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Markdown pricing is a necessary evil for retailers. It helps them reduce the price of products to increase sales and clear out inventory. However, markdowns must be part of a holistic pricing strategy for each product across its life cycle.…
Retail math is a set of skills that enables managers, sales associates, and other retail employees to perform essential tasks at both the retail and manufacturer level. It involves basic arithmetic, such as counting money and calculating change, as well…
Open-air shopping centers, also known as strip malls, have been gaining popularity in recent years due to the decline of traditional enclosed malls. Unlike their enclosed counterparts, open-air shopping centers are organized rows of stores spread over an area with…
Customer lifetime value (CLV) is a crucial metric for businesses of any size. It provides insight into the total revenue a business can expect from a single customer account throughout the business relationship, taking into account the customer’s revenue value…
Sell-through rate is use to determine how much inventory they sell in a certain amount of time. Learning how to calculate and track this figure can help you evaluate how well your organization performs over monthly, quarterly or yearly sales…
Brick and mortar retail has been around for centuries, but it has evolved with time. The term “brick and mortar” (also sometimes used as “bricks and mortar”) was created in contrast to online shopping or e-commerce. Before the internet grew…
Everyday Low Pricing is a strategy where the products are provided to consumers at a lower cost or a discounted price over a longer time at a constant rate instead of releasing sale events. Only then can the same products…
Category killers have been around for decades, but their impact on local businesses and the retail industry as a whole has only become more apparent in recent years. These large retailers specialize in a particular product category and offer a…
Consignment selling is a business model that allows individuals or businesses to lend out their items to a shop that contracts to sell them at an agreed price and split the proceeds in accordance with an agreed formula. In this…
Off-price retailing is a growing trend in the retail industry. It offers customers an opportunity to buy high-quality merchandise at lower prices compared to regular retail stores. In this comprehensive guide, we’ll explore the benefits of off-price retailing, the different…