Upskill People to Drive Selling Space Productivity
The cost of selling space, also known as occupancy cost, is a major cost factor in retailing, second only to people costs in most companies. Optimizing space is a major contribution to company profitability. In times like this, it is important to use every square foot (or square metre) as productively as possible.
With the growth of online and omni-channel retailing you have extra potential to improve space performance. But are all your colleagues who have a role to play in driving space productivity as skilled as they need to be?
Colleagues in Store Operations, Buying, Merchandising and Online Retailing all have roles to play. Even Store Design people to some degree. Optimizing assortment width and depth, creating store layouts that exploit product adjacencies and affinities, use of compelling signage and displays, the smart use of store approaches and entrances are all important, and the intelligent use of the extra traffic that omni-channel retailing can create. You can learn more about how to upskill all the different job roles that can help maximize space productivity, thereby increasing profit here.
You can read a longer version of this minute with more detailed insight at Retail and Consumer Goods Industry WIKI and EPSS, if you or your company have a licence.
-
Posted by Sue Ostler
3rd May 2024
