Retail Survival in Tough Times
Retail is under fire! Both large chains and small shops are battling to survive.
It’s tough out there for retailers. Business is changing with consumers challenging retailers to adapt to their needs and the way they want to live and shop. Shops are closing everywhere and traffic flow to many shopping centres is falling. Several shop owners are struggling to get out of their leases. Online shopping is impacting on sales, rental costs are increasing and soon the carbon tax will further drain the profits of even the most successful stores. In this climate, how can retailers, both big and small survive?
This book examines the following key issues:
• The impact of online shopping and how to fight back
• Negotiating a rental rebate from a landlord.
• Insuring that a supplier is giving the best deal.
• Using the techniques of ratio analysis to measure performance and ensure continuing support of the bank.
• Negotiating with the bank manager for a loan.
• Controlling cash flow and buying stock within your means.
• Maximising your profit from each square meter of store space.
• Using the technique of “break even analysis” to measure performance.
The book also takes the retailer through the following steps of successfully exiting from the business:
• Succession planning.
• Bringing in a junior partner.
• Mentoring a successor.
• Valuing the business
• Using the lease to maximise the value of your sale.
• Appointing a suitable business broker.
Hymie looks at the difficulties facing retailers, asks the hard questions and provides simple solutions. Retailers can go straight from this book to their office and implement his suggestions.