Retail Management Assignment

Part 1:

Writing Part – Best Practices – Store Story

For this assignment you will describe which of the habits of successful retailers resonates most with you and why and also describe a retailer who really tells a good story. This should be an independent retailer, not a large chain. The retailer could be online, brick and mortar, or multichannel.

This assignment is 250 – 500 words and is worth 20 points. Please use Times New Roman for your font and make the size 12. Paragraphs should be indented and a one-inch margin should be used. Please use single-spacing for your writing. There is a rubric posted in this week’s folder to help you.

Part 2:

Retail Management Analysis

For this part you will assume the role of a manager for a retail store. Please show how you arrived at your answer.

a) Your store sold the following items for the day: 2 sweaters at $39, 16 pairs of jeans at $59, 2 purses at $29 and 2 suits at $169. What are the gross sales for the day?

b) Using the problem above, besides the gross sales, the store had customer returns and allowances: 1 jean returned at $59, 2 skirts at $39. They also had to give a discount of 10% on a $169 suit because it was soiled. What were the customer returns and allowances for the day?

c) The store manager wants to calculate the customer returns and allowances as a percentage of sales. What is this percent?

d) Using the information from above, what were the net sales for the day?

e) The manager wants to know her cost of inventory sold. You purchased the jeans at $19, sweaters at $9, jeans at $27 and suits at $67. What was your cost of inventory sold on this day?

f) What is the gross margin, using the number calculated above?