Single Store Owner

OCT 2016

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OCTOBER 2016 / singlestoreowner.com / 53 should share them with your store staff and pro- vide them with an understanding of some of the considerations I've shared with you above. This will help them make better shelving decisions for your store. Once you've defined the shelving strategies and standards for your store, you need to learn how to improve productivity on your shelves. Improv- ing productivity on the shelf can help you increase sales, increase turns, reduce out-of-stocks, reduce inventory dollars on the shelf, increase profit, and/or increase shopability for your shoppers. Ultimately, this means you will bring more dol- lars to the bank — and who doesn't want that? SSO Sue Nicholls is founder and president of Category Management Knowledge Group (CMKG), based in Calgary, Canada. She is a speaker and consultant, working with business partners to bring category management training solutions to different areas of retailing like the convenience channel. Editor's note: The opinions expressed in this column are the author's and do not necessarily reflect the views of Convenience Store News for the Single Store Owner. • Minimize excess inventory. Too much inventory is expensive and ties up cash. You may want to minimize excess inventory through reduced days of supply or increased deliveries, while at the same time maximizing in-stock availability and ensuring the shelf looks well-merchandised with enough visual stock. It's important to note that you can have more than one space-management strategy for your store. You should write a formal document that includes strategies not only for space management, but also for product assortment (how you make decisions on what items to carry) and pricing/promotion, too. This document will help guide the decisions you and others make for your store. NEXT STEPS Be sure to develop some overall shelving standards and strategies for your store. This should include the standard fixture sizes for your store; how to make decisions on merchandising the shelf (in- cluding the use of supplier planograms); and con- firmation of your overall strategies as they relate to the shelf, based on what I covered above. Once you've developed these strategies, you

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