Average sales per square foot in retail businesses for 2020

Key quotes:

• "The formula will look like this: $125,000 — $100,000 = $25,000 $25,000 / $100,000 = 2.5 x 100 = 25% Sales growth is measured over a specific amount of time and can offer insights about sales performance across the entire company, one store, or even one product."
• "Measuring sales by square footage is another good indicator of business performance and if you’re maximizing your selling space."
• "SEE ALSO: Retail Merchandising Tips and Tricks for Growing Your Business Knowing how your employees are performing is another important metric to measure."
• "The formula will look something like this: $50,000 (COGS) / $125,000 (average inventory value) = 0.4 Therefore, in the timeframe you’re measuring, inventory is turning over four times during that period."
• "There are more metrics like sell-through rate, accessory percentage, weeks of supply and more that provide detailed insights about supply chain performance and more, and you should do your research to see which KPIs fit best with your business model."

Key quotes:

• "The trends of the retail store are shifting and even the lines of online and irl are blurring."
• "Big or small, customers are showing up for the experience and it’s creating a buzz that in a *snap* goes from real life to a virtual one."
• "There are a lot of factors to consider so we spoke with Paul Claxton, business coach and owner of Southern Collaborative, to find out what you need to know before opening your doors."
• "Here are some things you should know: Retailer Annual Sales $1,000,000 Square Footage 1,500 SpF $667/ SqFt At first glance: We all have an idea of our perfect dream space but sometimes it takes baby steps."
• "Find functionally-like second generation spaces — Think former stationary store to a Candle Shop, good."
• "Part of the strategy is noting things you will do or look for in your next space you move into."

Key quotes:

• "Despite the perceived simplicity of the business model — purchasing inventory and selling goods and services to customers — a lot more goes into the process of running a retail store."
• "Before securing funding or renting a space or any other step required to get your retail store off the ground, it’s important to have a business plan in place."
• "When hiring, consider facets like: The front of the house and on your floor isn’t your only priority in running a successful retail business; back-office operations are equally important."
• "An integral part of ringing in orders, tracking revenue, managing inventory, and keeping an eye on all data related to your operations, today’s POS systems go far beyond processing payments and acting like a glorified cash register."
• "With an iPad POS solution like ShopKeep, it’s possible to handle virtually all back-office tasks in a single interface, managing everything from operational analytics to employee management with a few easy clicks."
• "In order to help ensure your customers have a positive experience while shopping at your store, you need to make your business is properly staffed."

Transcript: Well is Steve Hansen with the janitorial store we had a member post a question in the billion estimate inform they're saying that they're asking thing give if we can give an estimate on how many hours it would take to clean this office and how much they should charge to be competitive they are saying that the the bid is for property management company and the the office itself he doesn't say they don't say if it's a Class A Class B or what it is but the the square footage is thirty five thousand fifty eight square feet and it's cleaning to five days per week and every day they're going to trash do the kitchens bats and everything else as needed so we actually had an office building that was very similar in size about 32,000 square feet so you know I mean that we would probably use about 4,000 square feet per hour for a production rate that should be a very doable rate for this location and so that means that it will take about seven I'm sorry about about eight point seven six hours to per cleaning for this office space so when you... See more →

Key quotes:

• "This essentially means that if small business merchants want to increase their sales, they can’t sit waiting in their stores hoping that customers will magically find them."
• "Below we’ve outlined a small business sales funnel — as it relates to retailers — to help you picture and understand how and when to engage your potential customers."
• "SEE ALSO: The Comprehensive Guide to Local Store Marketing Event Marketing: Create an Experience A great way to increase retail sales and introduce your business to new customers is to create an experience that aligns with your brand."
• "The overall goal of this section of the small business sales funnel is simple: Every single person who walks through your doors should spend money in your store."
• "Yes, you’ll never get 100 percent of your visitors to spend, but by providing the best in-store experience possible, you’ll maximize your chances to acquire new customers and boost sales in the process."
• "Customer communication is key to creating a great experience and is integral to learning how to increase sales in retail."

Key quotes:

• "With 6,300 stores shutting down across the US this year, shopping appears to have moved from traditional retail stores to digital channels."
• "As a part of that strategy, traditional retailers are buying pure-play online retailers to extend their digital channels."
• "However, what really got everyone’s attention was when Amazon, leader of online shopping, spent $14 billion to buy Whole Foods and its nearly 500 physical locations."
• "This goes to show that the retail industry is at an inflexion point where we are seeing traditional retailers struggle with large footprints and e-commerce companies realizing the value of physical storefronts."
• "As offline brands move into the digital space, and e-commerce brands buy physical stores, we should be seeing novel takes on retail where stores are laced with digital touchpoints."
• "Successful brands will be the ones that are inventing new kinds of shopping experiences integrating stores as part of the customer journey, rather than completely separate channels."