Where Does Your Retail Store Rank?
It’s no secret that succeeding in business means staying on top of your customers’ needs and at least one step ahead of your competition. To be a savvy retailer—especially in the highly competitive pet retail marketplace—you must have a firm grasp on the landscape. Asking questions like, “Where do my store’s profits stack up in comparison to others in my location?” or “How does my inventory compare to that of my competitors?” allows you to benchmark your business in relation to others in your market and identify gaps on major performance key indicators. Equipped with that information, you can act and make any necessary changes to improve where you stand. This type of information is like a secret door that gives you access to other competitive business.
That’s why World Pet Association (WPA) publishes our annual Retail Operating Performance Report to keep retailers apprised of operational data, business trends, comparative statistics and projections to help determine where you rank today and where your business can go tomorrow.
With as many as 10,000 pet retail businesses located throughout the United States, knowing where you stand is imperative to staying afloat and seeing continued success.
“As a retailer, it’s really hard to improve your shop without knowing where you stack up among the competition,” said Patrick Donston, owner of Absolutely Fish in Clifton, N.J.
I agree—and so do hundreds of other retailers that look to WPA’s annual report to source the information that will keep them competitive. Offering an in-depth analysis of operational data organized by location, store size, square footage, product inventory and more, the report is customizable to ensure every retailer is getting the information that will help them the most. Retailers all have their own personal pain points and challenges; this report helps put them into perspective, turning obstacles into opportunities and problems into profit—problems you might not even realize you have, points out Bill Trufant, co-owner of B&B Pet Stop in Mobile, Ala.
“One benefit that we received from the WPA Retail Operating Performance Report was noticing that our inventory was much lower than the national demographic for stores of our caliber,” Trufant said. “By controlling this and making changes based on the report, we were able to improve our score.”
The truth is that retailers are all so busy with the day-to-day operations of their business that there simply isn’t enough time to conduct the comprehensive comparative analysis needed to stay competitive. This report takes the time-consuming work off the plate of the retailer, providing all the details necessary to take a good look at what you’re doing and where you’re headed—what’s working and what’s not—and where you can make changes that will make the greatest impact to the success of your business. It truly is a useful tool to help you identify the low-hanging fruit—the areas of your operation that you can target easily and take control of effectively. With April being tax season, there’s no better time than now to focus on your finances, home in on your budget and make informed business decisions that will improve your operations in both the short and long term. Best of all, it’s all customizable to you.
“You can customize the report, which is so simple to do,” Donston said. “You can put in different areas of the country to see how you stack up against other retailers.”
At the end of the day, business is about profit. WPA is the one industry resource with the expertise and drive to help all pet retailers be as profitable as possible. The WPA Retail Operating Performance Report is one of the many resources available—and the one you simply cannot operate strategically without. Visit worldpetassociation.org/wpa-retail-survey to learn more and get your customizable copy today.
Jacinthe Moreau is the president of World Pet Association (WPA). Moreau has broad international experience in the animal health industry. Her career trajectory, which includes a variety of roles at companies such as Vetoquinol, Merial, Merck, VetSource and VCA Animal Hospitals, prepared her to lead WPA.