One of the largest expenses in retail or business is labor costs. These can add up quickly, often leading to increasing costs over time. Looking for ways to reduce labor costs can help reduce any added strain on your business’s bottom line. Labor costs, which should only be around 20-35% of a [...]
The retail world is constantly evolving to include more shopping opportunities for consumers. However, this unfortunately means that there are more opportunities for retail loss. Retail loss prevention is imperative for any store to implement to keep their inventory safe. In 2022, 81% of U.S. retail stores reported that their shrinkage increased. [...]
Running a convenience store can be a lucrative and fulfilling business, but it's important to be aware of the ongoing operating expenses that come with it. By understanding these types of ongoing expenses upfront, you can plan accordingly and potentially save your money. If you’re seriously thinking about how to [...]
Robberies in the U.S. increased by 19% from 2021 to 2022 according to the Council on Criminal Justice (CCJ). Late hours and large amounts of cash on hand make convenience stores especially high risk for crime, so it’s no wonder that convenience store owners and managers are focused on store security. [...]
The pandemic created many disruptions to daily life, including how the retail industry functions. While retail had to once hire extra workers to help with the influx of business, there is now a retail labor shortage that doesn’t seem to want to go away. While there are many more industries [...]
From store layout to cash management procedures, there are many factors to consider when implementing smart retail store operations.
Efficient cash handling is essential for any business that accepts cash, but for retailers, the sheer size of the task can be overwhelming – even for a small business. This guide covers all the cash handling procedures retail owners and managers need to know. Cash Handling in Retail While a [...]