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Department Store Success: Best Practices for Operational Efficiency

RETAIL MANAGEMENT SOFTWARE

In today’s competitive retail landscape, department stores must continuously seek ways to enhance efficiency to stay profitable and keep customers satisfied. To help department stores optimize their operations, here are seven key best practices that can drive efficiency and success.

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What is Inventory Turnover in Retail? (Formulas, Benchmarks, Examples)

Retalon

One of the key inventory metrics retailers track is inventory turnover. Inventory turnover measures how many times a company sells and replaces its inventory during a period. It indicates how efficiently inventory is managed and whether excess inventory is tying up too much capital.

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Why Switch to an AI-Driven Merchandise Planning Solution?

Retalon

Leading fashion retailers who implemented AI-driven attribute-based planning saw a 30% improvement in inventory turnover due to better product grouping and demand alignment. Start with a Pilot Program Instead of a full-scale implementation, retailers can start with a pilot program in one department or product category.