Monthly Blog: February

Within the month, my mentor, Andrew Johnson, has been telling me the importance of managing money towards the end of the day within a store. Obviously within an organization of any kind, money is the lifeblood. For store management, my mentor went further into depth and talked to me about how he would every month find what certain types of merchandise was sold and tried to find more of it, teaching me the importance of supply and demand. He told me that when he found that an item was selling really well, that he would do all in his power to showcase it closer to the store entrance to get people intrigued. It was extremely informational because I always knew the concept of "sell what's hot," but I never knew how people in retail figured out "what's hot."

The receipt above is a daily receipt that shows all sales of all department items. Example, all of the home furniture we sold pulled in a cool $445.00, which tells us that lots of people are eager to buy our furniture aside from other goods. Based on that knowledge, all of our deliveries on the truck which contain furniture gets priority on being taken out to the store floor. Additionally, this receipt gives the store a general rough estimate on what kind of money that comes in on a daily, which is essential to managing money over time. Keeping track of what you sell and collecting data on what sells the most is extremely vital in the retail management world, for making money is the name of the game.

The above is a spreadsheet on how much real estate (store space) that each department takes up. Getting your products out and making more space for newer goods to come in is essential. Out with the old and in with the new. If something takes up too much square footage in your store, then you have to sell it at a reduced rate to remedy the problem of product build up.