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How is your retail shop really doing? Are you making a profit? Is shrinkage reducing your profits? Do you have up-to date business and marketing plans? Do you fully understand the numbers ?

Strategy development There's much more to establishing a successful retail business than the operational running of a shop.

As an independent retail shop owner you need to have a wide range of knowledge and skills to manage and grow your business on a sustainable basis.

Think about the tasks and skills involved in running a shop - recruiting, training and managing employees, sourcing and selecting merchandise to sell, setting up promotional displays, booking advertising & promotional activities, developing a rapport with customers, etc.

Now, consider the tasks and skills involved in managing a business - interpreting P&Ls & balance sheets, cashflow & financial management, business development, strategic planning & marketing, complying with retail & employment legislation, health & safety, etc. Calculate the numbers

Clearly the knowledge and skills that might lead to the creation of a great shop are quite different from those needed to manage and grow a successful retail business.

In this section, you'll get information and tools to help you better understand and manage the business and financial aspects of your retail shop.

In This Category

Retail Legislation

Retailer Resources

Glossary: Key Retail Measures & Calculations: Regular assessment of your shop's performance is vital to the success of your retail business.
Here's a list of the key measures and calculations to help you manage your retail shop's performance.

How To Add Sales and Profits to Your Retail Business By Counting Customers: In this article, discover how and why successful retailers count customers who enter their shops, and learn how you too can add sales & profits to your retail business.

How a Competitive Advantage Helps You Attract Repeat Customers and Sell at Higher Margins: How can independent retailers survive against the big retailers' deeply discounted prices? This article explains what you can do to attract and retain customers and increase your margins in the face of fierce competition.

WHAT DO WE MEAN BY ‘BRAND'?: There are often misconceptions about what the word "Brand" actually means. So here's a brief definition which it is hoped you'll find useful.

7 Reasons Why You Should Run a Sale: In the current climate, some retailers seem to be running a sale every week. in doing so they could be doing irreparable damage to their brand. In this article we explain the 7 reasons to run a sale in your shop, and how to make sure you get the most out of them without harming your reputation.

How to Set Up Successful Sales Promotions & Retail Events: Are your sales promotions and special events really delivering the results they should? Are they well organised in advance or a last minute thought? Which promotions work best for you and why? Do you want to be more successful with your sales promotions?
This action list will help you prepare and implement sales promotions and in-store events that will drive footfall, increase sales, shift stock and improve cashflow.

The Sale of Goods Act - Summary: The Sale of Goods Act was introduced in 1979 to protect consumers in the purchases they made. It was updated and amended in 1994 (Sale and Supply of Goods Act 1994) and again in 2002 (Sale and Supply of Goods Act to Consumer Regulations 2002) to take into account consumers purchasing goods in other European countries.
The main aim of the latest amendment was to encourage people to shop across borders and know that there is some legal recourse if they are problems with faulty goods.

4 Key Steps to Effectively Managing your Shop's Sales and Stock Levels: Are you holding higher levels of stock than you need? Is your markdown percentage increasing? Are your profit margins being further eroded? Are weaker sales impacting upon your cashflow?

Learn how to take (back) control of your largest asset - your merchandise stock.

5 Top Tips for Easier Staff Recruitment: For many customers, the right shop staff is a a key factor which influences their decision on whether to visit and buy from your shop.
Here's 5 tips to make recruiting the right staff easier for you.

Retailing - Key Drivers: Like all businesses, retailers operate in an ever changing environment. These changes may present new opportunities or, equally, they may pose threats to the viability of the business.

The 12 P's of Retailing: Whether a multi-national retail chain or a small, independent shop, creating a compelling and credible retail proposition in today's marketplace demands thorough management planning, implementation, monitoring and review.

The Value of Knowing How Much Your Retail Customers are Worth: Understanding the lifetime value of your customers will help you make more informed decisions about the operation of your retail business. Learn more.....

How to Reduce Your Shop's Overhead Costs: It's easy for business expenses to creep up over time but if they go unchecked for a long period these inflated costs can often bring a business down. Learn how to make your retail business more profitable with these practical ways of reducing your overhead costs.