General Retail Business Issues/Reliable data
Hello Jim, I seek your guidance for reliable data to complete my business plan. I have scoured the internet extensively and not finding exactly what I'm looking for.
I'm launching a specialty store and e-retail business and the basic theme is "Construction".
I seek data to benchmark and to set goals. As a start-up, I should expect "X" but as the business grows, what are the metrix to base my growth plan when/if executed properly?
Average sales data, foot traffic, unique visitors, conversion rate are just a few examples of data I seek.
Please advise if there is a resource I can steer toward for all the answers. I'll look up the info, I just need a reliable resource.
I attended a workshop through JD associates several years ago where you were the guest speaker. I also purchased your book "Start and Run a Retail Business".
I look forward to your reply.
Thanks for buying the book! Yes, it is amazing that in this connected world statistics about retail performance are hard to come by. The NRF used to produce two books each year, the MOR and the FOR which were respectively the Merchandise Operating Results and the Financial Operating Results and contained much of the data you are looking for. The two books were stopped well over ten years ago and nothing really has replaced them. Now, some industries, the sporting goods, shoe, jewelry and a few others gather the statistics on financial and operating results for their respective industries and sell them to members. The ICSC has data on stores within shopping centers but you have to be a member to access the data.
I wish there was a comprehensive source to point you to but unfortunately there is not!