Key Performance Indicators for retail
What works well in my store? Where can I make improvements? How can I get more people to visit my store? How can I sell more? How can I sell “better”?
Stores come in all shapes and sizes: large and small, food and non-food, department and speciality, mono-brand and multi-brand, independent and franchisees… Each business, each product category, and each strategy has its own specific characteristics but all stores operate under the same basic laws of commerce.
A book written in the belief that trading is a profession that demands several skills which always apply, irrespective of the type of business formula underpinning the operation. One of these skills is the ability to understand and use key performance indicators.
Key Performance Indicators for retail are essential for:
- Interpreting store results
- Devising strategies for improving them
- Monitoring the efficacy of these strategies
A real operational handbook, written for real people charged with the day-to-day management of stores. It explains the key performance indicators most commonly used in retail, namely footfall, transactions, conversion rate, sales, average sale per transaction, average selling price, average units per transaction, percentage of revenue from promotions and markdowns, sales per category, penetration, margins, loyalty, customer satisfaction and mystery shopping, inventory turnover and stock coverage, damaged items, shrinkage, returns, personnel costs, sales per FTE, and direct operating costs.
It provides the reader with a clear idea of:
- What an indicator is and how to calculate it
- What the indicator measures
- Which factors influence the indicator
- Which decisions will steer the indicator in the desired direction
Practical exercises help the reader to master these concepts and apply them immediately in his or her store.
Emanuele Schmidt (1959) is a business consultant and President of MIDA, an international consulting & training agency headquartered in Milan, Italy.
With over 20 years in the retail industry, he now brings his significant experience to bear on the development of professional consultancy and training projects for large-scale distribution (food and non-food) groups, and mono-brand & multi-brand retailers in the fashion and luxury-goods sectors.
Emanuele is also the author of several other books and articles.