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Retail Store Inventory & Pricing Strategies
Few areas of your retail store are as important as your retail inventory selection and your retail store pricing, especially since customers base their purchasing decisions in large part on what products you carry and how much or how little they cost. Independent retailers have little margin for error with inventory selection and pricing, as they may not have the resources to recover if mistakes are made. Knowing where to buy your merchandise from, how to get the best pricing and terms, and how much inventory you need is crucial for the independent retail store owner to know. Our how to sections on inventory pricing, merchandise buying, and other inventory and pricing topics will give you the tools and resources you need to make the best merchandising and pricing decisions for your retail business.
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How to Increase Your Retail Store Traffic Using Variable Pricing
Many successful retailers use variable pricing to drive store traffic and establish themselves in consumers' minds as a low price retailer. Learn how you can use variable pricing to attract new customers, be known as the low price leader in your market, and still maintain your profit margins . . . more >>
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How You Can Tell When Your Pricing is Too Low (or too high)
If you're like most retailers, you've probably wondered if your pricing is costing you sales. Price too high, and you'll never see some customers again. Price too low, and you'll leave profits on the table and struggle to have a thriving business. Learn ways you can quickly determine if your pricing is out of whack and need to be adjusted . . . more >>
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DOWNLOAD: Retail Store Inventory Status Form
Knowing what inventory you have on hand and what is on order for any item is vital to keeping just the right amount of inventory in stock and to reduce the likelihood of overstocking a particular item. Use the Retail Inventory Status Form to monitor where you stand on inventory for particular items. . . . more >>
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DOWNLOAD: Retail Store Inventory Variance Worksheet
Comparing your physical inventory count to your book inventory count allows you to spot shrinkage or carelessness with your inventory control. Use the Retail Store Inventory Variance Worksheet to find any variances in your inventory counts. . . . more >>
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DOWNLOAD: Retail Store Inventory Count Sheet
Knowing how much inventory your store has is important when calculating inventory turns, merchandise purchasing decisions, and your store's profitability. Use the Retail Store Inventory Count Sheet when you take your store's inventory. . . . more >>
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Running a Sale: What Merchandise Should You Put On Sale?
Unless you have a profit making strategy for holding a sale, you'll simply markdown your pricing on some items in the hope that your sales volume increase will offset the reduced profit per item. Learn proven profit making strategies successful retailers use when holding a sale so that both sales volume increases and profits remain high . . . more >>
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