Have you ever wondered how much other stores spend in key line item areas?
Being part of a group makes your businesses easier to run, so why not learn from others in your business and make life easier?
Retail Community Groups contain ten to twelve member stores from non-competitive regions, and meet twice each year in the fall and spring. Each seasonal meeting is hosted by a member and is two days in length. During this time group members will visit the host store and offer priceless suggestions on display and store layout. As well, key issues effecting retailers will be openly discussed.
Elements reviewed during group meetings included:
- Fifteen core classifications (i.e., suits, sport coats) , measured for the most recent season and the past 12 months.
- Maintained markup
- Gross margin
- Vendor performance (by season as well as emerging lines)
- Merchandising data
- Marketing methods
- Compensation incentive programs
We compare every member’s results to others within the group, and the groups results against all Retail Community Group medium numbers. Once each year we carefully review operating expenses as well. Of course, everything mentioned during the meetings is confidential, as Retail Community, by law, insists that everything be held in strict confidence.