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For Pet Industry Retailers
If you have a retail pet supply store in Colorado, please feel free to contact us by phone, fax or email. Please provide us with the following contact information: Your website (if available), your telephone number and email address and the best time to reach you. We will contact you to set up an appointment at a mutually convenient time.
Tips for improving your sales for pet retailers
If you've ever wondered how to determine which products to re-order and which ones to put on sale, you can use your Point of Sale system to run a sales report and see what your best selling products are for a given time period, or you can use a more robust calculation that corporate analysts and consultants use called sales per square foot, reference: http://www.ehow.com/how_6915945_calculate-sales-per-square-foot.html.
We recommend that you setup your store and Point of Sale system into zones that correspond to areas of the store and we encourage you to utilize a POS system to best manage your inventory. There are many point of sale systems available for pet supply retailers for both Windows and Mac computers and they are more affordable than you might think. Contact us if you need help choosing one for your store.
Effectively managing your inventory is knowing how much revenue you are generating for each square foot of selling space in your store. Once you know this figure, you'll know which products are generating the most revenue per square foot of selling space and you can use this figure to help you determine which areas of the store to expand and or which areas you should contract.
How to Calculate Sales Per Square foot for pet supply retailers
If you want to learn more about measuring sales-per-square foot, here's a great place to start. Sales per square foot is simply a measure of the dollar amount of sales generated by a retail location per square foot of displayed stock. Let's say you have two stores, and you are trying to figure out which location to expand and or contract. Calculating sales per square foot will give you the best measurement for making this decision. You can calculate this figure for your each store, which will give you a dollar amount that you can use to compare two comparable stores to each other. If you really want to get the most out of this measurement, be certain to calculate sales per square foot by zones, so that you can determine which products or zones are generating the most revenue for your store.
Setting up Zones
Setting up your store into zones is an efficient way of measuring which zones are making you money and which ones are not. You can start by walking around your store and labeling each rack or display with a Letter from A-Z. You can then compare the zones to each other and determine which letter's or zones are generating the most revenue for your store.
If you have a POS system, the first step is to generate a sales report for a given time period. You can run a report that is monthly, quarterly or annually. If you've setup your store in zones, setup your POS to run a report for net sales (total dollar amount of products sold, less returns) for a given zone. So for instance, if Zone A is pet toys, you can run a report that will give you the total sales of pet toys in Zone A for a given timeframe. In this example, let's say that you determined that Zone A has generated sales of $1,000 for a given month. The next measurement you need is the square footage of each zone. This will help you to determine if you have allocated the proper amount of selling space to your best selling products.
Calculating Square Footage
Step One:
Measure the length of Zone A or your pet toy display, along with the width. Multiply the length by the width and now you have your square footage. Be certain to convert any measurements of feet and inches into inches before you multiply. After you find the area in square inches, you can divide this number by 144 to get the square footage. Here's an example: Pet Toy Display (Zone A) Length of display (hanging wall rack) 5 feet, 4 inches long or 64 inches long. Width (or depth) of display 9 inches. Multiply 64 x 9 = 576 square inches. Divide 576 by 144 to get 4 feet. Now, you can compare how much revenue this 4 feet of selling space is generating for your store as compared to other Zones and make a decision as to whether you need to expand this area, shrink it or remove it.
Step Two:
Next, you should run a sales report for your entire store. Take your "net" annual sales and divide that by your total "selling area" in square feet. If your net annual sales for your entire store are $200,000 dollars and your actual selling area (minus storage space) is 700 square feet, then your sales-per-square-foot are $285. In a year, each square foot of selling space contributes $285 to your net sales. Did you know that the national average for regional malls in the USA is $341 per square foot? Knowing this figure is helpful in determining if you've chosen the right location for your business.
When you start getting closer to the $200 figure, that generally means that you have dead stock that is sitting around collecting dust and not contributing to your store's profit. You need to consider what you are selling and constantly re-evaluate your product mix. If your products are collecting dust, they are not contributing to your bottom line and need to be blown out in order to make way for new products. Want more help? Put Wholesome Pet Supplies consulting services to work for your business today.
Tips for improving your sales for pet retailers
If you've ever wondered how to determine which products to re-order and which ones to put on sale, you can use your Point of Sale system to run a sales report and see what your best selling products are for a given time period, or you can use a more robust calculation that corporate analysts and consultants use called sales per square foot, reference: http://www.ehow.com/how_6915945_calculate-sales-per-square-foot.html.
We recommend that you setup your store and Point of Sale system into zones that correspond to areas of the store and we encourage you to utilize a POS system to best manage your inventory. There are many point of sale systems available for pet supply retailers for both Windows and Mac computers and they are more affordable than you might think. Contact us if you need help choosing one for your store.
Effectively managing your inventory is knowing how much revenue you are generating for each square foot of selling space in your store. Once you know this figure, you'll know which products are generating the most revenue per square foot of selling space and you can use this figure to help you determine which areas of the store to expand and or which areas you should contract.
How to Calculate Sales Per Square foot for pet supply retailers
If you want to learn more about measuring sales-per-square foot, here's a great place to start. Sales per square foot is simply a measure of the dollar amount of sales generated by a retail location per square foot of displayed stock. Let's say you have two stores, and you are trying to figure out which location to expand and or contract. Calculating sales per square foot will give you the best measurement for making this decision. You can calculate this figure for your each store, which will give you a dollar amount that you can use to compare two comparable stores to each other. If you really want to get the most out of this measurement, be certain to calculate sales per square foot by zones, so that you can determine which products or zones are generating the most revenue for your store.
Setting up Zones
Setting up your store into zones is an efficient way of measuring which zones are making you money and which ones are not. You can start by walking around your store and labeling each rack or display with a Letter from A-Z. You can then compare the zones to each other and determine which letter's or zones are generating the most revenue for your store.
If you have a POS system, the first step is to generate a sales report for a given time period. You can run a report that is monthly, quarterly or annually. If you've setup your store in zones, setup your POS to run a report for net sales (total dollar amount of products sold, less returns) for a given zone. So for instance, if Zone A is pet toys, you can run a report that will give you the total sales of pet toys in Zone A for a given timeframe. In this example, let's say that you determined that Zone A has generated sales of $1,000 for a given month. The next measurement you need is the square footage of each zone. This will help you to determine if you have allocated the proper amount of selling space to your best selling products.
Calculating Square Footage
Step One:
Measure the length of Zone A or your pet toy display, along with the width. Multiply the length by the width and now you have your square footage. Be certain to convert any measurements of feet and inches into inches before you multiply. After you find the area in square inches, you can divide this number by 144 to get the square footage. Here's an example: Pet Toy Display (Zone A) Length of display (hanging wall rack) 5 feet, 4 inches long or 64 inches long. Width (or depth) of display 9 inches. Multiply 64 x 9 = 576 square inches. Divide 576 by 144 to get 4 feet. Now, you can compare how much revenue this 4 feet of selling space is generating for your store as compared to other Zones and make a decision as to whether you need to expand this area, shrink it or remove it.
Step Two:
Next, you should run a sales report for your entire store. Take your "net" annual sales and divide that by your total "selling area" in square feet. If your net annual sales for your entire store are $200,000 dollars and your actual selling area (minus storage space) is 700 square feet, then your sales-per-square-foot are $285. In a year, each square foot of selling space contributes $285 to your net sales. Did you know that the national average for regional malls in the USA is $341 per square foot? Knowing this figure is helpful in determining if you've chosen the right location for your business.
When you start getting closer to the $200 figure, that generally means that you have dead stock that is sitting around collecting dust and not contributing to your store's profit. You need to consider what you are selling and constantly re-evaluate your product mix. If your products are collecting dust, they are not contributing to your bottom line and need to be blown out in order to make way for new products. Want more help? Put Wholesome Pet Supplies consulting services to work for your business today.
Location...Location...Location...
Chance are, you've heard the old adage location...location...location more than a few times. If you're in the process of searching for your first retail store or planning on expanding to your second, it's time to put location at the top of your To Do list. Did you know that the Forum Shops at Caesars Palace in Las Vegas has the highest sales per square foot of any mall in the nation at approximately $1300 per sq foot?
