetail

PS: Don’t miss out on this. The Super Retail Success Bundle, electronic download version, is really affordable at two monthly payments of just $77 each. And, we ship your DVD’s after you make your first payment! You get 8 Success books and tools and 7 DVD’s…plus, 7 personal development bonuses and a bonus DVD on Selling Skills! That’s 23 ways to improve your chances of success in retail!! Check it out here: http://www.dmsretail.com/superbundle.htm

How’s Your Traffic These Days?

Published February 14, 2012 Uncategorized Leave a Comment

Have you given any thought to the fact that a generation of income earners may be doing less and less business with retail stores? And what that really means for retailers? This is not new, by any means, but have you thought about it?

A few days ago my good friend’s son, who is 29 years old, made an interesting comment to me. He said, “It’s amazing how much more I shop online now than I did a couple of years ago. My friends and colleagues do too!”

I asked him why that was. He said “Well, why not? It’s just so convenient and there are no hassles with anyone.”

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Retail Selling Skills & Customer Service Fundamentals Self Study Course on DVD’s with Study Guide
http://www.dmsretail.com/retailsellingandserviceskillshs.htm
Retail District Management Self Study Course on DVD’s with Study Guide
http://www.dmsretail.com/retaildmstudycourse.htm
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So, perhaps the modern consumer, many of them being young and upwardly mobile people, will just stay away from stores without thinking much about it. They don’t think they’re giving anything up. During the conversation, he didn’t complain about retail stores. In fact, brick and mortar stores didn’t even get into the conversation. That should be reason enough for retailers to be concerned. This young man and his contemporaries may not even be making a conscious choice…they’re just doing what comes naturally. Perhaps expectations of service and a great shopping experience have sunk so low that it doesn’t even warrant consideration anymore.

This young man, by the way, earns a very good salary, owns his own home and spends plenty of money on clothes, shoes, furniture, healthcare items, accessories…you name it. Most of it, clearly, online.

Now, at age 29, it’s doubtful that he would consider shopping in brick and mortar stores as a form of entertainment as a lot of people used to do…and some still do. So he’s not giving anything up. If you think about it entertainment is the only thing people may not be able to get when they order on line. For some that may continue to be a factor. Certainly they get selection, convenience, hassle free shopping, no sales associates to ‘bother’ them, easy check out without lining up, etc.

Of course, from our point of view, the customer is missing out on a lot of benefits by only shopping online. But, I’m afraid those benefits are being seen less and less by today’s consumer.

The huge question we absolutely must address, as retail management and owners – whether independents or chains – is “Why would people want to come into our stores and buy from us?” Sure we can enjoy our online sales as well, but what about all the money we have tied up in buildings, leasehold improvements, signage, fixtures, other equipment, etc.? And think of the hit employment numbers could take if all of our stores closed their doors! We need in store sales, don’t we?

If you haven’t asked yourself why people should come into your stores yet, don’t delay. The answer will help you to figure out what action you need to take right now to stay in business for the long haul…profitably. It’s not complicated! Don’t put it off.

 All the Success!

 DMSRetail

PS: Help your people learn how to keep your customers coming back to your store(s) and increase your loyal customer base. Get leaps and bounds ahead of your competition. Our Retail Selling Skills & Customer Fundamentals YourTime Self Study Course: http://www.dmsretail.com/retailsellingandserviceskillshs.htm and the Retail District Management YourTime Self Study Course: http://www.dmsretail.com/retaildmstudycourse.htm  are incredibly helpful tools and resources for you. Don’t delay…get on the right track today!

What You Can Do with the Weeks of Stock Report

Published January 27, 2012 Uncategorized Leave a Comment
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Weeks of Stock

For a District or Regional Manager who regularly travels between different stores, and for Store Managers, Weeks of Stock can be a very useful number. Weeks of stock is: $ inventory divided by average weekly sales for that category/department, etc.

Example:

Inventory level: $8,000.00

Total sales of product for the past 6 weeks is: $12,000.00

Average weekly sales = 12,000 / 6 = of $2,000.00

Weeks Stock = $8,000.00 / $2,000.00 = 4

I’m going to tell you a little bit about how you can make good use of the Weeks of Stock report and, also, what to beware of. For instance:

The period of time used for the average may include (or leave out) some significant business period which may distort the average weekly sales.
It may not be accurate, depending on input to the POS, shipping delays or any number of different reasons.
You may not be in a position to know what the ‘correct’ number should be.
As a District Manager, I used the Weeks of Stock report to see which store was in need of more inventory and which store could afford to give some up. If every store needed inventory in a certain category, then it was time to contact buying, or merchandising or allocation – whichever one is relevant in your organization. If the season was ending then we did not ‘need’ inventory.

The Weeks of Stock report can show you where there are glaring stock deficiencies and glaring overstocks. The knowledge gained from this report is of paramount importance if you want to have your inventory in the right place for maximum impact on sales. Even when the discrepancy is glaring, you need to contact the Store Manager and get their opinion on your findings.

You are cautioned not to move merchandise or make a big scene with your Allocation department based on subtle differences in the numbers between one store and another because, as mentioned above, there certainly could be some errors in the data.

As for the period covered by the Weeks of Stock report, it can go wrong if it is impacted by a particularly strong sales period, or if it is the very beginning or very end of a season or shipping period. Obviously, if you are looking at a report showing high weeks of stock on products that have just arrived in the store, then that would be reasonable. What would warrant further attention, though, is if 12 out of 14 stores have a high number of weeks of stock in a particular category/department or even a single product and 2 stores do not. Perhaps there is a good reason for this and, if so, you would know what that reason is – but perhaps there isn’t a good reason. What the Weeks of Stock number does is alert you that something may be going wrong. Perhaps two stores were inadvertently missed during allocation.

So, as a District or Regional Manager, we are not looking at this report to ascertain an exact, most accurate number of weeks of stock. We are looking at it to see if anything jumps out as a problem – or possible problem. I said the Weeks of Stock report can be very valuable, but it must be used only as a tool which, when used in conjunction with your experience and your understanding of what is going on with regard to inventory in your stores, can help you solve problems and, perhaps, move inventory to a store where it is needed more urgently to produce better sales results.

All the Success!
DMSRetail

PS: If you’re interested in receiving practical and actionable advice on retail management on a monthly basis, consider our Retail Success Choice membership for only $14.95 a month…an affordable investment in your career and your future. Find out more here: http://www.dmsretail.com/successchoice.htm

Exclusive 2012 Store Manager’s Organizer Explained

Published December 27, 2011 Uncategorized Leave a Comment
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You know what they say…. Plan your work and work your plan!
As a specialist, that’s not always easy because no ordinary organizer will do for you. You’re in retail!!
You need something special. So, we developed one for you…
The DMSRetailer is an Organizer/Planner designed specifically for Store Managers. It is a remarkable tool to assist you in operating your retail store(s). Below you will find information explaining what each section is used for, and how to use it.
The instant electronic download version of the exclusive Store Manager’s Planner/Organizer is on sale, for a limited time, for 25% off. When you place your order use the coupon code BOXINGWEEK25 (exactly as shown – all letters in CAPS). You can get it here:
http://www.dmsretail.com/dmsretailer.htm

And, it truly is an investment because you only buy it once and use it for years.

If you’d like more information about this truly unique product, please read on. All of the sections included in the Store Manager’s Organizer are explained below.

Heading: Store Data

This section is used to identify your store by location or number. The square footage is relevant as you will need this information for calculating certain KPI’s. Gross square footage is the total store. Net square footage is just selling space – or space that is used for selling to customers. If you do not know the gross and net square footage you should be able to get the exact numbers from your Head Office. Those numbers would be included in the lease agreement and/or construction documents.

Heading: Last Year Actual

This is where you will record important details from the prior year: Sales $ – the actual sales dollars from last year. % of Prior Year Ach. – the % of last year’s sales budget/target achieved. W/C% – this is the wage cost % for last year. $/sq. ft – this is last year’s sales dollars divided by your store’s square footage. Gross Margin $ – this is the total gross margin dollars for last year. % – this is the gross margin percent achieved last year.

Heading: Current Year Budgets/Targets

Enter the month, the date your company has determined as the fiscal month end date and the budget/target sales dollars.

Heading: Employee Roster – F/T

Enter the name, position, hire date, rate code* and review date of each full time employee. *a rate code is something you develop so that actual pay rates cannot be seen. For example: If employee X is earning 10.00 per hour, you may use code A.0 – A is for the number 1 and 0 is for 0. Another example – employee Y is earning 9.80 per hour, you may use code I.H – I is for the number 9 (9th letter in the alphabet is I) and H is for 8 (H is the 8th letter in the alphabet). The point is to develop a code that is understood only by you.

Heading: Employee Roster – P/T

Same as above, but for Part Time employees.

Heading: Sales & Appointments

This page is used to record the week ending date, the week #, daily weather conditions, the daily sales budget or target, last year’s actual sales for the same day, the actual sales achieved for the day this year, the % of the daily budget or target achieved, the % of business done on each day relative to the whole week. This number is calculated at the end of the week when the total sales for the week is known. The total weeks’ sales number is 100%. There is also a space to note Weather Conditions each day – something you’ll want to refer to in the future…not as an excuse, but possibly as a reason! All calculations require simple retail math. If you require help with retail math, check DMSRetail’s Success Guide titled Retail Math – Made Simple. You can find it here: http://www.dmsretail.com/retailmathbook.htm
The balance of the page is used for recording appointments and personal notes.

Heading: Key Performance Indicators

Record all KPI’s for the week – target, last year actual, this year actual, variance to target and variance to last year actual. Again, if you are unsure of KPI calculations and require help with retail math, all of this information can be found in DMSRetail’s Success Guide called Retail Math – Made Simple. Here is the link again: http://www.dmsretail.com/retailmathbook.htm

Heading: Performance Concerns to be Addressed

Record the name of the employee(s) who is not performing up to expectations, the date the information was taken from, the KPI’s that are not up to expectations and any other concerns you need to discuss with the same employee (example: tardiness, behavior, dress code, etc.)

Heading: Merchandise Issues/Concerns

Make notes regarding merchandise issues so that you can quickly recall them when speaking with the appropriate person at your Head Office or when called upon to provide feedback on merchandise.

Heading: Cumulative Sales

This is where you keep your cumulative sales and budget achievement up to date so you can see them at a glance. Each new week you update these numbers by adding the prior week’s sales actual and sales budget and sales for the same week last year. MTD $, QTD$, YTD$ – these are actual sales numbers for month to date, quarter to date and year to date. MTD % Budget, QTD % Budget, YTD % Budget – these are the % achieved compared to budget numbers for month to date, quarter to date and year to date. MTD % LY, QTD % LY, YTD % LY – these are the % achieved compared to last year’s actual sales numbers.
Note: Some companies break monthly budgets/targets into weeks. This organizer has allotted space for monthly budget numbers (page 1). If you do have weekly budgets, you should list them and keep them with your organizer so you can use them when updating and calculating Cumulative Sales. If you do not have weekly budgets, then you can estimate your weekly budget by taking your monthly budget and determining if there are any special events, or new merchandise receipts, etc. coming in certain weeks of the month. Then you take your monthly budget and break it down by %. For example, if a special event will occur in week 2 of the month then allocate 40% of the monthly budget to week 2. Then your weekly budget breakdown will be as follows: For example only – Week 1 = 20% Week 2 = 40% Week 3 = 20% Week 4 = 20%
There is a 3 Year Sales History, by week, toward the back of your organizer. We recommend that you fill in these numbers as soon as possible.

If you’re ready to purchase, here’s the link: http://www.dmsretail.com/dmsretailer.htm

Heading: Payroll

This is where you record your wage dollars paid, hours used and wage cost % for the week. There are sections for the Budgeted numbers for the week, the Actual numbers for the week and the Variance between Budget and Actual for the week.

Heading: Top Producers Last Week

This is where you record the name and SPH (Sales per Hour) Achievement of your top 5 producers. This section will be used to assist you in scheduling productively. If you have limited hours to use on your schedule, your top producing people should benefit from being given more working hours.

Heading: To Do List – (Sun – Wed)

This section is self explanatory. Plenty of room is provided, for each day of the week, for you to make notes.

Heading: Time Off Requests & Scheduling Notes

This section should be used to record special requests from staff regarding working hours/days. You can also record things that will be important for you to recall when making a schedule. For example: “Inventory count – schedule 8 extra hours on Tuesday” or “new person starting on Friday – add training hours”.
Tip: Although many Store Manager’s do it, it is not advisable to leave a calendar out for staff to write which days/shifts they do, and do not, want to work. It may appear to be the most convenient way to do things but it’s a mistake and it makes the Store Manager’s job much more difficult than it needs to be. This method will create more scheduling issues than necessary. Any staff member who wishes to make special arrangements (outside of their normal availability that you have on file)regarding their schedule should be required to speak directly to the Manager or other person in charge of scheduling. Once you agree to a special request, make the note in this section of your organizer so you will not forget what you have agreed to.

Heading: To Do List – Thu-Sat

As above.

Heading: Supplies Required

This is where you should note any supplies that will be required or reminders to check supply levels.

Heading: Maintenance Required

This is where you should note any maintenance required now or reminders to check that everything is functioning properly. You can also note any contact you have made with maintenance people regarding equipment, etc.

Heading: Shipments This Week

You can use this section for various different purposes. 1) to record the dates your shipments are expected 2) to record shortages or overages by shipment 3) to record damaged merchandise received 4) to record packing slip numbers 5) reminder to call the shipping company 6) to assign personnel to the task of shipping/receiving. Basically, anything you need to note regarding your shipments.

Heading: Sales Performance Q1

Here you will record the week number, the actual sales $, the budgeted sales $ and the % achieved for the Week, Month to date, Quarter to date and Year to date. This page gives you only achievement compared to budget but presents a bigger picture to review than the small Cumulative Sales record found in each weekly section. The small Cumulative Sales record also gives you comparisons to LY.
You will also find Sales Performance for Q2, Q3 and Q 4 placed in the appropriate places throughout your organizer.

Heading: Recruiting Q1

This is where you record details of any recruiting and interviewing activity that takes place. Note a Potential Candidate’s name, the Source (or where you found them) Contact Info. of the Potential Candidate, the Interview Date – either planned or actual, the Outcome (will you hire them or not?) and the names & phone numbers of References provided.
You will also find Recruiting for Q2, Q3 and Q4 placed in the appropriate places throughout your organizer.

Heading: Marketing/Promotions Record 1st Half

This is where you will record details of any promotions, special events, etc. There is room for 26 promotions but, you won’t necessarily have that many promotions in 6 months so you can use more than one line per promotion.
As an example only: Month – February, Promotion Name – Valentine’s Day, Run Dates – February 5-14th, Details of Offer – 20% off and free gift wrapping, Signage Used – New Red/White Valentine’s Day Promo signage, Actual Results $ – $20,250, Post Promo Comments – 30% over budget, ran out of free gift wrap.
You will also find Marketing/Promotions Record 2nd Half placed appropriately in your organizer.

Heading: 3 Year Sales History

This is where you record actual sales dollars for each week of the year, for three consecutive years prior to the year you are in. Actual (LY) is for last year, Actual (PY2) is for the year before last year or 2 years ago and Actual (PY3) is for 3 years ago. So if you are currently working in year 2012, then LY is 2011, PY2 is 2010 and PY3 is 2009.

Heading: Contacts

Self explanatory. All of the contact information you need right at your fingertips.

Heading: Staff Contact Information

Self explanatory.

Calendars for Current Year, Prior Year and Next Year are included for easy reference.

We want you to get organized in a big way in 2012 and take advantage of the savings, using coupon code BOXINGWEEK25 (exactly as shown – all letters in CAPS). Inquire at jhill@dmsretail.com for volume discounts.

Order now. Here’s that link again: http://www.dmsretail.com/dmsretailer.htm

All the Success!
DMSRetail Inc.

PS: Just a reminder that our Boxing Week Sale…25% off all electronic Success Guides, Tools & DVD’s and YourTime Study Courses…runs through until December 31, 2011 at midnight EST (excludes print versions and workshops). Here’s your coupon code again: BOXINGWEEK25 (exactly as shown – all letters in CAPS). Go to http://www.dmsretail.com and find all of the great products you need while they’re on sale.

PPS: For a limited time – until December 31 at midnight EST – the electronic version of the Store Manager’s Organizer is on sale for 25% off. And, remember, you never have to buy another Organizer. Buy it once and use it for years to come. Start getting organized for 2012 right here: http://www.dmsretail.com/dmsretailer.htm

The Policy Manual

Published December 6, 2011 Uncategorized Leave a Comment
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If you must have a policy manual, don’t let employees hide behind it!

It should go without saying that retail management and associates should never quote company policies and procedures to customers. However, as evidenced everyday in retail stores and call centres everywhere, it does need saying…and repeating… over and over….as my little story illustrates.

Just recently, in a mild dispute over some additional charges being levied on one of my mobile phone accounts, I was told in no uncertain terms that “It’s our company policy and there is absolutely nothing that can be done about it.”  When I politely asked to speak with someone higher up in the organization I was told, again “It’s just our policy and, no matter who you talk to, you’re not going to get what you want.”

So, then, Company policy trumps everything? No matter who I talk to? Hmmm.

Although I highly doubt that the Customer Service Specialist (The title is quite funny, isn’t it?) was correct, I didn’t want to spend my time and energy debating the point…so I just cancelled the service and they will no longer have to concern themselves with this pesky customer! And they will no longer enjoy the revenue associated with my account.

Anyway, your company may have established policies and procedures to assist in the organized operation of the business; to help employees understand the way the organization operates; to help people do their jobs and to protect the company’s assets, reputation, etc.

They do not, and should not, exist to use as ammunition against customers.

If a customer specifically asks about the company policy on a particular topic, there’s no harm in answering provided it is something for public consumption and not a strictly internal or confidential matter.

But, when a customer challenges the way you do something, or the way you don’t do something, there’s no reason to hide behind a book. In fact, quoting company policy is just plain cowardly. It means you don’t have the training, depth of understanding or intelligence to deal with the issue…or the customer.

Anyway, just don’t do it. And don’t allow it to be done by anyone in your organization.

For those charged with producing the policy and procedure manual, it can be tricky. If you are too specific, you run the risk of slowing down the operation with bureaucratic nonsense and red tape. Not good. But if you are not specific enough, employees will come up with any number of different interpretations causing a distinct lack of consistency within the organization. Also, not good.

Here is what we suggest. Don’t bother with a manual or have a one-pager!

Ok, ok,  we understand that you probably will want to create something to be used as a guideline so, be specific as far as instructions go (meaning how to do something) but not so specific that you end up with hundreds of pages of boring reading…or you state things that border on ridiculous.

The truth is, to be really specific, you will be writing a never-ending book because you simply cannot cover off each and every possible scenario at store level.  Highly focused, customer service oriented organizations have it figured out.

If you absolutely must have a book…the key is to write it in such a way that it ensures the reader will understand the one common thread running throughout those parts which affect customers and that is….reasonableness. Make sure that there is no situation which would call for an unfriendly approach or negative result for the customer.
Now, you may say that what is reasonable to one person may not be reasonable to another. And that is true, of course.

But if your hiring and training practices are excellent AND your organizational culture includes a healthy respect for the customer, this should not be an issue. Like I mentioned above, highly focused, customer service oriented organizations have figured it out…and you can too.

All the Success!

DMSRetail

Striving for 5

Published December 6, 2011 Uncategorized Leave a Comment

Should you gently nudge your customers to give you a high score on their Customer Service Survey?

Recently, I was shopping in one of my favorite stores – they have clothing and accessories for men, women, kids, infants; they have house ware and pictures and exercise stuff, etc. It’s a great place to shop for gifts, as well as for yourself.

Anyway, when I got to the cash desk to pay for my purchases, the cashier was unusually…and, I must say, unaturally… sweet and I knew immediately that something was up – you know the kind of talk that is clearly for show?

I was right…something was up. At the end of the transaction she handed me my receipt and circled a website name printed on it. She said I should complete the survey online and I would have a chance to win $1,000. She added “remember, we strive for 5”.

Also, she had stapled a small blue piece of paper, with a note on it, to my receipt. It was a reminder, to me, that they are striving to score “5” on the survey.  

So, is it a good thing or a bad thing to nudge your customers to give you a “5”? What do you think? Was this great work by an enterprising Store Manager? Or a ploy to ‘game the data’ on the Customer Service Survey? Would you do it? If you’d like to tell us what you think, please go to www.facebook.com/dmsretail and leave your comments.

All the Success!
DMSRetail Inc.

Guess the decade!

Published December 6, 2011 Uncategorized Leave a Comment
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People who work in retail stand for long periods of time and run around a lot during the holiday season. That brings up the subject of comfortable shoes again! Can you guess the decade in which this shoe was worn? If you can, there’s a complimentary copy of our Success Guide ‘Retail Customer Service Fundamentals’ for you! Make your guess now! Go to http://www.facebook.com/dmsretail

 

Holiday Tip #5 and Your Retail Management Training Library

Published December 6, 2011 Uncategorized 1 Comment
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Lots of retail people know all about GMROII, but not so many know about GMROF. That’s Gross Margin Return on Footage.

During busy times (like now, for instance) it’s super important that we display our merchandise in the best possible way to take advantage of all that extra traffic and encourage better sell thru, right?

Well, you can go a step further than making your merchandise look great…you can put it in the best place.

So, Holiday Tip #5 is…Use GMROF to find out which of your fixtures or walls, or wall sections is returning a better profit to you. That’s right! GMROF is not just used to find out Gross Margin Return on Floor Space…you can use it to find out the Gross Margin Return on any merchandised space.

Here’s the calculation:

GMROF = GM% x (Sales* / Sq.Ft.)
*Sales for corresponding area & time frame

Here’s an example:

Which fixture is more profitable?

Fixture 1: Oval shape with merchandised area of 7.65 square feet. Sales generated from this fixture in one month are $3,465 and Gross Margin on those sales is 43.5%.

Fixture 2: Rectangular shape with merchandised area of 7.20 square feet. Sales generated from this fixture in one month are $2,987 and Gross Margin on those sales is 45.6%.

Answer: Fixture 1 is more profitable. (GMROF for fixture 1 is 197; GMROF for fixture 2 is 189)

Most of you know that we include Retail Math in all of our workshops and YourTime Study Courses. And the reason is very simple – retail math knowledge is something no retail manager or business owner can do without. It’s a basic…a ‘must have’.

Fail to understand retail math, fail to understand your business.

This year, because so many of you asked us to, we put our workshop material, including lots of retail math, metrics and kpi information, into home study courses so that people who can’t afford the investment, or the block of time, to attend our workshops can still get all of the information they need to run successful retail businesses.

Last week, we decided to package all of them together into the most comprehensive retail management training library available and offer it to you for a fraction of the regular price. We also offered to give each customer full credit for any part they already own.

We considered it our holiday gift to our loyal customers and subscribers, and without much fanfare, we made that retail management training library available at that incredible price, minus what they had already paid, for one week.

But all good things must come to an end and that week ends tomorrow – December 7th. If you want to check it out you can still go here: http://www.dmsretail.com/ultimatebundle.htm

If you decide to buy one, we’ll refund your previous purchase of a Super Retail Success Bundle and/or any YourTime Study Courses you’ve purchased to date. It’s only fair!

All the Success!
DMSRetail Inc.

PS: The 3rd Edition of Retail Math – Made Simple was released yesterday. We’ve added Vendor Scorecards, a fully explained Profit & Loss Statement and a Retail Math Quiz! Customers who already own Retail Math – Made Simple, get a free upgrade just by sending an email to training@dmsretail.com , and many, many of you already have! (Your upgrades have been sent.) The price, for the new 3rd Edition, will remain the same for now: http://www.dmsretail.com/retailmathbook.htm

Holiday Tip #4 & Introducing Retail Math – Made Simple 3rd Edition

Published December 5, 2011 Uncategorized 2 Comments
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Our best selling Success Guide…Retail Math – Made Simple is now in its 3rd Edition!

We’ve added Vendor Scorecards, a fully explained Profit & Loss Statement and a Retail Math Quiz.

And the best part is…for now, the price stays the same at only $17.95 for the electronic version and $29.95 for the print version.

You can purchase it right here: http://www.dmsretail.com/retailmathbook.htm

We know that thousands of you already own Retail Math – Made Simple and we can just hear you saying “But, I already bought it!” Don’t worry, we won’t let you down. You get a free electronic upgrade.

If you are a Retail Math – Made Simple customer, just send an email to: training@dmsretail.com and ask us to send you the free upgrade.

Now, for that Holiday Tip #4 – What are your plans for keeping everyone sane this holiday season?

This is the time of year when many retail people might start to get a little testy. They are doing everything – and then some – and sometimes they just want to throw up their hands and leave!

Of course, they don’t really want to leave but they may get frustrated. Face it, life is pretty interesting…sometimes crazy… in retail stores in December. Start now and plan to make sure everyone has some fun.

Here are some things you can do to help:

  •       Arrange a pot luck lunch for the busiest days. Have everyone bring something to contribute, supply paper plates and cutlery and let everyone have a relaxing lunch in the backroom so they don’t have to fight the food court wars.
  •       Put a motivational note or card in their backroom mailbox just to remind them that someone appreciates their efforts.
  •       Bring treats for staff to munch on during their breaks.
  •       Run a contest where the winner gets to go home a little early without cleaning and closing up the store. If you run a contest like this every day, the other staff will happily pick up the slack because they know they could be the lucky winner the next day.
  •       And don’t forget the pat on the back for a job well done. Thank your people often and sincerely.

All the Success!

DMSRetail

PS: These two workshops will be held in Phoenix, Arizona in January 2012…after the madness, and just in time to get a jumpstart for the new year. You can use these links to get dates, fees, who should attend, what’s included, etc.

The Retail Operations Management G.O.L.D. Workshop:
http://www.dmsretail.com/retailtraining.htm

The Retail District Management G.O.L.D. Workshop:
 http://www.dmsretail.com/districtworkshop.htm 

 

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