Brian has 20 years of experience in retail senior management with leading retailers such as The Athletes Foot, Optus, Angus & Coote, Westfield, KFC and Woolworths. He has become Australia’s most sought after headline speaker on all aspects of retail. Brian’s a big believer in getting the basics of retail right – customers want the right product, at the right place, right price, right time. A couple of his favourite numbers to pay attention to are inventory turnover, sales to target and sales to budget, and % of sales for each category mix. He compares store A and B, both of whom are doing $900k turnover a year. The sales to inventory ratio is 3, meaning the inventory will turn over 3 times in a year, so each store should be carrying $300k of stock. If one store carries $450k of inventory, that store has $150k too much stock on hand.
Remember to reach out to Brian – firstname.lastname@example.org or on Twitter @retaildoctor. Brian has offered a free 20-minute phone consultation to anyone in Franchisee Nation, so if you’re a member of our Facebook group don’t hesitate to reach out to Brian.
As first published on Franchise Connect on 20/07/15