"You do not succeed because you do not know what you want or you don't want it intensely enough."

-- Frank Crane, Minister

by Jami Petersen

Have you ever been in a store that just has too much stuff? You know the one, inventory stacked to the ceiling, jumbled shelves. A store like this can feel like walking into an unorganized basement, which is one thing if you're expecting a basement and quite another if you want to have a pleasant retail experience. On the other hand, some stores seem to have acquired too much square footage, and if they do have the inventory to fill it, it would take a few days to navigate and see it all. Today's SMART article talks about finding the right amount of retail space and how to partner with manufacturers to make the most of your square footage.

Jami Petersen
newsletters@a-z.com

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Press Releases

News you can use about the latest media coverage of hot trends, noteworthy events and dynamic industry leaders. Learn more about the current headlines in arts and crafts by clicking on the title of each article segment.
 

Creative Memories Leader Steps Down. "Creative Memories Global President and Chief Executive Officer Asha Morgan Moran has resigned from the St. Cloud-based scrapbook maker, although few details were revealed about reasons behind the leadership shake-up."

The Must-Have Color Trends For Fall 2010. "Wondering which hues for shoes will be must-haves for consumers next fall? According to Leatrice Eiseman, executive director of the Pantone Color Institute and the head of the Eiseman Center for Color Information and Training, buyers may want to look to the past, present and future to get a sense of coming color trends. 'The big picture theme is a Mosaic of Color and Style,' she says. 'This reflects cultural, universal time frames and seemingly disconnected elements. Though new technologies continue to reinvent the future, we may notice some things have a vaguely nostalgic feeling.'"

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by Dennis A. Conforto, A-Z Media Group, Inc.

Maintaining high sales per square foot requires great partnerships between retailers and manufacturers. Without great partnerships in place, it becomes impossible for a retailer to maintain and sustain high sales per square foot. These kinds of partnerships allow retailers to seek more in-store support from manufacturers, while manufacturers gain more control over managing their brand within the store.

A common mistake among retailers is having the wrong amount of store space. Too small, and your selection is not large enough to maintain acceptable sales per square foot. Too large, and your market can’t support enough sales to justify the space. This error can be tempered through true partnerships with manufacturers who know or should know how much square footage they need to be successful.

If your goal is to make money in retail, then measuring sales per square foot is a key to managing your business to a profit. If your store is too big, you will follow Murphy’s Law of retail space, which simply states, "If you have space you will fill it." If the store is too large then you will carry too much inventory and selection. Too much selection can cause confusion for the consumer and slow sales down, or balance sales at best.

Of course it is possible that a store may be too small for its marketplace and then you risk inadequate selection, which can impact sales in the long term. However, given the choice, I would rather have too little space than too much. It is always better to start with less space than more and grow your store to match your increasing client base.

Your store's square footage is just one part of the battle for retail success. The three rules of real estate purchasing, “location, location, location,” also compromise the great rules of retail leasing. If I were opening a store today I would think in terms of where the most craft traffic is within my market area. Contrary to what most in the market place would say, I would open a store that shares the parking lot with a Michaels, Joanne’s, Hobby Lobby or even a Wal-Mart. This is not unlike the thinking of competing car dealerships, restaurants and gas stations; their proximity creating a destination shopping area by category. Destination shopping has proven time and time again that it is the best model for the retailers and the consumers.

Read the entire article by clicking here . . .

If you would like to comment directly to Dennis about this article or have him address a subject matter in future articles feel free to email him directly at dconforto@a-z.com.

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