15 Tips for Retail Success
The Final Five – Performance, Strategy, and Growth
In Part 1, we explored how top Retailers master scheduling to peak, aligning labor with demand, and ensuring store teams are positioned for success.
In Part 2, we looked at how Retailers can maximize performance through real-time data, labor allocation, and leadership-driven decision-making.
Now, in Part 3, we go even deeper: How do you measure, refine, and continuously improve your approach?
These final five tips help Retailers set meaningful targets, track the right KPIs, learn from industry leaders, and evolve alongside the ever-changing retail landscape.
Tip #11: KPIs That Count
Are you tracking too many metrics? Or not the right ones? There are specific KPIs that provide valuable insights into effective labor allotment, the health of your schedules, and the well-being of your team. They also provide valuable insights on your expected service standards and labor compliance, which play a major role in overall performance. Make sure you’re focusing on the KPIs that matter most: SPH, TPLH, and Conversion Rates.
Tip #12: 20 Hours Can Make Or Break Your Week
In Tip #1,we told that you that 50% of your sales happen in 20 Hours, which we call peak hours. Let’s dig a bit deeper. It’s likely that each store within your retail chain will have unique peak hours, which change overtime. And that can be difficult to keep up with when you’re scheduling manually. Being equipped to constantly analyze when you’re at your busiest will give you the ability to forecast and staff your labor budget to ensure you’re not over- or under-budgeting. It sounds complicated but it’s not. This infographic explains it easily: Good Peak Gone Bad
Tip #13: Target Smarter, Not Harder
Lucky number 13? In Retail, success isn’t about luck. It’s about clear, actionable targets. Break down top-level goals into actionable, store-level targets that empower your teams to make a tangible impact every day. Real-time visibility into sales vs targets – whether it’s daily, hourly, by store, or by district, allows your store managers to course-correct on the fly, ensuring no opportunity slips through the cracks.
Tip #14: Target Smarter, Not Harder
When it comes to improving Retail operations, there’s no better endorsement that hearing it directly from other Retailers. Peer insights aren’t just reassuring, they’re invaluable for making informed decisions and driving success. Take it from Billy Bennett: How Journeys Leverages StoreForce
Tip #15 – Retail Never Stops Evolving
Not so much a tip, but more a thought. StoreForce recently celebrate 15 years of partnering with top global Retailers. And the past 15 years have shown us just how much Retail continues to evolve. Flexibility, adaptability, and data will be your greatest allies. Build resilient teams who are empowered to make smart decisions, invest in meaningful technology that drives growth, and never stop challenging the status quo.
The Future of Specialty Retail:
In the 15 Tips for Retail Success we’ve shared tips designed to help Retailers, mainly:
– Maximize every labor dollar
– Optimize your scheduling and staffing strategies
– Use real-time data for immediate impact
– Set better targets and measure the correct KPIs
– Stay ahead by embracing continuous improvement
Download the full report [all 15 tips] now to access all 15 strategies for Retail Success!