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How to Write a Business Plan For a Retail Store: Complete Guide

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  • August 3, 2022
  • Small Businesses

business plan for retail store manager

Whether you’re looking to raise funding from private investors or to get a loan from a bank (like a SBA loan) for your retail store, you will need to prepare a solid business plan.

In this article we go through, step-by-step, all the different sections you need in your retail store business plan. Use this template to create a complete, clear and solid business plan that get you funded.

1. Executive Summary

The executive summary of a business plan gives a sneak peek of the information about your business plan to lenders and/or investors.

If the information you provide here is not concise, informative, and scannable, potential lenders and investors will lose interest.

Though the executive summary is the first and the most important section, it should normally be the last section you write because it will have the summary of different sections included in the entire plan.

Why do you need a business plan for a retail store?

The purpose of a business plan is to secure funding through one of the following channels:

  • Obtain bank financing or secure a loan from other lenders (such as a SBA loan )
  • Obtain private investments from investment funds, angel investors, etc.
  • Obtain a public or a private grant

How to write your retail store business plan’s executive summary?

For any retail business, the following information must go into the executive summary:

  • Business overview : include your business name and model (independent retail store or franchise model), the products you intend to sell (and whether you want to expand with additional product offerings), the legal structure of your business, etc.
  • Market analysis : how many retail stores operate in your area and what do they sell? The estimated number of visitors your customers receive per week, target audience demography (the products you sell must fulfill their needs), purchasing power, etc. must also be included
  • People : organizational setup and the management hierarchy along with retail store experience of the key people in the management
  • Financial plan : how much profit and revenue do you expect in the next 5 years? When will you reach the break-even point and start making profits? It is ideal to include a chart depicting your key financials such as revenue, gross profits, and net profit
  • Financial ask : what loan/investment/grant are you seeking? How much do you need? How long will this last?

business plan for retail store manager

2. Business Overview

The business overview is essentially the company description. The second section of your business plan, it should cover the following for a retail store:

  • The products you will sell in your store
  • The price range of the products
  • The company structure
  • Target audience information

Let’s look at different subsections that you must include:

Give a brief explanation of why you want to open a retail store. It must display two things:

  • Your passion & interest for this type of business
  • Feasibility of the business

There may be other retail stores in your area, but they don’t fulfill certain needs of the potential customers. Your business may fill in that gap. 

For example, there may not be any retail store in your area addressing the needs of cyclists. Even if there are competing retail stores, are they offering everything like electric bikes, mountain bikes, touring bikes, BMX, folding bikes, etc.? Do they offer spare parts and customizations?

b) Business Model

This is where you will explain the following:

  • Is your retail store independent?
  • Are you buying an existing retail store?
  • Are you settling for a franchise store of an established bike brand?

c) Products

Your retail store can sell various products. Lenders or investors must get a clear idea of the products you intend to sell. If you want to focus on one or two specific products, you must clarify that, too.

For instance, if you are opening a retail bicycle or bike store , do you intend to sell only assembled bikes or do you intend to sell spare parts, too? What about toolkits? Do you have plans to sell supporting products for cyclists such as helmets, pants, shorts, gloves, eyewear, etc.?

If you have plans to specialize in something (for example, mountain bikes with shock absorption, gears, disc brakes, etc.), mention that.

business plan for retail store manager

d) Pricing Strategy

It is important that you add a pricing list here. You don’t need to go into extreme details. Just an average range will be more than enough. 

For instance, mountain bikes can cost anywhere between $400 and $800 . Depending on the components used, the average price can increase or decrease.

A pricing chart for all major products you are offering can help the investors or lenders to tie your pricing strategy with your financial projections.

e) Target Audience

Knowing your customers is very important. That will give you an edge over your competitors. For example, if you are opening a retail bicycle store, you must know whether your potential customers will be enthusiasts, hobbyists, or professionals.

Another important aspect is to understand the type of cyclists you will focus on. The products you sell will depend on that.

Knowing your customers well help in two things:

  • You can better retain your customers
  • Lenders or investors will be more confident about your business strategy

f) Legal Structure

Finally, your business overview section should specify what type of business structure you opt for. Is this a corporation or a partnership (LLC)? Who are the investors? How much equity percentage do they own? Is there a Board of Directors? If so, whom? Do they have experience in the industry?

3. Market Analysis

The market analysis is the next most important aspect of your retail store business plan. You must demonstrate to the potential investors that you know your market. Investors must be confident that the retail store you are trying to open (or you are already operating) makes sense.

For example, if you want to open a retail store specializing in mountain bikes, it’d be better if you’re located in states like Utah, Arizona, Arkansas, Colorado, North Carolina, Michigan, etc., because these states have ideal mountain bike destinations. Similarly, Texas isn’t really popular for mountain biking.

Again, you will never want to sell high-end bikes in a middle class neighborhood because they will most likely not be able to afford those items.

a) Retail Market Trends

You must also focus on the market size and growth opportunities . For example, if the location of your retail store doesn’t have enough cyclists, your bicycle business will probably not make enough profits. Again, if there are way too many competitors, the growth opportunities may be stifled.

Find market data for your city / area

It is always a good idea to get city-level data to get a clearer picture of the market size in addition to any national-level data you are providing.

Getting city level data might not be an easy task. In fact, you may have to get out and collect the necessary data. You may have to do some math. For example, if there were 30 bicycle retailers in your city in 2019 and the number grew to 33 in 2020, the annual growth rate will be 10%. 

You may want to investigate the factors leading to such growth. For instance, median income may have increased, there may be an influx of population, growing environmental consciousness, increased health awareness, etc., can be some of the factors.

However, you may actually notice a drop. In such a case, you must investigate the reasons. There can be varied factors like drop in income (and hence, sales that led to closure of businesses), decrease in population (may be younger popular moved out of the location), etc.

If there is a drop, you must explain the rationale behind opening a business, the industry of which is showing a gradual decline. It may also happen that the market may rebound back after a temporary decline.

business plan for retail store manager

b) Competition

Your competitor analysis is very important. Here are a few questions that you must answer:

  • How many retail stores are there?
  • How many of those stores are your direct and indirect competitors?
  • What type of products do your competitors sell?
  • What is the price your competitors are charging for the same or similar product?
  • How many employees do your competitors have on an average?
  • How many customers do they receive per month?

Some of the answers will end in approximation of data. That’s totally fine. For example, you may not be able to get the exact number of customers your competitors receive.

Draw a strong conclusion for your competitive analysis

Your competitive analysis must bring out the reasons why you are trying to open a retail store. For example (related to the retail bicycle store example):

  • There are no specialised mountain bike retailers in the area despite a high percentage of mountain bikers
  • Existing bike retailers offer only bikes and spares. No retailer offers clothing and protective gear

c) Customers

You already spoke about the target audience in the Business Overview section. Here, you must provide hard data that establishes the existence of your potential customers in the area.

This section must answer the following questions (with reference to the bike store example):

  • What is the age group of the cyclists in your area?
  • What percentage of the cyclists are women vs. males?
  • What type of bikes are they mostly interested in?
  • Do the customers also look for related accessories?
  • Do they prefer online shopping or offline shopping?
  • What is the average household income per month (and also their average disposable income)?

Much of this hard data will come from your competitor analysis. Also, the data must support your decision to open a retail store. For example, if people have a tendency to buy online, you may be better off opening an online retail store instead of a physical store.

business plan for retail store manager

4. Sales & Marketing Strategy

The 4th section of your retail store business plan is where you outline your customer acquisition strategy. Try to answer the following questions:

  • What is your USP ?
  • What marketing channels will you use (online or offline)?
  • Do the marketing channels aptly grab the attention of your target audience? For instance, young adults will most likely not pay attention to TV ads. Instead, use social media
  • How do you intend to track the success of your marketing strategy ?
  • What is your CAC or customer acquisition cost?
  • What is your marketing budget?
  • What introductory promos and offers do you intend to provide for attracting new customers?

Let’s expand a bit on a few questions below:

a) Marketing channels

A few marketing channels retail stores typically use are:

  • Email marketing
  • SMS marketing
  • Social media
  • Pay-per-click campaigns (e.g. Google Ads, Amazon Ads)
  • Partnerships (e.g. with companies to offer employees coupons, discounts, etc.)

business plan for retail store manager

b) What is your unique selling proposition?

In other words, how do you differentiate yourself vs. competitors? This is very important as you might need to win customers from competitors.

A few examples of USPs are (with reference to retail bike store example):

  • Price : you may have cheaper prices than competitors
  • Specialization : you may be specializing in some specific product
  • Additional products : you sell additional accessories and safety gear that your competitors don’t
  • Freebies : you may offer freebies like helmets or tail lights

Your USP will definitely depend on the products you are selling.

5. Management & Organizational Structure

You must address two things here:

  • The management team and their experience / track record
  • The organizational structure: what are the different teams and who reports to whom?

a) Management

Your store’s management will vary depending on the business type and size. For instance, if you are opening a franchise store, you may have to give a lot more details compared to an independent store.

You may have co-founders and/or senior managers. You must explain their roles, too. Apart from that, you must also explain their industry experience and why they are suitable for those positions.

b) Organizational structure

Note that even if you have not already hired senior managers and other team members, you must include the details. 

You must define their roles and the hierarchy of reporting. This will demonstrate to the potential lenders and investors the solid management plan you have in place to operate your business efficiently and successfully.

Create and attach an organizational chart for a visual understanding of your store’s staff and their reporting lines.

business plan for retail store manager

6. Financial Plan

The financial plan is perhaps, with the executive summary, the most important section of any retail store business plan.

Indeed, a solid financial plan tells lenders that your business is viable and can repay the loan you need from them. If you’re looking to raise equity from private investors, a solid financial plan will prove them your retail store is an attractive investment.

There should be 3 sections to your financial plan section:

  • Your historical financials (only if you already operate the business and have financial accounts to show)
  • The startup costs of your project (if you plan to open a new retail store, renovate your store, etc.)
  • The 5-year financial projections

Historical Financials (if any)

In the scenario where you already have some historical financials (a few quarters or a few years), include them. A summary of your financial statements in the form of charts e.g. revenue, gross profit and net profit is enough, save the rest for the appendix.

If you don’t have any, don’t worry, most new businesses don’t have any historical financials and that’s ok. If so, jump to Startup Costs instead.

Startup Costs

Before we expand on 5-year financial projections in the following section, it’s always best practice to start with listing the startup costs of your project. For a retail store, startup costs are all the expenses you incur before you open the space to your customers. These expenses typically are:

  • The lease deposit for the space you rent
  • The design and renovation of the existing facilities
  • The equipment and furniture

The total startup costs depend on a number of factors, such as the size of your store, the quality of the building (whether there is a lot or remodeling to do or not), the quality of the furniture, etc.

Financial Projections

In addition to startup costs, you will now need to build a solid financial model over 5 years.

Your financial projections should be built using a spreadsheet (e.g. Excel or Google Sheets) and presented in the form of tables and charts in your business plan.

As usual, keep it concise here and save details (for example detailed financial statements, financial metrics, key assumptions used for the projections) for the appendix instead.

Your financial projections should answer at least the following questions:

  • How much revenue do you expect to generate over the next 5 years?
  • When do you expect to break even?
  • How much cash will you burn until you get there?
  • What’s the impact of a change in pricing (say 5%) on your margins?
  • What is your average customer acquisition cost?

You should include here your 3 financial statements (income statement, balance sheet and cash flow statement). This means you must forecast:

  • The number of customers over time ;
  • Your expected revenue ;
  • Operating costs to run the business ;
  • Any other cash flow items (e.g. capex, debt repayment, etc.).

When projecting your revenue, make sure to sensitize pricing and the number of customers, sales as a small change in these assumptions will have a big impact on your revenues.

business plan for retail store manager

7. Use of Funds

This is the last section of your retail store business plan. Now that we have explained what your retail store sells and to whom, the industry, management and your marketing strategy, this section must answer the following questions:

  • How much funding do you need?
  • What financial instrument(s) do you need: is this equity or debt, or even a free-money public grant?
  • How long will this funding last?
  • Where else does the money come from? If you apply for a SBA loan for example, where does the other part of the investment come from (your own capital, private investors?)

If you raise debt:

  • What percentage of the total funding the loan represents?
  • What is the corresponding Debt Service Coverage Ratio ?

If you raise equity

  • What percentage ownership are you selling as part of this funding round?
  • What is the corresponding valuation of your business?

Use of Funds

Any business plan should include a clear use of funds section. This is where you explain how the money will be spent.

Will you spend most of the loan / investment in paying your employees’ salaries and the inventory? Or will it cover mostly the cost for the lease deposit and the renovation of the building?

Those are very important questions you should be able to answer in the blink of an eye. Don’t worry, this should come straight from your financial projections. If you’ve built solid projections like in our retail store financial model template , you won’t have any issues answering these questions.

For the use of funds, we recommend using a pie chart like the one we have in our financial model template where we outline the main expenses categories as shown below.

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Retail Business Plan Template

Written by Dave Lavinsky

Retail Business Plan

You’ve come to the right place to create your retail business plan.

We have helped over 10,000 entrepreneurs and business owners create business plans and many have used them to start or grow their retail companies.

Retail Business Plan Template & Sample

Below is a retail business plan template to help you create each section of your retail store business plan.

Executive Summary

Business overview.

Artisan Home & Decor is a startup retail shop located in Pasadena, California. The company is founded by Joyce Hernandez, a retailer who has worked as a store manager of a local home decor store for nearly a decade. Joyce has recently graduated from California University with a Bachelor’s degree in Business Management. Now that she has gained real-world experience managing a store and the education on how to run a retail business, she is inspired to start her own company, Artisan Home & Decor. Joyce is confident that her ability to effectively manage employees, customer relationships, and retail operations will help her establish a profitable retail store. Joyce plans on recruiting a team of highly qualified sales associates, accountants, and buyers to help manage the day to day complexities of retail – marketing, sales, budgeting, sourcing, and purchasing.

Artisan Home & Decor will provide uniquely curated home decor products created by local artisans. The home decor shop will be the ultimate choice for customers in Pasadena who value one-of-a-kind pieces for their homes. Artisan Home & Decor will provide its customers with a refreshingly personalized shopping experience they can’t get anywhere else. The shop’s sales associates will be able to help customers find the perfect pieces to suit their individual preferences and styles.

Product Offering

The following are the products that Artisan Home & Decor will provide:

  • Lamps & Lighting
  • Throw Blankets
  • Photo Frames
  • Cookware Sets
  • Kitchen Gadgets
  • Kitchen and Bathroom Fixtures
  • Waste Baskets
  • Soap Dispensers

Customer Focus

Artisan Home & Decor will target home decor shoppers looking for a personalized experience and unique pieces in Pasadena. The company will target boomer, millennial, and gen z  consumers looking for unique decor for their homes, apartments, or condos. They will also target businesses looking for special pieces to furnish their corporate offices, waiting rooms, and lobbies. No matter the client, Artisan Home & Decor will deliver the best communication, service, and high quality products.

Management Team

Artisan Home & Decor will be owned and operated by Joyce Hernandez, a retailer who has worked as a store manager of a local home decor store for nearly a decade. Joyce has recently graduated from California University with a Bachelor’s degree in Business Management. Now that she has gained real-world experience managing retail stores and the education on how to run a retail business, she is inspired to start her own company, Artisan Home & Decor.

Joyce Hernandez has recruited her former assistant manager, Melissa Jacobs to come on board to help her manage Artisan Home & Decor. While Joyce will oversee the employees, day-to-day operations, and client relationships, Melissa will be the Inventory Manager. She will be in charge of sourcing, purchasing, and pricing all inventory. Melissa will work directly with suppliers to stock the retail shop with unique artisan pieces.

Melissa is a graduate of the University of California with a Bachelor’s degree in Interior Design. She has been working at a local retail home decor company for over a decade as an assistant manager. Melissa has an eye for design and keen organizational skills that will allow her to effectively manage Artisan Home & Decor’s one-of-a-kind inventory. Her communication skills will enable her to establish and maintain working relationships with artisans and suppliers.

Success Factors

Artisan Home & Decor will be able to achieve success by offering the following competitive advantages:

  • Friendly, knowledgeable, and highly qualified team of sales associates and interior design experts that are able to provide a personalized customer experience and help each client find the right home decor pieces to suit their preferences.
  • Artisan Home & Decor will bring fresh inventory into their retail store on a regular basis so there will always be something new for customers to check out. In addition to in-store sales, the company will sell pieces online through its website.
  • Artisan Home & Decor offers one-of-kind pieces created by local artisans to suit a wide variety of home decor styles and tastes. By purchasing from the shop, customers are supporting these local artisans and getting fresh decor that no one else will have.

Financial Highlights

Artisan Home & Decor is seeking $210,000 in debt financing to launch its retail business. The funding will be dedicated towards securing and building out the retail space and purchasing the initial inventory. Funds will also be dedicated towards three months of overhead costs to include payroll of the staff, rent, and marketing costs for print ads, website and SEO marketing initiatives, and association memberships. The breakout of the funding is below:

  • Retail space build-out: $25,000
  • Retail store shelving, displays, equipment, supplies, and materials: $40,000
  • Three months of overhead expenses (payroll, rent, utilities): $120,000
  • Marketing costs: $15,000
  • Working capital: $10,000

The following graph below outlines the pro forma financial projections for Artisan Home & Decor.

business plan for retail store manager

Company Overview

Who is artisan home & decor.

Artisan Home & Decor is a newly established retail company in Pasadena, California. The new home decor shop will be the ultimate choice for people looking for uniquely curated one-of-a-kind furniture and other home products crafted by local artisans. Artisan Home & Decor will provide its customers with a refreshingly personalized shopping experience they can’t get anywhere else. The shop’s sales associates and experienced interior designers will be able to help customers find the right pieces to suit their preferences and styles.

Artisan Home & Decor will be able to provide a personalized shopping experience for serving customers in-store and online. The team of professionals and sales associates are highly qualified and experienced in interior design, home decor, and the customer experience. Artisan Home & Decor removes all headaches and issues of the home decor shopper and ensures all issues are taken care off expeditiously while delivering the best customer service.

Artisan Home & Decor History

Artisan Home & Decor is owned and operated by Joyce Hernandez, a retailer who has worked as a store manager of a local home decor store for nearly a decade. Joyce has recently graduated from California University with a Bachelor’s degree in Business Management. Now that she has gained real-world experience managing retail stores and the education on how to run a retail business, she is ready to start her own company. Joyce is confident that her ability to effectively manage employees, customer relationships, and retail operations will help her establish a profitable retail store. Joyce has begun recruiting a team of highly qualified sales associates, accountants, and buyers to help manage the day to day complexities of retail – marketing, sales, budgeting, sourcing, and purchasing.

Since incorporation, Artisan Home & Decor has achieved the following milestones:

  • Registered Artisan Home & Decor, LLC to transact business in the state of California.
  • Has a contract in place to lease the retail space.
  • Reached out to numerous local artisans to advise them on the upcoming retail shop in order to start getting supplier contracts.
  • Began recruiting a staff of sales associates, interior designers, an accountant/bookkeeper, marketing director, and assistant manager to work at Artisan Home & Decor.

Artisan Home & Decor Services

Industry analysis.

The retail industry in the United States is valued at over $4T currently and is forecasted to reach $4.9T by the end of 2022. This is up from $3.8T in 2019. After a decade of retail decline between 2010 and 2020, the market is rebounding at a surprising rate. There were twice as many store openings as closings in 2021 alone. The number of brick-and-mortar retail establishments is increasing even as ecommerce shopping has grown by 70% in the last three years.

The role of retail stores is evolving and industry operators are discovering in-store experiences are still vital from the customer perspective. Successful brick-and-mortar industry operators are incorporating ecommerce into their business models. Trends include providing ship-from-store and buy online, pickup in store options to give customers more flexibility in the way they can shop. Key success factors include the level of customer satisfaction, product selection, prices, and convenience.

Customer Analysis

Demographic profile of target market.

The precise demographics for Pasadena, California are:

Customer Segmentation

Artisan Home & Decor will primarily target the following customer profiles:

  • Millennial customers looking for one-of-a-kind home decor
  • Boomer customers looking for one-of-a-kind home decor
  • Gen z customers looking for one-of-a-kind home decor
  • Businesses looking for unique decor for their offices, waiting rooms, or lobbies

Competitive Analysis

Direct and indirect competitors.

Artisan Home & Decor will face competition from other retailers with similar business profiles. A description of each competitor company is below.

Pasadena Home Decor

Pasadena Home Decor provides high-end home decor for the conscientious consumer. Located in Pasadena, California, the home decor retailer is able to provide a tailored shopping experience for its customers. The store’s list of products includes tables, chairs, wall hangings, rugs, vases, photo frames, candles, office decor, and paintings by local artists. Pasadena Home Decor sells online and in-store to give customers flexibility.

Pasadena Home Decor’s promise is to deliver high quality pieces that will stand out. Customers who purchase furniture and home decor from Pasadena Home Decor will be delighted with the customer service, cleanliness of the store, and personalized design services the company offers.

Home Shoppe

Home Shoppe is a California-based home decor retail store that provides outstanding pieces for discerning clientele. Home Shoppe stocks unique furniture and other decor items that are 100% hand-crafted. The owners of Home Shoppe are experienced craftsmen themselves, so they know how quality furniture and home decor pieces should be made. Clients can depend on their selection of products for durability, style, and eco-friendly materials. Choose Home Shoppe for your next home decor project and let the sales team take the stress out of the redecorating process by helping you select the best products for your home.

Redecorating For You

Redecorating For You is a trusted Pasadena retail company that provides superior home decor products for shoppers in Pasadena and the surrounding areas. The shop offers an extensive inventory of home decor items in a variety of styles so there is something for every taste. Redecorating For You is able to provide premium pieces that fill every space with elegance and style. The shop also eases the stress of redecorating by providing in-store pickup and delivery options for busy customers.

Competitive Advantage

Artisan Home & Decor will be able to offer the following advantages over their competition:

  • Artisan Home & Decor will bring fresh inventory into the store on a regular basis so there will always be something new for customers to check out. In addition to in-store sales, the company will sell pieces online through its website.
  • Artisan Home & Decor offers one-of-kind pieces created by local artisans to suit a wide variety of home decor styles and tastes.

Marketing Plan

Brand & value proposition.

Artisan Home & Decor will offer the unique value proposition to its clientele:

  • Artisan Home & Decor will make redecorating easy for customers by providing in-store shopping, pickup, delivery, online shopping, ship-from-store, and buy online-pickup in store options.
  • By purchasing from the shop, customers are supporting local artisans and getting fresh decor that no one else will have.

Promotions Strategy

The promotions strategy for Artisan Home & Decor is as follows:

Social Media Marketing

The company will use various social media platforms such as TikTok, Instagram, Facebook, LinkedIn, YouTube, and Snapchat to promote the shop, feature artisans, and show off new pieces. The marketing director will oversee the social media marketing activities to grow the customer base.

Professional Associations and Networking

Artisan Home & Decor will become a member of professional associations such as the National Retail Federation, California Retailers Association, and the Home Furnishings Association. The company will focus its networking efforts on expanding its network of clients, designers, and artisans.

Print Advertising

Artisan Home & Decor will invest in professionally designed print ads to display in programs or flyers at industry networking events, in home decor publications, and direct mailers.

Website/SEO Marketing

Artisan Home & Decor’s marketing director will be responsible for creating and maintaining the company website. The website will be well organized, informative, and list all of the products currently available for purchase online.

The marketing director will also manage Artisan Home & Decor’s website presence with SEO marketing tactics so that any time someone types in the Google or Bing search engine “Pasadena home decor retailer” or “home decor store near me”, Artisan Home & Decor will be listed at the top of the search results.

The pricing of Artisan Home & Decor will be premium and on par with competitors so customers feel they receive value when purchasing the one-of-a-kind products.

Operations Plan

The following will be the operations plan for Artisan Home & Decor.

Operation Functions:

  • Joyce Hernandez will be the Owner and Manager of the store. She will oversee all staff and manage day-to-day operations. Joyce has spent the past year recruiting the following staff:
  • Melissa Jacobs – Inventory Manager who will be responsible for sourcing, purchasing, pricing, and maintaining the inventory.
  • Robert Brown – Staff Accountant/bookkeeper who will provide all store accounting, tax payments, and monthly financial reporting.
  • Bill Johnson – Marketing Director who will provide all marketing and sales activities for Artisan Home & Decor including maintaining the website, social media, print advertising, and promotions.
  • Julia Smith – Lead Sales Associate & Designer who will manage all sales associates and provide design services for customers.


Artisan Home & Decor will have the following milestones complete in the next six months.

9/1/2022 – Finalize contract to lease the retail space.

9/15/2022 – Finalize personnel and staff employment contracts for the management team.

10/1/2022 – Finalize contracts for suppliers.

10/15/2022 – Begin networking at industry events and implement the marketing plan.

10/22/2022 – Begin moving into the Artisan Home & Decor shop.

11/1/2022 – Artisan Home & Decor opens for business.

Artisan Home & Decor will be owned and operated by Joyce Hernandez, a retailer who has worked as a store manager of a local home decor store for nearly a decade. Joyce has recently graduated from California University with a Bachelor’s degree in Business Management. Now that she has gained real-world experience managing a store and the education on how to run a retail business, she is inspired to start her own company, Artisan Home & Decor.

Melissa is a graduate of the University of California with a Bachelor’s degree in Interior Design. She has been working at a local retail home decor company for over a decade as an assistant manager. Melissa has an eye for design and keen organizational skills that will allow her to effectively manage Artisan Home & Decor’s one-of-a-kind inventory. Her communication skills will enable her to establish and maintain working relationships with suppliers.

Financial Plan

Key revenue & costs.

The revenue drivers for Artisan Home & Decor are the retail fees they will charge to the customers in exchange for their products. The shop will charge a healthy margin to make sure artisans are paid well for their products while ensuring a solid profit for the business.

The cost drivers will be the overhead costs required in order to staff a retail store. The expenses will be the payroll cost, rent, utilities, store supplies, and marketing materials.

Funding Requirements and Use of Funds

  • Store shelving, displays, equipment, supplies, and materials: $40,000

Key Assumptions

The following outlines the key assumptions required in order to achieve the revenue and cost numbers in the financials and in order to pay off the startup business loan.

  • Average number of items sold per month: 300
  • Average sales per month: $90,000
  • Retail space lease per year: $100,000

Financial Projections

Income statement, balance sheet, cash flow statement, retail business plan template faqs, what is a retail business plan.

A retail business plan is a plan to start and/or grow your retail business. Among other things, it outlines your business concept, identifies your target market, presents your marketing plan and details your financial projections.

You can  easily complete your retail business plan using our Retail Business Plan Template here .

What are the Main Types of Retail Businesses?

There are a number of different kinds of retail businesses, some examples include: Specialty Store, Off-Priced/Used Goods Store, Department Store, Convenience Store, Drug Store/Pharmacy, Discount Store, Hypermarket, and E-commerce.

How Do You Get Funding for Your Retail Business Plan?

Retail businesses are often funded through small business loans. Personal savings, credit card financing and angel investors are also popular forms of funding.

A solid retail business plan with comprehensive financial statements will help show investors your are well-prepared to start your own business.  A retail business plan template will help you quickly and easily get started.

What are the Steps To Start a Retail Business?

Starting a retail business can be an exciting endeavor. Having a clear roadmap of the steps to start a business will help you stay focused on your goals and get started faster.

1. Develop A Retail Business Plan - The first step in starting a business is to create a detailed retail store business plan that outlines all aspects of the venture. This should include supporting market research, your potential market size and target customers, the services or products you will offer, marketing strategy, your competitive advantages and detailed financial projections.

2. Choose Your Legal Structure - It's important to select an appropriate legal entity for your retail business. This could be a limited liability company (LLC), corporation, partnership, or sole proprietorship. Each type has its own benefits and drawbacks so it’s important to do research and choose wisely so that your retail business is in compliance with local laws.

3. Register Your Retail Business - Once you have chosen a legal structure, the next step is to register your retail business with the government or state where you’re operating from. This includes obtaining licenses and permits as required by federal, state, and local laws. 

4. Identify Financing Options - It’s likely that you’ll need some capital to start your retail business, so take some time to identify what financing options are available such as bank loans, investor funding, grants, or crowdfunding platforms. 

5. Choose a Location - Whether you plan on operating out of a physical location or not, you should always have an idea of where you’ll be based should it become necessary in the future as well as what kind of space would be suitable for your operations. 

6. Hire Employees - There are several ways to find qualified employees including job boards like LinkedIn or Indeed as well as hiring agencies if needed – depending on what type of employees you need it might also be more effective to reach out directly through networking events. 

7. Acquire Necessary Retail Equipment & Supplies - In order to start your retail business, you'll need to purchase all of the necessary equipment and supplies to run a successful operation. 

8. Market & Promote Your Business - Once you have all the necessary pieces in place, it’s time to start promoting and marketing your retail business. This includes creating a website, utilizing social media platforms like Facebook or Twitter, and having an effective Search Engine Optimization (SEO) strategy. You should also consider traditional marketing techniques such as radio or print advertising.

Where Can I Get a Retail Business Plan PDF?

You can download our free retail business plan template PDF here . This is a sample retail business plan template you can use in PDF format.

Other Helpful Business Plan Templates

Ecommerce Business Plan Template Clothing Store Business Plan Template Beauty Supply Store Business Plan Template T-Shirt Business Plan Template

How to write a business plan for a retail store?

retail store business plan

Whether you are launching a new store or looking to grow an existing retail operation, having an effective and comprehensive business plan is essential. 

Luckily for you, this in-depth guide will provide all the information needed to write a successful business plan for any retail store.

We’ll cover why writing a business plan is important, what information should be included in your retail store business plan, how the document should look, and which tools can help you create one quickly and easily. 

So, let’s get started!

In this guide:

Why write a business plan for a retail store?

  • Information needed to create a business plan for a retail store?

How do I build a financial forecast for a retail store?

The written part of a retail store business plan, what tool should i use to write my retail store business plan.

There are several reasons to write a retail store business plan. Below, we cover some of the most important ones!

To draw up a roadmap

Writing a business plan for a retail store is an essential part of running a successful business. 

It not only helps set objectives and goals for the next 3-5 years but also provides existing retail stores with an opportunity to evaluate their businesses’ current performance and develop strategies for future growth.

A comprehensive business plan can help pinpoint areas in need of improvement, identify potential opportunities, and create actionable steps towards achieving these objectives.

Writing a business plan forces you to think critically about your business’s direction, long-term goals and financial performance which are all necessary components of any successful enterprise.

To compare financials

A well-crafted business plan allows you to regularly compare actual performance against what was planned, enabling you to recalibrate your financial forecasts accordingly in order to maintain visibility on future cash flows. 

By taking this approach of constantly assessing progress and making adjustments along the way, you give yourself the best chance of anticipating any potential problems such as a shortfall in cash.

To secure financing

Whether you are starting from scratch or have an existing business, creating a comprehensive and well-thought out business plan is vital for gaining the financing you need from a bank. 

Banks will use your written document as evidence that you are capable of repaying the money they loan to your company. A detailed and thorough business plan can help convince potential lenders that investing in your venture would be a smart decision.

Similarly, equity investors will carefully examine whether or not their investment is likely to generate a worthwhile return.

They want evidence of healthy growth, profitability and cash generation potential in order to take the plunge. 

Now that we have discussed why it is important to create a business plan for a retail store, let's move on to the information needed to create one.

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retail store business plan online

Information needed to create a business plan for a retail store

Writing a retail store business plan requires research so that you can project sales, investments and cost accurately in your financial forecast.

In this section, we cover three key pieces of information you should gather before drafting your plan!

Carrying out market research for a retail store

Carrying out market research is an important step before writing a business plan for a retail store. Doing so allows you to accurately forecast revenues and gain valuable insights into their target markets, competitors, and the industry as a whole. 

It also helps you identify opportunities that can be capitalized on in order to maximize returns from your investments. 

By understanding the needs of customers and potential buyers, retailers are better equipped to develop effective marketing strategies that will help increase sales and profitability. 

Furthermore, researching trends in the retail sector gives businesses an edge over their rivals by helping them anticipate changes in customer preferences ahead of time. 

This should help you stay one step ahead of your competition while staying relevant in today's ever-evolving marketplace.

Developing the marketing plan for a retail store

Creating a marketing plan for a retail store involves setting aside dedicated funds for sales and marketing activity.

This budget must be carefully calculated in order to ensure that the right amount of resources are available to generate the desired level of sales.

Careful consideration should be taken when constructing this marketing budget, as it will need to cover everything from advertising and promotions to staff wages and other associated costs.

By incorporating this budget into the overall business plan, it will be possible to ensure that all of the necessary resources are available to deliver the expected growth.

business plan for a retail store business plan: successful entrepreneur

The staffing and equipment needs of a retail store

It is important to consider the recruitment plan and investments that will be required to set up and expand the business as this will be needed when creating the financial forecast.

This includes costs associated with running a retail store, purchasing equipment such as cash tills, clothes rails and baskets, as well as establishing any necessary training programs.

Additionally, you should take into account any other overhead costs such as rent, insurance, travel expenses, and more.

Once you have the information needed to create the business plan for your retail store, it is time to start creating your financial forecast.

The financial forecast for a retail store is made up of four main parts: 

  • The Profit and Loss Statement (P&L) shows how much income the retail store generates over time.
  • The Balance Sheet shows the store's assets, liabilities, and equity at a specific point in time.
  • The Cash Flow Statement tells you if more money is coming in or going out over a period of time. 
  • The Sources and Uses Table explains where funds are coming from and where they are going to help fund the business venture.

The projected P&L statement

A projected P&L statement for a retail store shows how much money the store might make and how profitable it could be in the future. 

Investors will look at this before deciding on whether to invest money or not. They would like to see a reasonable return on their investment within a given period.

example of projected profit and loss statement in a retail store business plan

The projected balance sheet of your retail store

A retail store balance sheet is a financial statement that provides a snapshot of the store's assets, liabilities, and equity at any given point in time. 

Examples of common business assets include cash, inventory, equipment, and vehicles, whilst liabilities may include any outstanding debts or accounts payable. Equity is calculated by subtracting liabilities from assets.

projected balance sheet in a retail store business plan

For lenders and investors, the balance sheet provides insight into the store's financial health and ability to repay debts. It can also indicate whether or not it is a good investment opportunity. 

For business owners, the balance sheet helps them manage their cash flow, track profits and losses, and plan for future growth. 

Looking at a retail store's balance sheet can provide an overall view of the health of the business, helping to ensure that short- and long-term goals are on track. It is also useful for benchmarking against similar stores in the industry. 

The projected cash flow statement

A projected cash flow statement for a retail store shows how much cash the company will generate, and how much it will consume.

It helps store owners decide how much money they will have to spend on things like new products, advertising, and other expenses. 

retail store business plan: projected cash flow

This information helps anticipate potential shortfalls in cash, equipment renewals, and plan new store openings.

The initial financing plan

The initial financing plan (also called a sources and uses table) is an important tool when starting a retail store.

It shows where the money needed to set up the store will come from (sources) and how it will be allocated (uses).

Having this plan helps you understand what costs are involved in setting up the retail store, so you can make sure that everything is taken care of before launching.

retail store business: sources and uses of funds

Having a well-constructed financial forecast is important for any retail store business plan, but it's not enough. The reader of the plan needs to understand the context of why and how you made those predictions in order to judge if they are reliable. 

That's why it's also essential to include the written part of your business plan which provides more information about your retail store. Let’s take a look at what should be included in this section.

The written part of a retail store business plan is composed of 7 main sections:

  • The executive summary
  • The presentation of the company
  • The products and services section
  • The market research analysis
  • The strategy section
  • The operations section
  • The financial plan

Let’s take a look at each section in more detail!

1. The executive summary

Writing the executive summary section of a retail store business plan requires a great deal of thought and consideration. 

The executive summary should provide a comprehensive overview that highlights the key components of the business plan, including the goals and objectives. 

The executive summary should start with a business overview explaining what the business does, what it sales and to who, and where it is located. 

Next comes the market overview, which should provide an overview of industry trends, as well as an understanding of the target customer demographics.

Key financials, such as startup costs and projected profits and cash flows should also be included in the executive summary. You should also include key financial data such as projected revenues and profitability.

Finally, state how much financing you require from investors or lenders. 

Remember that an executive summary should be concise and to the point, aiming to encourage investors or lenders to continue reading the business plan further.

2. The presentation of the company

When crafting the company presentation of a retail store business plan, it is important to address structure and ownership. 

The organizational structure of the company should be detailed to demonstrate how the store's operations will run smoothly. Additionally, any ownership details such as investors or shareholders should be cited in the plan. 

Secondly, the location of the store should be highlighted as this can greatly influence customers and profits. Ensure to include information on the neighbourhood, demographic, foot traffic and nearby attractions that could benefit your business. 

Finally, your plan should highlight key management team members who will help to drive success for the store. Summarize each individual’s experience, qualifications and professional qualities in order to show the team's ability to lead the retail store.

3. The products and services section

This is an important part of your business plan, as it outlines exactly what type of goods and services the store intends to provide.

It’s essential for you to clearly communicate how your product line meets customer needs, as this will be an influential factor in whether or not investors decide to back your venture. 

Describe each category of items being sold at the store in detail, such as brands available. Also mention what services you offer: click and collect, 30 days return, etc. . 

The reader will want to understand what makes your products unique from other businesses in this competitive market.

clothes, shoes and handbags in a retail store: illustration for the products and services section of the business plan

4. The market analysis

When writing the market analysis section for your retail store business plan, you should include detailed information about demographics and segmentation, target markets, competition, barriers at entry, and regulation.

This is important because it provides investors or banks with an understanding of the current environment surrounding the company and its potential customers.

For starters, it is important to understand who makes up your customer base by looking into demographic data such as age range and income level. 

Additionally, analyzing consumer behavior can help identify different segments that exist within this customer base so that they can be better targeted with marketing efforts. 

It is also essential to look into competitors operating in the same space to understand what strategies have been successful or unsuccessful thus far. This might be direct competitors (other retail stores in the area) or indirect competitors (online businesses).

Moreover, understanding any regulatory requirements related to entering a particular market will help ensure that all legal guidelines are met before launching operations. 

All these elements combined provide investors or banks with more confidence when deciding whether or not to invest in a certain venture. 

5. The strategy section

When writing the strategy section of your retail store business plan, it is important to consider how the business will differentiate itself from competitors, create an attractive pricing model for customers and develop a marketing plan. 

When writing the competitive edge section, you should articulate why your store offers something different in comparison to existing stores (for example, product selection or customer service). 

Furthermore, you need to determine what pricing structure makes sense for both customers and profitability. You may choose to pursue a competitive pricing strategy, cost-plus pricing strategy or other ones.

Additionally, your marketing plan should outline which channels can best be used to reach potential buyers as well as what type of messaging will resonate with them most effectively. 

Additionally, setting milestones can help track progress while identifying any areas of improvement along the way. 

Lastly, potential risks associated with the retail store must be identified and addressed with effective mitigants in order to minimize negative impact on operations and profitability.

6. The operations section

The operations section of your retail store business plan is an important part of the overall document. 

It should provide details on how the store will be managed and operated, including staffing roles and responsibilities, opening hours, key assets and intellectual property, and suppliers.

When discussing staffing, outline the roles and responsibilities of each team member and how they will contribute to the success of the store. This section should also include a recruitment plan outlining how you intend to hire new staff members when needed.

The business plan should also include information about opening hours. This includes details about when your store will be open, any changes in operating hours based on seasonality, or holiday closures.

Details about key assets and intellectual property that the business needs to operate should also be included in the operations section. You could mention any key equipment that your business needs to purchase (for e.g. a payment processing machine).

Finally, talk about the suppliers that you chose to work with and why. You might have a strong relationship with them, having worked with them in the past or be attracted by their brand image (perhaps sustainability if you operate a t-shirt business).

By providing all of the necessary details about how your store will operate, you can give potential investors and lenders an accurate picture of what they’ll be getting into when they support your business. 

7. The presentation of the financial plan

This is where you will present the financial forecast that we talked about earlier in this guide.

Now that you have a better understanding of what should be included in the content of your retail store business plan, it’s time to look at the tools that can help you create one.

You could create a retail store business plan using applications such as Excel or Word, hire a consultant or accountant to write it for you, or use online business plan software.

Let's look at the benefits and drawbacks of each solution.

Create your retail store's business plan using Word or Excel

Excel and Word were very popular tools for creating a business plan in the 1990s.

The advantage of using Excel and Word to create a business plan for a retail store is that these tools don't cost much.

However, creating a full business plan with Excel and Word is a long and tedious process which makes the solution not quite cost-effective.

If you’re using Word, you must start with a blank page and spend hours formatting the document yourself once written - something that may be too time-consuming for a busy business owner. 

Furthermore, you need to have a solid background in accounting and finance in order to create an error-free financial forecast in Excel. And it is unlikely that a bank or investor will trust your numbers unless you have a degree in finance or accounting.

Ultimately, both Excel and Word have their pros and cons when it comes to creating a retail store business plan. Consider your needs carefully before deciding which one is best for your business.

Hire a consultant to write your retail store's business plan

When it comes to creating a business plan for a retail store, outsourcing the task to a consultant or accountant is a potential solution. 

Consultants are experienced in writing business plans and can create accurate financial forecasts without errors. Accountants also have the ability to identify potential issues that could arise down the road.

The main issue with that approach is the cost: hiring a consultant will be expensive: budget at least £1.5k ($2.0k) for a complete business plan, more if you need to make changes after the initial version (which happens frequently after the initial meetings with lenders).

Use an online business plan software for your retail store's business plan

Another alternative is to use online business plan software .

There are several advantages to using specialized software:

  • You are guided through the writing process by detailed instructions and examples for each part of the plan
  • You can be inspired by already written business plan templates
  • You can easily make your financial forecast by letting the software take care of the financial calculations for you without errors
  • You get a professional document, formatted and ready to be sent to your bank
  • The software will enable you to easily track your actual financial performance against your forecast and update your forecast as time goes by

If you're interested in using this type of solution, you can try our software for free by signing up here .

We hope that this guide helped you better understand how to write the business plan for a retail store. Do not hesitate to contact us if you still have questions.

Also on The Business Plan Shop

  • How to write the business plan for a t-shirt company
  • How to write the business plan for a vending machine company
  • What is the difference between a business plan and a pitch deck?
  • 5 years business plan guide
  • How to create a business plan cover page?

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Guillaume Le Brouster

Founder & CEO at The Business Plan Shop Ltd

Guillaume Le Brouster is a seasoned entrepreneur and financier.

Guillaume has been an entrepreneur for more than a decade and has first-hand experience of starting, running, and growing a successful business.

Prior to being a business owner, Guillaume worked in investment banking and private equity, where he spent most of his time creating complex financial forecasts, writing business plans, and analysing financial statements to make financing and investment decisions.

Guillaume holds a Master's Degree in Finance from ESCP Business School and a Bachelor of Science in Business & Management from Paris Dauphine University.

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Retail Business Plan

A retail business plan is a document that gives you and your potential investors a roadmap on how your new retail business intends to get started and deliver its business goals over its initial few years (usually 5 years).

It is usually broken down into sections about the company, the industry it operates in, the competition it will face and a plan that covers marketing, financials and operations over the first few years in business.

Also check out this one-page Business Model Canvas for a retail business .

Retail Business Plan Template

You can download this free retail business plan template from the link below. You will be able to edit the word file and export it into PDF format afterwards.

In the coming sections, we will explain the different components that go into the retail business plan, which you can then apply to your own plan when completing the template.

Retail Business Plan Template

Check out more free downloads .

Executive Summary

We recommend writing the executive summary at the end of the process, after you have filled out all the other sections in the retail business plan template.

In the executive summary you will cover the following points briefly:

  • Types of products sold at the store
  • Customers served by the store
  • Company mission & vision
  • Market share to be captured

You will also mention the total amount you will need to start this business, backed by the financial plan you prepared as part of this business plan.

The total amount that you want to borrow or have invested in your business will be the sum of pre-opening costs (initial inventory, equipment, rent,..) and the maximum negative cash flow as per your cash flow plan.

If you are writing this retail business plan for a financial institution to get a loan, mention how you expect to repay the loan, and you should have already included the loan installments in your financial plan.

If you are writing this plan for investors, mention how much equity they will receive in return for this investment and the expected return on investment, and expected cash distributions (dividends) based on your financial plan.

For example

An investment of 100,000$ in the business will result in the investor receiving 20% equity. We plan to distribute 50% of the profits every year, and based on our financial projections this will be a xx,xxx$ in the first year, xx,xxx$ in the second year, and xx,xxx$ in the third year,..etc.

Company Overview

Here you will write about your business and give a brief overview about the type of store you will be starting.

You can cover the following points:

  • Store category (e.g. beauty store, toy store)
  • Store location and brief description of the area
  • Product categories carried
  • Company legal structure

Industry Overview

Write an overview about the industry (retail/ecommerce) as a whole and the most recent trends specific to this industry.

Cover areas such as:

  • Total retail sales
  • Contribution of your retail category to the total sales (size of the market)
  • Online vs. Brick & Mortar trends
  • Recent industry trends and shifts in terms of products you are selling

You can find the most recent insights about retail in our Retail Statistics page.

Read Also: What is Retail ?

Target Market

Write about your target customers that you know will be interested in your products. Mention demographic and psychographic details in this section. This will help afterwards in drafting your marketing plan.

You can cover the following details:

  • Age bracket
  • Income level
  • Educational level
  • The specific needs that your products will fill for them

business plan for retail store manager


  • Learn the fundamentals of marketing
  • See how they apply to buying, merchandising & pricing
  • Real-life case studies and examples


List the current competition in the market that are serving your target customers. Mention your top 3 competitors in your area.

You can also include indirect competition, such as online stores or marketplace sellers, if you think this might affect your business.

Cover information about:

  • No. of stores
  • Size of stores
  • Product categories they sell
  • Pricing level
  • Sales per day estimates
  • Strengths & Weaknesses

You can also create a summary table like the one below

Competitive Advantage

What will make customers leave the competition and come to you? Use the weaknesses areas that you mentioned about the competition in the previous section, and mention how you will improve on them.

This could be by:

  • Superior quality
  • Better prices
  • Convenience
  • More variety
  • Better shopping experience

Marketing Plan

Describe your marketing strategy for your store and which channels you are going to use.

Cover the following areas:

  • Brand Positioning
  • Branding Strategy (Persona, tone, language,..)
  • Product Strategy (Key products and product features that will attract your customers)
  • Pricing Strategy
  • Promotional Strategy
  • Marketing Channels

Operations Plan

Write how you will operate your store and include details about your manpower plan.

This will include the management that you will hire for the store, visual merchandisers, sales staff and cashiers.

Cover the following:

  • Management structure (store manager, supervisor,..)
  • Staff plan (3 sales associates, 2 cashiers, etc.)
  • Brief role descriptions
  • Compensation structure

Read Also: Retail Scheduling

business plan for retail store manager


  • Managing Store Operations
  • Areas of Responsibility
  • Assessing & Managing Performance

Financial plan

List estimates for the capital you will need to start and financial projections for the following years.

Capital Needed

Start with how much capital you will need to start the business

This will include:

  • Initial rent
  • Initial product order (Inventory)
  • Initial staff salary
  • Store fixtures
  • Store equipment

Read Also: How Much Capital You Will Need For a New Retail Store?

Financial Projections

Include a 5-year financial projection for the business based on your forecasted sales and costs.

P&L Management Excel

  • Monthly income statement (P&L) for the first year
  • Yearly income statement for the following 4 years
  • Monthly cash flow projection for the first year

Learn how to create a sales budget for a new store, and 3 years financial projections in our Retail Budgeting Course

business plan for retail store manager


  • The step by step retail budgeting process
  • Set monthly targets adjusted to seasonality
  • Templates download & practice exercise

Break Even Point

Include a snapshot of the 5-year P&L plan here and mention the SPD (sales per day) you need to breakeven, based on your P&L numbers.

We have created a sample table with retail data in the business plan template, and you can fill it with your own numbers.

Key Assumptions

Mention the assumptions you used for creating your financial projections.

For example , you assumed that sales per day for the first year will be 1000$ and then will grow by 20% in the second year, 15% in the third year and 10% in the fourth year, etc.

Retail Business Plan Tips

Sales projections.

We recommend being very realistic about your initial sales per day projections, as your entire financial plan will be directly affected by it.

When you then forecast your growth for the coming years, you should also be realistic about how much you will grow year-on-year.

From our experience, retail stores typically see higher growth after the first year and then this starts to level off from the third year onwards.

Having said that, there might be other growth drivers that can affect your business and accelerate your growth in the following years. This could be for example that your new store is in an area that is still under development and will be fully developed by the third year.

What we want to say is, do your due diligence thoroughly and based on that set realistic expectations.

Inventory Projections

The biggest asset you will hold and the biggest part of the investment/loan you will need to start your retail business will go for inventory.

So it is important to calculate your inventory needs correctly.

This will be based on your sales forecasts and the inventory turnover rate you expect or the forward stock cover you intend to maintain.

For example, if your inventory turnover target is 2, this means you maintain a 6 months cover. If your inventory turnover is 3, you maintain 4 months stock cover,..and so on.

We recommend checking out the benchmarks we have listed for different retail categories for inventory turnover and reading our complete Open to Buy guide to get started with calculating exactly how much inventory you will need.

Good luck in your new venture!



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Home >> #realtalk Blog >> Manage a business >> How to create a reta…

How to create a retail store business plan

By Andrea Nazarian

business plan for retail store manager

A successful retail business starts with a well-thought-out retail business plan. While you may think you have your business ideas all figured out in your head, putting them down on paper in the form of a business plan is crucial for several reasons. 

In this post, we’ll explore what a retail business plan is, why it’s different from other business plans, what to include in it, common mistakes to avoid, and how to make your plan stand out.

What Is a Retail store business plan and why do you need one?

A retail store business plan is a comprehensive document that outlines your business model, identifies your target customers, and lays out a roadmap for turning your retail store or online shop into a profitable business. 

It’s a planning and forecasting tool that provides clarity and direction for your business. With a good business plan, you’re more likely to achieve success. 

Here’s why having a retail store business plan is essential:

Planning and forecasting

A retail store business plan helps you plan and set clear goals for your business’s short-term and long-term success.

Planning helps you set goals, allocate resources wisely, and stay on track. It ensures that day-to-day operations run smoothly. Forecasting, on the other hand, helps businesses anticipate future trends and challenges, allowing them to make informed decisions and adapt to changing circumstances. 

Together, planning and forecasting help you avoid costly mistakes, reduce labor costs , seize opportunities, and achieve both short-term and long-term objectives. In essence, they’re like a GPS for your retail business, guiding it towards profitability and sustainability.

Securing investment

A retail store business plan helps secure investment by demonstrating a clear and well-thought-out strategy. It shows potential investors that you’ve done your homework, understand your market, and have a solid plan for success. 

The plan outlines your business goals, target market, competitive analysis, and financial projections, instilling confidence in investors that their money will be used wisely. It also highlights your commitment and professionalism, making you a more attractive investment opportunity. 

Essentially, a strong retail business plan reassures investors that your venture is a sound investment with a higher likelihood of delivering returns on their capital.

Guiding business operations

A retail store business plan serves as a roadmap for guiding business operations. It outlines your business’s goals, strategies, and tactics, providing a clear direction for daily activities. 

It helps you make informed decisions about product offerings, retail staff scheduling , pricing, local business marketing , online marketing and staffing. The plan also includes financial projections and budgeting, ensuring you manage resources effectively. 

Regularly reviewing the plan allows you to track progress, identify areas needing improvement, and adjust strategies accordingly. Overall, it keeps the business focused, organized, and aligned with its objectives, making day-to-day operations more efficient and effective in achieving long-term success.

Get your team in sync with our easy-to-use, all-in-one employee app.

How is a retail business plan different from other business plans?

Retail businesses are unique in many ways, and your business plan should reflect that. Unlike other businesses, retail operations involve factors such as inventory management , supply chains, order fulfillment, deliveries, and customer returns. 

Here’s how a retail store business plan differs:

Inventory management

Unlike other business plans, retail plans must handle challenges like seasonal sales variations and predicting what customers will buy. Inventory management in retail business plans is about keeping the right amount of products in stock to meet customer demand while avoiding excess or shortages. 

They also need to explain how they get products, where they store them, and how they restock when items run low. In contrast, many other businesses don’t deal with these inventory issues.

Retail store business plans focus more on handling and controlling inventory to make sure they always have what customers want and don’t waste money on too much stock.

Marketing strategy

Marketing strategy in retail store business plans, compared to other business plans, often emphasizes attracting customers to physical or online stores, creating appealing displays, and running promotions like sales or loyalty programs. 

Retail plans typically prioritize reaching a broad consumer base and enticing them with visually appealing products. In contrast, other business plans might focus on more specialized marketing, like B2B partnerships or online advertising. 

Retailers also consider factors like store location and layout, which are less significant for many other businesses. So, simply put, retail business plans concentrate on tactics to draw in shoppers and make their shopping experience enjoyable and memorable.

Growth strategy

Growth strategy in retail store business plans, unlike other business plans, often centers on expanding to new locations, introducing new product lines, or attracting more customers. Retailers aim to increase sales by opening additional stores, going online, or diversifying their offerings. 

In contrast, some businesses may focus on improving internal processes or targeting specific niche markets. 

Retailers typically rely on broadening their reach to fuel growth, making strategies like franchising, adding new store branches, or exploring e-commerce crucial components of their plans. So, in simpler terms, retail business plans tend to emphasize expanding the business footprint and customer base as a primary path to success.

What to do before you start writing your retail store business plan

Research your market.

T horough market research is essential. Investors look for evidence of a healthy market and an unmet need that your business can address.

You’ll want to gather data on who your customers are, what they want, and where they’re located. Analyze your competition to see what makes your business unique. This research helps investors see that there’s a demand for your products or services and that your business can thrive in the market. 

It’s about proving that your idea is well-informed and has the potential to succeed. So, in simple terms, thorough market research shows investors that your business plan is based on a strong foundation of knowledge and understanding.

Understand your competitors

 Know your competition inside out. Understanding what sets you apart is crucial.

You need to know who you’re up against and what makes them tick. Research your competitors thoroughly: their strengths, weaknesses, and strategies. Identify what sets your business apart – your unique selling points. 

Investors want to see that you’ve done your homework and can explain how your retail store will outshine the competition. Maybe it’s better prices, superior quality, or outstanding customer service. 

This knowledge not only helps you stand out but also shows investors that you’re ready to face the competition head-on, which can boost their confidence in your business’s potential success.

Have a growth strategy

Define a clear growth strategy to demonstrate how your business will expand once it’s up and running. It shows investors that you’re not just focused on starting your business but also on making it grow in the long run. 

You can outline different growth strategies like market penetration (selling more to existing customers), product development (creating new products for existing customers), market development (selling existing products to new markets), or diversification (introducing new products to new markets). 

This helps investors understand your vision and how you plan to increase your business’s value over time, making your retail venture a more attractive investment opportunity.

What to Include in your retail store business plan

Business overview.

Provide a high-level description of your retail business, including your company’s structure, location, and the products or services you’ll offer.

Business goals

Explain your business goals, whether they’re related to market share, product ranges, or online expansion.

It should give a clear, simple picture of your retail business. Explain whether your business will operate in a physical store, online, or both. 

Mention the legal name of your company, where it’s located, and briefly describe the products or services you plan to sell. Keep it straightforward and easy to understand, so anyone reading your plan can quickly grasp what your retail business is all about. 

This section sets the stage for the rest of your plan, helping readers get a sense of your business from the get-go.

Your industry experience

In the “Your industry experience” section of your retail store business plan, it’s your time to shine. Tell the readers about your background and expertise, especially if you’ve held important positions in recognized retail businesses. 

If you’ve previously led successful growth initiatives or managed to open new stores that flourished, this is the place to mention it. Basically, this section is all about showcasing your qualifications and experience in the retail world.

It helps build trust and confidence that you’re the right person to turn your retail business idea into a thriving reality. Keep it concise but impressive.

The “ Marketing strategy ” section of your retail store business plan is where you paint a picture of how you’ll present your store to the world. Explain your store’s image, the strategy for your brand, and how you plan to market your products or services. 

Don’t forget to dive into the 4Ps of retail marketing:

  • Product : Describe what you’re selling and what makes it special.
  • Pricing : Explain how you’ll price your products and why.
  • Place : Tell where you’ll sell your products, be it online, in-store, or both.
  • Promotion : Detail your strategies for promoting your store and products.

This section gives a clear roadmap for how you’ll attract customers and make your business a success. Keep it straightforward and compelling.

Financial strategy and forecast

The “Financial strategy and forecast” section of your retail store business plan is where you show the money side of your business. Investors want to see the numbers, so include things like:

  • Estimated capital requirements : How much money do you need to get started and keep going?
  • Profit and revenue models : Explain how you plan to make money and what your sales goals are.
  • Sales volume projections : Predict how many products you expect to sell.
  • Financial statements : Include balance sheets, cash flow projections, and any other financial documents.

These details help investors understand your business’s financial health and potential. Make sure your numbers are realistic and based on careful research and planning.

Management structure

In the “Management structure” section of your retail store business plan, you’ll provide details on how you intend to organize your team and manage your business effectively. This section involves explaining several key aspects:

Firstly, you’ll specify the number of team members you plan to hire. This is essential to understand the size and scope of your workforce.

Secondly, you’ll describe the roles and responsibilities of each team member. This clarification ensures that everyone knows their specific duties and contributes to the smooth operation of the business.

Lastly, you’ll illustrate how each team member fits into your overall business plan. This section helps investors and stakeholders comprehend how your team will collaborate and work together to achieve the business’s goals and objectives. 

A well-defined retail management structure assures potential investors that you have a competent team ready to execute your business plan effectively.

Homebase offers user-friendly employee management tools to streamline team communication , time tracking, and scheduling , helping you refine your management structure. 

Common mistakes to avoid when making your retail store business plan 

A successful business plan is as much about what you leave out as what you put in. Here are some common mistakes to avoid:

Too much detail

Avoid long, rambling text. Use visuals and graphics when possible and attach heavy content as appendices.

Poor financial planning

Account for growing expenses, taxes, and market influences in your financial projections.

Poor spelling and grammar

Basic errors can undermine how partners and investors view your plan.

Strengthening your business plan

To strengthen your business plan, consider your audience, which may include potential investors, business partners, and financial institutions. Be transparent, avoid exaggerations, and demonstrate the value of your idea.

Conclusion: Finishing your retail store business plan

A well-crafted retail store business plan is more than just a guide; it’s a tool to attract investors, secure funding, and set the foundation for a successful retail business. Leveraging tools like Homebase can help you stay competitive and efficient in the retail industry.

Don’t delay writing your plan—it could be the first step towards realizing your retail business dreams.

FAQs about writing a retail store business plan

What is a retail store business plan, and why is it important.

A retail store business plan is a comprehensive document outlining your retail store business’s model, goals, and strategies. It’s crucial as it provides clarity, attracts investors, and guides daily operations for success.

How does a retail store business plan differ from other business plans?

Retail store business plans are unique due to their focus on inventory management, marketing tactics to attract shoppers, and growth strategies centered on expanding customer reach.

What should I include in my retail store business plan’s business overview section?

In the business overview, provide a concise description of your retail business, including its structure, location, and the products or services you intend to offer.

How can a retail store business plan help secure investment?

A retail store business plan demonstrates a well-thought-out strategy, outlining business goals, target market, competitive analysis, and financial projections. It reassures investors, making your venture a more appealing investment opportunity.

What common mistakes should I avoid when creating a retail store  business plan?

Common mistakes include excessive detail, poor financial planning, and grammar/spelling errors. To avoid these, focus on clarity, accurate financial projections, and proofreading.

Remember:  This is not legal advice. If you have questions about your particular situation, please consult a lawyer, CPA, or other appropriate professional advisor or agency.

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How to write a business plan for a retail store?

6 June 2022

A retail store business plan is a formal document. It provides a snapshot of what your business is and how it can develop. Typically, a retail store business plan will forecast the next five years. Think of it as a map which shows you where you are going. And how to get there. A plan can help you anticipate potential pitfalls. A retail store business plan helps you think about what you will be doing months or years ahead. It is also something you can show to investors. Crafting a business plan is a creative experience.  Ankorstore can help you.

What’s a retail store business plan? 

7 steps of the business plan, what are the essential elements of a retail business plan, who to present the business plan to, what exactly is a business plan.

A business plan is a document which contains all your important business goals, the methods of attaining them and the resources and timescale needed for this. It is a summary of everything you want to achieve. All your strategy will need to be set out to enable you to get sales for your product or products.

It will also contain all your professional details. It is one of the most important documents you will ever create. . It is better to get it absolutely right through lots of in-depth research. So much depends on it, so…

  • Don’t rush it..
  • Take the time it needs.
  • Every word is important.
  • Think through every concept.

Why making a business plan helps the success of the retail project

Many new entrepreneurs are creative. They have things to sell that you won’t find elsewhere. But creativity needs a structure, a good business plan for your retail store . A good retail business plan is a necessary step to save you from making expensive mistakes. It will also help you look professional and is an absolute necessity if you are looking for investors.

Start by setting your goals

Do you have dreams of a high-street store or an e-commerce website? You need to plan every aspect from finances to marketing. As you do your research you will clarify your own ideas and understand your business better.

A plan should include both your short-term and long-term goals. There are also internal and external objectives. The internal ones might not be a public part of the plan. They might involve discussing goals with employees and offering incentives to them. In the external objectives you set goals for overall performance. Pricing and customer service are important here.

How to efficiently analyse the market

Entrepreneurs come from all sorts of backgrounds. Some have had a wealth of experience in the retail trade before deciding to go it alone. Others are straight out of school or university and have brilliant ideas they want to put into operation. Entrepreneurs are starting concept stores offering brands and authentic goods of the sort you cannot find on Amazon or in the average supermarket. Your specialty might be:

  • gourmet foods;

It can be almost anything that is a bit special. You can learn by looking at the business plan s of other retail stores , particularly those who are offering similar lines of products.  If you have a high street store you can also check out similar businesses in your area.

A few tips to analyse customer behaviour

Who is your ideal customer? What is their age, background, education, financial status? Is this going to be a rare expensive purchase? Or is it something people will need to buy frequently? How do you get repeat custom? Word of mouth is one of the best recommendations. You have to inspire trust to get that.

How to set you retail strategies

Make a one-page summary to start with. You need to find an answer to the following questions:

  • Who is your target market?
  • Who are your competitors?
  • Will you need staff?
  • Who are your suppliers?
  • What is your market plan?
  • How will you run your business?
  • What is the supply chain?

Besides, you will need a merchandising plan to make sure you get the best return on your investment. And how will you record your sales, returns, purchases of materials, etcetera? And what is your positioning in the market? What makes your brand different?

The importance of making short-term plans

Not everything in your plan will be long-term. With a retail store some things will be seasonal. You could focus on the next sales period. Or do you have products suitable for Mother’s Day? Or for Christmas gifts? Do you want to run a Black Friday campaign, American style? Do you want to celebrate your store’s opening day with special offers for customers?

How to implement your plans

Make sure all the legalities are in place before you start. Who owns the company? Does it have a separate correspondence address? How can the public contact you?  Are there other directors involved? If so, what are their roles? Try to keep to your original goals within the times set. Stick to your aims. Try to meet specific targets.

In-depth analysis of your performance

The analysis of performance will be an ongoing process as your business progresses. Choose intervals at which you want to reassess this analysis . This will help you improve on several aspects:

  • Are you reaching the goals you set out at the start?
  • Is anything getting in your way?
  • Has a new competitor appeared?
  • What do you need to do to improve profits?
  • Who is responsible for keeping all the pages on social media and your website up to date?

And you will also need to do a thorough financial analysis. Have you started to make a profit after the start-up costs?

Project presentation

Explain your products. This part can be great fun. Let the world know what you are selling and why you are so enthusiastic about your goods. How do your products differ from those of your competitors? Make sure you have professional photographs to enhance the image of your products online.

Publicity is another thing to consider. Where do you want to advertise online and offline? What is your budget? Does your shop have a website? Can you make additional use of Facebook, Instagram and all the other host of places in social media to promote your goods online ? Consider the four Ps otherwise known as the marketing mix:

Products and restocking

Products can be dispatched on your behalf from warehouses or distribution centres. Some entrepreneurs prefer this. Others like a more hands-on approach which could involve anything from a bricks-and-mortar store to a thriving regular market stall. The choice is yours. Online or offline or better still both.

Make sure you are always well-stocked with the most popular products. Customers can be fickle. If they can’t buy what they want when the mood takes them, they may take their cash elsewhere. It is more important to keep successful lines well-stocked than to attempt to stock everything. But also look at new products. Keep up with the competition.

Market research

Find your target market. Who are they and why should they buy from you? Is your product something basic everyone needs like foods, beauty products, clothes? Or are you targeting a specific luxury market?

It is useful to gather information on your competitors as well as possible clients. If you are working from a shop rather than solely online by e-commerce, location will be an important aspect. Is there a similar business nearby? What can you do better than them?

Look at general trends in retail. What is selling? And what isn’t? How can you boost sales ?

Presenting to investors

Investors may be family or friends you have known all your life. Or they may be people who have a particular interest in the products you are selling. Or they could be those who think that you and your business look like a promising investment.

Presenting to banks

Banks are cautious investors, and you will need the best of business plans to get a loan these days. But they have financial acumen and will know a good business proposition when they see one.

Be complete and precise in your retail store business plan. Have it proofread for feedback. Include all the essential information and practical details. Write about goals, ideas, strategy, innovation, marketing, and performance. But remember – it is not fixed in stone. As your business grows you may want to adjust your original ideas. The market is always changing, and you will want to stay ahead of the competitors to maximise your profits.  Ankorstore helps you to get all the details right.

A business model is a one-size-fits all statement. It is useful up to a point but not as essential as a business plan. A business plan is specific to you, your business and its location.

A business plans needs to be written right at the start of any business. It is essential as a tool to clarify your own ideas. It is also important as a mark of professionalism to secure cash investors.

Whether your store is going to be offline or online you will need to begin your business plan with a good company description. What is the company’s name? Where are you located? Is it online or offline? Or both? Let the world know what product or products you are selling and why your products are better than everybody else’s. The rest is aims, finances and a general picture of the sales market for your product

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  • Success Stories

></center></p><h2>5 business plan examples for retail</h2><p>Table of contents.</p><p>The retail business landscape is dynamic and presents both challenges and opportunities for entrepreneurs. In the heart of a successful retail business lies an effective business plan, which serves as a roadmap for future growth. Solink can be a vital part of a business plan for retailers, providing benefits such as cloud video surveillance, loss prevention, enhanced security, and invaluable business insights.</p><p>See how Solink can help your retail business.</p><h2>What is a business plan for the retail industry?</h2><p>A business plan for the retail industry serves as a structured document that outlines the objectives, strategies, and operations of a retail venture. It provides a detailed roadmap for launching or expanding a retail store, taking into account factors like market research, product offerings, target demographics, and financial projections. This plan acts as both a blueprint for the business’s future growth and a communication tool to attract potential investors or partners.</p><p>In the dynamic world of retail, where consumer preferences and market trends can shift rapidly, a comprehensive business plan becomes essential. It not only helps retailers navigate the complexities of the industry but also prepares them to adapt and evolve. Incorporating tools like Solink can further enhance these plans by providing real-time insights, bolstering security, and aiding in loss prevention , ensuring that the retail business remains resilient and profitable in a competitive market.</p><h2>What goes into a retail business plan?</h2><p>When writing a business plan for the retail industry, there are some essential sections that shouldn’t be missed. In addition to an introduction and conclusion, here are the other eight sections to add to your retail business plan and some pointers on what to include. </p><h2>1. Executive summary</h2><ul><li>Brief description of the business</li><li>Retail sector (e.g., apparel, electronics, groceries)</li><li>Business goals and vision</li></ul><h2>2. Business description and structure</h2><ul><li>Nature of the retail business</li><li>Legal structure (sole proprietorship, partnership, corporation)</li><li>Location and facilities</li></ul><h2>3. Market research</h2><ul><li>Overview of the retail industry</li><li>Target market demographics and behavior</li><li>Competitive analysis</li></ul><h2>Learn how Solink can support your business.</h2><p>4. product and services.</p><ul><li>Description of products or services offered</li><li>Pricing strategy</li><li>Unique selling points and value proposition</li></ul><h2>5. Marketing and sales strategy</h2><ul><li>Marketing objectives</li><li>Advertising and promotion strategies</li><li>Sales tactics and forecast</li></ul><h2>6. Operational plan</h2><ul><li>Supply chain management</li><li>Inventory control</li><li>Role of technology and software</li></ul><h2>7. Management and personnel</h2><ul><li>Overview of key personnel</li><li>Roles and responsibilities</li><li>Training and development</li></ul><h2>8. Financial projections</h2><ul><li>Start-up expenses and funding sources</li><li>Projected income statement</li><li>Cash flow forecast and balance sheet</li><li>Break-even analysis</li></ul><h2>3 business plan examples for the retail industry</h2><p>What goes into a retail business plan will change depending on the type of store you are opening. Here are three business plan examples for the retail industry:</p><ul><li>Fuel & Flee is a convenience store and gas station.</li><li>Buy Right is a large footprint franchised grocery store</li><li>Green Groves is a zero waste concept store targeting eco-conscious consumers</li></ul><h2>Business plan example 1:

Here is the first retail business plan example. Fuel & Fire is a typical convenience store and gas station business.


In today’s fast-paced world, the convenience store and gas station industry plays a pivotal role for daily commuters, weekend travelers, and community residents. “Fuel & Flee” is poised to redefine this sector by delivering top-notch vehicle fuels and a diverse array of essential items for on-the-go consumers. By harnessing Solink’s potent tools, we anticipate an enhanced security atmosphere and precise, actionable business insights.

  • Name and nature: “Fuel & Flee” is designed to be a dual-function entity, melding a state-of-the-art gas station with a fully-stocked convenience store.
  • Prime location: The business will reside at the intersection of Main Street and Highway 101, capturing both the local and highway traffic.
  • Vision statement: Our aim is to emerge as the number one pit-stop choice for every traveler and local resident within a 10-mile radius.
  • Holistic offerings: Apart from standard fuel services, a variety of convenience products such as fresh food, beverages, and daily essentials will be available.
  • Legal backbone: Registered as a Limited Liability Company (LLC), ensuring protection and flexibility.
  • Location details: A spacious location with 4 fuel pumps, 12 parking spots, and a 2,500 sqft store, all primed for quick and easy access.
  • Industry insight: A 5% annual growth has been noted in the convenience store and gas station sector, especially in highway-adjacent areas.
  • Target audience: Segment 1: Daily commuters (40%); Segment 2: Long-distance travelers (35%); Segment 3: Local families (25%).
  • Competition analysis: Within a 15-mile radius, there are three major competitors—two national chains and one local establishment.
  • Fuel varieties: Regular, mid-grade, premium, and diesel options for diverse vehicle needs.
  • Store inventory: Over 1,000 unique items including snacks, drinks, automotive products, and a dedicated section for organic and local produce.
  • Added amenities: A 24-hour ATM, a self-service air pump, and a mini cafe offering fresh coffee and pastries.
  • Technological boost: The Solink system will provide unparalleled management insights, monitoring transaction data to understand optimal restocking times.
  • Visual branding: Vibrant signboards and in-store displays to attract and retain customer attention.
  • Promotional moves: Monthly deals such as “Fill & Feast” offering discounts on combined fuel and store purchases, aiming to increase average ticket size by 15%.
  • Financial forecast: Anticipated revenue growth of 20% in the first year, scaling to 30% by the third year due to strategic promotions and customer loyalty initiatives.
  • Supplier ties: Established contracts with top-tier fuel suppliers and local product distributors, ensuring consistent quality and timely deliveries.
  • Inventory tactics: Bi-weekly stock checks and data-driven restocking decisions supported by Solink’s analytical prowess.
  • Safety and surveillance: Continuous monitoring with Solink’s cloud-based video surveillance , ensuring a secure shopping environment and deterring potential thefts.
  • Key staff: A seasoned store manager with 10 years in the retail and fuel sectors, supported by four cashiers, six fuel attendants, and three part-time staff members for restocking and cleaning.
  • Employee growth: A commitment to staff development through quarterly training sessions focusing on safety protocols, customer service enhancements, and product knowledge.
  • Startup costs: An initial outlay of $500,000 covering land lease, construction, and the first stock of inventory.
  • Recurring expenditures: Estimated monthly expenses of $50,000 including salaries, utilities, and replenishing stock.
  • Revenue breakdown: Anticipated monthly earnings from fuel sales ($120,000), convenience store sales ($80,000), and additional services ($10,000) totaling $210,000.
  • Profit milestone: Predicted to hit the break-even point by the eighth month, with steady profit growth thereafter.

With its strategic offerings and location, “Fuel & Flee” stands on the precipice of becoming a dominant force in the convenience store and gas station domain. Tools like Solink can drastically amplify its operational capabilities and security levels, ensuring the venture is both profitable and remains a top pick for its diverse clientele.

Business plan example 2: "Buy Right", a grocery store

Here is the second business plan example. In this case, we are looking at opening a franchised grocery store. The overall size of the property is much higher, as are the startup costs.

In an era where consumer preferences lean towards vast selections and one-stop shopping experiences, grocery stores have an immense role. “Buy Right” seeks to harness this demand by inaugurating a large franchised grocery outlet, ensuring customers have access to a diverse range of products under one roof. 

Partnering with Solink, the store aims to guarantee safety, loss prevention, and deep business insights for continual improvement.

  • Business essence: “Buy Right” will function as a large-scale franchised grocery store, offering everything from daily essentials to gourmet items.
  • Strategic location: Situated in the bustling commercial hub of Maple Street, ensuring easy access for a large population.
  • Mission: Delivering quality products at competitive prices while ensuring an unmatched shopping experience.
  • Store blueprint: A sprawling 20,000 sqft store with dedicated sections for fresh produce, dairy, bakery, meats, international goods, and more.
  • Legal design: Operating as a franchise under a well-renowned grocery chain ensures brand recognition and trust.
  • Facility features: Equipped with 15 checkout counters (including 6 self-checkouts ), a deli, a bakery, and ample parking for over 100 vehicles.
  • Industry dynamics: A consistent 4% annual growth in the large grocery store sector, particularly in urban areas.
  • Target demographic: Segment 1: Families (50%); Segment 2: Young working professionals (30%); Segment 3: Seniors (20%).
  • Competitive landscape: Three direct competitors within a 10-mile radius, including another franchised store and two local grocery chains.
  • Comprehensive offerings: Over 15,000 unique SKUs from local, national, and international brands.
  • Value-added services: A bakery producing fresh items daily, a deli offering cold cuts, and a pharmacy section.
  • Tech enhancement: Implementation of Solink to monitor customer shopping patterns, ensuring inventory is aligned with demand and improving store layout based on customer heatmaps .
  • Promotion: Weekly flyers highlighting discounts, in-store product sampling, and seasonal sales to boost footfall.
  • Loyalty programs: “Buy More, Save More” program, aiming to increase average customer spending by 10% within the first year.
  • Sales projections: Expected to serve over 500 customers daily, with an average spending of $50 per customer.
  • Supply chain dynamics: Tie-ups with established distributors, ensuring regular stock replenishment and fresh produce every alternate day.
  • Inventory management: Use of Solink to prevent POS employee theft , audit shelves for stock levels, and detect any irregular activities in real time.
  • Security measures: Enhanced surveillance with Solink Video Alarms Monitoring Service .
  • Management team: A store manager backed by a decade of retail experience, along with two assistant managers.
  • Staff structure: A team of 40 which includes cashiers, stockers, bakery and deli staff, and customer service representatives.
  • Training paradigm: Monthly training on product knowledge, customer service etiquette, and safety measures.
  • Initial investment: Estimated at $1.5 million, covering franchising fees, store setup, and initial inventory.
  • Ongoing expenses: Monthly costs projected at $200,000, which includes salaries, utilities, rent, and inventory purchases.
  • Revenue estimates: Anticipated monthly revenue of $750,000, with the goal of achieving a break-even point by the seventh month.

“Buy Right” holds the potential to redefine grocery shopping in the Maple Street area by offering a comprehensive selection in a customer-friendly environment. The added advantage of Solink ensures security, streamlined operations , and valuable insights. With this robust plan, “Buy Right” is geared to flourish in the competitive grocery market.

Business plan example 3: "Green Groves", an eco-friendly store

This is the third retail business plan example. It is a unique concept store focusing on the green market. The business operates as an eco-friendly, zero waste store catering to environmentally conscious consumers.

In a world grappling with environmental issues, sustainable solutions are at the forefront of consumer choices. “Green Groves” aspires to be a game-changer in retail by offering an eco-friendly zero waste shopping experience. With the integration of Solink’s capabilities, security and insightful business analysis will be assured.

  • Business ethos: “Green Groves” will pioneer a zero waste, packaging-free retail environment.
  • Strategic spot: Positioned in the heart of EcoVille, a community known for its green initiatives.
  • Objective: To nurture a sustainable shopping culture and diminish the carbon footprint of retail.
  • Store design: A 5,000 sqft open-plan store, equipped with bulk bins, refill stations, and reusable container displays.
  • Business form: Operates as a sole proprietorship, with strong ties to local organic farmers and ethical suppliers.
  • Store features: Apart from bulk goods, there’s a section for sustainable living products like bamboo toothbrushes, metal straws, and cloth bags.
  • Eco trend: A 7% yearly increase in consumers seeking sustainable shopping options.
  • Target demographic: Segment 1: Eco-conscious families (45%); Segment 2: Millennials and Gen-Z (40%); Segment 3: Sustainable lifestyle adopters (15%).
  • Rivals: Two health stores in the vicinity, but none offer a complete zero waste experience.
  • Goods galore: A range of organic foods, personal care items, household cleaning products, all sold without packaging.
  • Eco tools: Reusable containers for sale and rent, ensuring customers can shop even if they forget theirs.
  • Tech integration: Solink will monitor the POS , preventing operational shrink, and will provide insights on consumer purchase patterns.
  • Eco-campaigns: Monthly workshops on sustainable living, zero waste challenges, and rewards for consistent zero waste shoppers.
  • Loyalty perks: “Sustain & Save” program, targeting a 12% hike in repeat customers within the initial year.
  • Revenue forecast: Expecting an average daily footfall of 200 customers, with an average spend of $30.
  • Supply chain: Direct collaborations with organic farmers and ethical product makers, ensuring fresh stock and product authenticity.
  • Stock management: Remote video monitoring of the store and stockroom will help keep the right amount of inventory available for purchase.
  • Safety and security: Enhanced by Solink’s surveillance capabilities, ensuring a safe and theft-free shopping environment.
  • Lead team: Store manager with a passion for sustainable living, backed by a degree in environmental studies.
  • Crew composition: A mix of 10 full-time and part-time staff members, including stockers, cashiers, and a dedicated person for customer education on zero waste.
  • Kick-off capital: An estimated $250,000, which includes store setup, initial inventory, and marketing efforts.
  • Recurring costs: Monthly operational expenses estimated at $30,000, covering salaries, rent, utilities, and stock replenishments.

“Green Groves” stands out as a beacon for sustainable shopping in EcoVille. With Solink in its arsenal, the store is not only set to offer a secure and streamlined shopping experience but also a data-driven approach to meet consumer demands effectively. This venture promises not just profitability but also a positive impact on the planet.

Add Solink to your retail business plan

In the evolving retail landscape, having a robust business plan is only the beginning. The real differentiator lies in harnessing cutting-edge tools that optimize operations, enhance security, and provide actionable insights. Solink stands out as a transformative solution in this realm. 

By integrating Solink into your retail strategy, businesses are not merely investing in surveillance but in a comprehensive tool that brings loss prevention, advanced security, and invaluable business insights to the fore. 

As demonstrated with “Green Groves”, a store with a vision, the marriage of sustainability and technology can create a retail environment that’s both profitable and in tune with modern needs. For any retailer crafting or refining their business plan, Solink isn’t just an option; it’s a forward-thinking imperative.

To see why Solink should be part of every retail business plan, sign up for a demo today.

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Retail | How To

Store Management: Managing a Retail Shop for Success

Published March 9, 2023

Published Mar 9, 2023

Meaghan Brophy

REVIEWED BY: Meaghan Brophy

Brigitte Korte

WRITTEN BY: Brigitte Korte

This article is part of a larger series on Retail Management .

  • 1 Build & Maintain a Great Team
  • 2 Manage Your Inventory
  • 3 Create Data-driven Sales Goals
  • 4 Establish Procedures for a Clean & Organized Store
  • 5 Lead Your Team
  • 6 Initiate Marketing & Outreach Campaigns
  • 7 Consider Expansion
  • 8 Bottom Line

Store management is all the processes involved in running your store, including building your team, sourcing and managing inventory, driving sales, creating store policies and procedures, leading by example, and marketing your business. Effective retail shop management is one of the most important parts of ensuring your business’s success.

Here, we will look at all the hats an owner must wear to manage their store, keep everything running smoothly, and position their business for growth and expansion.

A point-of-sale system is one of the best ways to streamline your store management operations and keep everything running smoothly. Square for Retail is free for a single location and offers all the tools you need to run a retail store. Visit Square for Retail to learn more and open a free account.

Build & Maintain a Great Team

Retail shop management starts with building and maintaining a great team that can support you on the sales floor and help your business flourish. As a retailer, you will likely see high turnover among your employees. While this is a natural part of the industry, losing a staff member is costly for your business, so your objective is twofold:

  • Recruit a large team that will be a good fit for your business and the available roles.
  • Create a work environment that will help retain employees and maximize their potential.

Recruit a Team That Fits Your Brand

When recruiting your retail team , you should hire people who can represent your business well. Often, this means the ideal employee has interests that align with what your store is selling—they will be able to sell your products better and genuinely connect with customers on their interests.

The staff at my boutique was full of individuals interested in fashion. I can think of a few examples of where you may have seen this:

  • Christy’s Sports: Its staff is made up of winter athletes with tons of knowledge about equipment for anyone from beginner to expert.
  • Sephora: Every employee is interested in makeup and beauty and uses cosmetic products in their personal lives.

As you conduct job interviews and hunt for the perfect employees to work at your store, I suggest having a list of attributes that a perfect candidate possesses. This does not mean that you can only hire people with all these qualities, but having a list of ideals can be a great way to guide your interview process and help you find candidates that will represent your brand well. You might want to include these categories in your list:

  • Product knowledge: You want someone who knows about your products or industry so that they act as an expert when selling and answering questions.
  • Enthusiasm: You want someone who cares and is genuinely interested in your brand and the products you sell.
  • Experience: If you own a higher-end retail location, you will want someone with sales experience, preferably within your industry.
  • Customer interactions: You want a salesperson who can talk to shoppers, assist them, and treat them with care. People skills will play a huge role, so I suggest using a floor interview to see how prospective hires work with your customers .

A floor interview is an interview stage that typically comes after a spoken interview. It is when a candidate gets the opportunity to work with customers during a mock shift. This allows you to observe how they might be on the job and how they interact with customers.

  • Personal interest: Ideally, the people you hire will be interested in your products or industry in their personal lives. This will show in their passion for the work, improving the customer experience and employee retention.

Consider Scheduling

Another key thing that you will want to account for when hiring your team is availability. Unlike the typical nine-to-five corporate role, retail stores are open later in the evening, weekends, and many holidays. Before bringing anyone on, you need to be clear about your availability expectations and ensure that you will have enough staff to cover your store at all times.

Not sure what your store hours should be? Check out our article How to Determine Retail Store Hours to learn more. Also, consider offering holiday pay to ensure coverage during hard-to-fill shifts.

My suggestion here would be to draw out a weekly schedule so you can see how many people you need in your store for any given shift. For example, you might want only one person on staff for the Friday morning shift, but for the evening shift, you expect your store traffic to pick up, so you need three people on the schedule. For holidays, sketch out your staffing needs months in advance and nail down staff members as soon as possible.

Square POS schedule making page.

With Square, you can create schedules straight from your POS account, assign roles for each shift, and see how much each person is set to make throughout the week. (Source: Square)

You will get a better idea of when you need more and less staff as time goes on, and your needs will change seasonally. When starting out, you can use the standard formula of 2.5 employees for every 1,000 square feet. However, this can vary based on the type of shop you have. Use store traffic as a cue for scheduling and ongoing hiring initiatives.

Square for Retail has built-in scheduling and team management, so you can set access permissions, build schedules, create staff roles, and delegate tasks. Plus, if you upgrade to Teams Plus for $35/month, you get shift management and an employee app where they can manage their own time.

Onboard and Train Your Staff

Once you have selected the people you want for your team, you want to set them up for success with strong onboarding and training. To do your training well and reach a point of trust with your staff, you must approach onboarding in an organized manner. I suggest making an onboarding training plan with checklists for everything you need to teach your new hire each week.

For example, at my store, I covered all computer operations in week one. This was the most technical part of the associate role, so I wanted to give lots of time for that particular task. From there, I would train on store organization and processes in week two, and use week three as a chance for the new employee to practice everything with me in-store. At the end of week three, we would do a check-in to review anything and assess whether the new employees are ready to work solo shifts.

Keeping an organized checklist not only ensured I didn’t miss any training topics but also offered a point of reference for associates as they were going through onboarding. Areas you should include in your checklist are:

  • Customer service: Return policies, complaint policies, how to speak to customers, etc.
  • Store operations: Opening and closing duties, new merchandise procedures, contact references, how everything is organized, etc.
  • Sales: Making suggestions, upselling and cross-selling, best-selling products, product knowledge, etc.
  • Computer/POS operations: Ringing up customers, conducting returns, printing tags, running reports, pulling daily numbers, etc.
  • Loyalty program : Acquisition of new members, what the program includes, signing people up, etc.
  • Perks: Parking, overtime rate, employee discounts, commission structure, events or odd hours, etc.

Typically, onboarding training will take between two to three weeks for retail jobs; by that time, you should have reviewed all the topics in your training plan, and associates should feel ready to work solo. Obviously, you should still be available to your staff for questions at any point, but they should have baseline confidence by the end of their initial onboarding to handle the store on their own.

The most successful retail operations incorporate ongoing training well after employees are onboarded. Regular staff meetings to train on new products and initiatives, on-the-floor coaching and feedback around customer interactions and sales opportunities, and role-playing customer service scenarios are all part of growing a stellar and cohesive retail team.

For example, at my store, we would have a monthly, company-wide training session an hour before opening to review an area of training with our managers. This was great because it allowed shop managers to review areas that were lapsing, go over key customer service initiatives before big events, and keep staff fresh and on their toes.

Manage Your Inventory

In addition to building a team, managing a retail store also includes responsibility for inventory. Inventory management includes all the processes that keep the right amount of product on your shelves at all times. This means spotting stockouts before they happen, placing reorders in a timely manner, and budgeting accordingly.

I would suggest adopting an integrated POS system, like Square for Retail, to track your inventory levels in real time, run reports, and send low-stock alerts.

Otherwise, you can track your inventory levels manually using a spreadsheet. Below, we offer a free inventory management workbook you can use to track stock levels.

Download Free Inventory Management Workbook

Conduct Regular Inventory Counts

A major part of inventory management is conducting regular inventory counts. Inventory counts help you spot shrinkage problems and provide an accurate look at the inventory you actually have on hand at that time—not just what the computer says you have. Typically, you will use a barcode scanner to do inventory counts. For this, you will either need to purchase a standalone scanner that is compatible with your POS or, if you are using the Square app on a mobile device, the camera becomes a barcode scanner.

Square POS inventory count log for clothing store.

Scan and log your inventory counts straight onto your POS system with Square for Retail. (Source: Square)

In general, there are two major kinds of inventory counts:

  • Cycle Counts: This involves counting a small portion of your inventory each day, week, or month to make the counting process more manageable. This method also allows you to count products with a high sell-through rate or value more frequently.
  • Annual Counts: This is when you do a yearly count of all of your inventory, typically for tax purposes.

The first step in an inventory count is figuring out how much of a product you should have. This will be based on how many items you originally ordered minus what you have sold. If you use a POS system, inventory levels are tracked live with each sale, so your expected quantity is calculated for you. Otherwise, you will have to do the math yourself.

From there, all you do is count the number of products you actually have in stock and determine if there are any discrepancies between your projected and actual quantities. This discrepancy is known as shrink, and you should seek to find its source as soon as it is identified.

If you need more guidance on establishing a full process, read our guide to retail inventory management .

Source Your Shrinkage

As mentioned above, inventory shrinkage refers to any discrepancies in the number of products you thought you had and the number you actually have, based on your inventory counts. Any time you detect shrinkage, you should determine where it is coming from so you can take steps to prevent it in the future.

Typically, you will investigate three potential shrinkage sources:

  • Employee theft: To uncover this, you would look at your transaction history for any faulty sales or your security footage for any evidence of employee shoplifting. Employee theft typically results in immediate job termination, setting a precedent for your staff.
  • Customer theft: To uncover this, you should look for any signs of theft in your fitting rooms or around your store (removed security or price tags, empty hangers, out-of-place merchandise), as well as security footage. If you find the person who stole from you, be sure to provide a visual of them for your staff, so they know who to keep an eye on. Typically, it is not worth it to press charges for shoplifting offenses.
  • Clerical errors: This is when there is something wrong in your inventory records, so you don’t have an accurate image of what your inventory levels should be. To uncover this, you should look at all your receiving counts and transaction history to determine where there was a miscount and what that miscount is.

Once you identify where your shrinkage is coming from, you should either take steps to create a more accurate inventory management system or take security measures to reduce retail theft .

Organize Your Stock Room

Another important part of inventory management is organizing your stock rooms so products are easy to find and nothing gets lost in confusion. This will also make it easier for your employees to find things and let you store more merchandise in less space.

Organized stock room.

Organized stockrooms will prevent loss and make your employees’ lives easier. (Source: EZR Storage)

The first thing you will want to do is purchase fixtures for storing merchandise. Once you choose your fixtures, it is time to choose an organizational system. This can look many different ways, and no two stores will have the same system—it really depends on your store operations and what system makes sense to you. My biggest pieces of advice for organizing your stockroom are to:

  • Label everything.
  • Create a system flexible enough to work as your inventory changes.
  • Create a system that is intuitive so that you can teach it to your staff.

For example, at my boutique, we used floor bins with removable labels for any foldable pieces and pants. We had a hanging system for the rest of our stock based on color, sleeve length, and type of garment. Removable labels and broad organizational categories made this system easy to update and adaptable to all kinds of merchandise. Additionally, the system was pretty simple and well-marked, so my associates could maintain it perfectly!

For more on how you can make your inventory management more efficient, check out our article on inventory management software .

Maintain a Strong Product Sourcing Network

When it comes to good inventory management, another component you should consider is your network of product suppliers. Having a directory of dependable suppliers will ensure that you can get the products you need when you need them. This means finding online marketplaces and attending trade shows.

For sourcing online, I would suggest using Faire or Tundra (both among our recommended wholesale suppliers). They offer a wide host of products and easily navigated websites for retailers.

If you are looking for other great wholesale suppliers, check out our guide to the Best Wholesale Suppliers for 2023 .

Tundra shop thousands of brands.

Tundra lets you shop from thousands of wholesale suppliers. (Source: Tundra)

Faire offers a host of artisan brands and one of a kind goods.

Faire offers a host of artisan brands and one-of-a-kind goods for your store. (Source: Faire)

Tradaeshows are another great way to source products.

Tradeshows are another great way to source products and they let you see items in-person before you buy. (Source: Displays2Go)

While online sourcing is a convenient and easy way to source products, you should also attend trade shows. This is where a group of wholesalers, typically related in the type of products they sell, gather so retailers can shop their merchandise. This is a great opportunity to see products in person and form relationships with your suppliers.

If the last few years have taught us anything, it is that the supply chain is unreliable. The best way to ensure you always have suppliers to stock your shelves is to connect with as many as possible. Numbers will ensure that you have backup plans and aren’t reliant on any one source. This is especially true for your best-selling and staple items.

You can use this trade show website to find relevant trade shows near you or use our guide to the Best Retail Trade Shows in 2023 (+ Calendar Download) .

Create Data-driven Sales Goals

The best way to keep your store on track and ensure that you are managing it well is to set sales goals. I would recommend making your goals granular , providing daily, weekly, monthly, and annual goals that you and your staff can aim to achieve. Keep these goals visible to all and make sure you emphasize them daily. This is a great way to motivate your staff and keep everyone on the same page.

If you are just starting and have no sales data to base your goals on, I recommend using your annual retail budget as a guide. Your budget should include all of your outgoing expenses, giving you a picture of just how much you need to sell to yield a profit.

Otherwise, you will want to use past sales reports to set your sales goals. You can set your goals however you like, but you generally want to see growth year over year, so setting your sales goals 5%–10% higher than your previous year’s sales number will help you see if you are hitting that growth.

Square POS's sales summary reporting page.

You can access and run reports about past sales data using Square for Retail’s reporting tools, including day-of-week reports, time of day, and daily, monthly, and annual views. (Source: Square)

Another important factor to consider when setting daily goals is the day of the week. Typically, you can expect Thursday-Sunday to yield higher traffic and sales versus the beginning of the week. Be sure to set daily goals that are attainable and match traffic patterns and sales opportunities.

We recommend using a 4-5-4 or 4-4-5 retail calendar to help you make accurate and attainable sales comparisons and goals year over year.

Write Weekly Sales Reports

A key part of creating and monitoring sales goals is keeping weekly sales reports. It is a great practice to take a detailed look at every week and address problems as they arise. Weekly sales reports are also useful if, as a store owner, you decide to take a step back and hire a manager.

At my store, for example, the manager of each location would send weekly status reports to the business owners. This would help them keep tabs on their stores even when they weren’t there and gave managers the opportunity to give more insights into individual stats and figures.

As your business grows, you may find that you have enough revenue to hire a manager and need more time to focus on your role as the owner. Weekly sales reports from your acting manager will allow you to maintain oversight over your storefront and keep your store on track.

The types of things you should include in your reports are:

  • Sales targets: Take a look at where you stand in terms of your daily, weekly, monthly, and annual sales goals.
  • Inventory feedback: Note any low-stock items or pieces that have been remarkably popular or unpopular.
  • Staffing feedback: Note any scheduling problems you might have had, if a staff member was exceptional, or any problem areas.
  • Supply needs: Note any store supplies that you went through that week or anything that might be running low (cleaning supplies, employee snacks, hangers, tags, etc.).
  • Event reports: Analyze the success of past events and look forward to how you will prepare for others in the future.
  • HR notes : Leave a place where employees can leave anonymous feedback for store management and/or ownership.
  • Ideas : Leave room for your managers to pitch event, promotional, or partnership ideas. Your managers work in-store every day, so they will have a pulse on their buyers and the surrounding community.

Establish Procedures for a Clean & Organized Store

While maybe not the most glamorous part of your job, one of the biggest aspects of retail shop management is keeping your store tidy and organized. This means properly maintaining any merchandise and store design elements, putting products away as they get used, and implementing a cleaning routine so that everything stays sanitary.

Keeping storefront clean and tidy.

Keeping your storefront clean and tidy will make it more inviting to customers and easier to shop. (Source: Pinterest)

Daily Task Lists

The best way to ensure that your store stays clean is to create daily task lists. For example, at my boutique, we had two to four cleaning and organizational tasks each day of the week. Mondays would include cleaning mirrors, dusting tables, and restocking our shopping bags and other checkout supplies. On Tuesdays, we would sweep the floors and clean the glass exterior of the store.

This system made it so we never had more than 45 minutes of cleaning each day and accomplished everything we needed to stay on top of the space each week. As you look at your store, think about all the things you would do to give your space a deep clean. List everything and then divide those tasks among the days of the week.

Depending on your space and traffic volume, you may need to perform some tasks, like sweeping the entrance or wiping the checkout counter, at least daily.

Remember, Fridays and Saturdays are going to be your busiest days in terms of foot traffic. You will likely want to limit or completely omit deep cleaning tasks on those days. The days following your busy days, Sundays and Mondays, will likely need more elbow grease.


Daily Task List

Daily task checklist.

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Opening and closing procedures lists.

Opening and closing procedures are also part of good store management. These are essentially lists of everything you or your associates should do before opening each day and closing each night. These tasks should prepare your store for customers each morning and then offer a reset at night.

You can also download our free opening and closing procedures checklists below. We recommend printing these lists and laminating them for your store binder. Then associates can use expo markers to check things off each day, and then erase the list at the end of the week for a fresh start.

Opening Procedures

Opening procedures checklist.

For opening procedures, you are waking up your space and readying it for customers before the door opens. Opening duties should take about 30 minutes, so staff should arrive early to complete them. These are the areas you should focus on for opening procedures:

  • Start all systems: Open your register, start your computer, get the music going, open your POS software (if applicable), and turn on all lights and heat/AC.
  • Cash logs: Count all the money in your register and spare change bag. Record your cash amounts daily so that you can spot and source any discrepancies.
  • Entryway cleaning: Sweep and clean the entrance of your store and wipe down the checkout counter. This area gets the most foot traffic and brings in the most outside dirt, so it will need daily maintenance before opening.
  • Goal check: As you know, you should be displaying your daily goal. When opening, be sure to swap out your daily goal from the day before and display the new one.
  • Big sweep: Walk through the entire store once and look for anything that might be out of place before you open the doors.

Closing Procedures

Closing procedures checklist.

Closing procedures reset your store for the following day, undoing any messes that may have arisen, and recording your sales activity. As with opening duties, closing duties will take about 30 minutes and should be done after store hours. Here is a list of the areas you should focus on for closing procedures:

  • Restock sold merchandise: You can do this during the day as well, but at closing, you should check your sales floor and ensure that any sold merchandise has been replaced.
  • Theft check: Be sure to check fitting rooms and other concealed areas for signs of theft, such as removed tags or security vessels, or swapped packaging.
  • Record daily sales: Record your daily sales number and compare it to your daily goal. If an employee is closing, they should report these numbers to the manager and/or owner. If you use a POS system, you can schedule automated emails to be sent at the close of business. This is also when you will reconcile your POS system and transactions.
  • Cash logs: Count all the money in your register and spare change bag. Remove any money from cash purchases, so all that remains is your cash float. Record your cash sales amount daily (and recount the float cash every morning) so that you can spot and source any issues.

Cash float (also known as cash register float or cash drawer float): The amount of cash kept in the register for making change. It’s common for retailers to keep $50–$200 in small bills and change in each register. It’s important that this number stays consistent and is tracked diligently, at least at every closing and opening, to spot any potential theft. Learn more about cash float .

  • Big sweep: Walk through the store once before you leave for the night and look for anything that might be out of place.

Lead Your Team

Part of managing your retail store is setting the work environment and ethics for your space. How you interact with your customers, take care of your store, and present yourself each day will massively impact your staff and their performance.

Additionally, leadership in retail store management includes making your staff excited to be a part of the team and ensuring they feel heard and respected. A good leader inspires by setting a strong example and creating a positive environment. This will make things more pleasant for everyone and motivate your associates to perform better for your brand.

Motivate Your Staff With Rewards

You can create a positive work environment and motivate your staff by creating a rewards or commission structure . From my experience, using a blended approach that rewards both team and individual performance works best. For example, individuals could earn a sales commission, while there is also a team bonus for meeting a monthly sales goal.

Less formal rewards like gift cards, small treats for your highest-performing associate of the week, or a dinner or get-together after a big sales day can also be effective. Whatever you can do to motivate your employees and demonstrate your appreciation for their efforts will pay off and make working for your store all the more fun.

You can use Square for Retail’s team management tools to track individual performances and see which employees are excelling and deserve recognition.

Proactively Listen to Your Staff

Advocate for your staff and be open to any discussions, questions, and even complaints. As the owner of a small business, you will also likely play the role of an HR person for your staff. Be sure that you create an inviting environment where employees feel like they can talk to you and expect their feedback to be addressed. You might even consider incorporating a place where employees can leave anonymous feedback or sending out employee surveys to get a pulse of your employees’ workplace satisfaction.

Check out our rundown of Company Culture Ideas To Engage Employees & Drive Results to help you foster a happy and productive workplace.

Creating this space where employees feel safe is a huge part of retaining your staff. Treat your staff with compassion, respect their needs, and offer an open discourse about store policies and job satisfaction.

Did you know?

Replacing your employees is expensive. Studies show that replacing an employee can cost from half to twice their annual pay. Read more employee retention stats .

Lead By Example

Show your employees what you want from them through your actions. As part of managing your store, you set the overall tone for everything that happens. How you lead makes a significant impact on how your staff performs and understands their job expectations. You should be the best salesperson, the most helpful customer service agent, the most meticulous cleaner and organizer, and the most motivated person on the floor.

Initiate Marketing & Outreach Campaigns

An essential part of growing your business and revenue is to retain your existing customers and expand your customer base. Both of these objectives depend on good marketing and customer outreach. Retail marketing can help you to foster customer loyalty, reach new audiences, and drive your bottom line.

Plan for the year ahead and stay on top of all your goals with a retail marketing calendar. Check out our retail marketing calendar guide to download our free calendar to get started.

Here are a few ways to incorporate retail marketing strategies into your day-to-day store management tasks:

Get Involved in Your Neighborhood

Get out and get to know your neighbors. If you can build relationships with your neighboring businesses, there is a great opportunity to share your customer bases and mutually benefit. Do partnered events, host pop-ups in each other’s spaces, share marketing materials, and work together to refer and help each other grow.

At my store, each month, I would schedule someone (or myself) to go to all the neighboring businesses around our store and deliver $10 coupons. My storefront was in a busy outdoor shopping center, so these coupons helped drive foot traffic to our store and build relationships with our neighbors.

Try a Loyalty Program

Another thing that you can do is introduce a loyalty program . You can customize your loyalty program with different features and structures, but these programs generally have the same basic system: For access to exclusive discounts and information, customers offer their contact information, typically both phone and email. This allows you to reach out to your loyal customers with these exclusive offers, fostering their loyalty and incentivizing them to spend with you.

Two-thirds of consumers say that offering a loyalty program is critically important to winning their lasting loyalty .

The best way to get people to sign up for a loyalty program is to engage with them at checkout. At this stage, customers are already engaged and ready to purchase from your store, so they are the best candidates to become loyalty members.

Train your staff to tell every customer checking out about your loyalty program and what it offers. To ensure they include all relevant information, create a loyalty program spiel checklist. It should include items like:

  • Your sign-up offer
  • The exclusive deals for loyalty members
  • What members can expect from your communications
  • Sign-up process

To get started with a loyalty program , you have a few options. Either, you can integrate a loyalty program software into your existing POS system, create and run a loyalty program manually, or you can use the loyalty program already integrated into your POS.

Square for Retail, for example, has a loyalty program you can customize and manage for all of your members straight from your POS account.

SMS & Email Marketing

Even if you do not have a loyalty program to help you collect customer information, you should still work to gather emails and phone numbers to utilize SMS and email marketing strategies .

Create acquisition procedures similar to those used for loyalty members:

  • Train your staff to ask for contact information in a way that lets customers know what benefits they will reap for sharing.
  • Keep a sign-up sheet by your register where people can leave their information.
  • Create an email portal on your website where people can register their emails.

From there, you will want to either adopt an SMS/email marketing software or send out messages manually. When starting, sending weekly emails to your subscribers is a safe cadence. You can experiment with more or less frequent sends to see what will work best for your business. Even better, you can segment your lists to email your VIP customers and those most engaged with your content more frequently, while maintaining a more moderate cadence for your occasional shoppers.

Square for Retail offers SMS and email marketing add-on that allows you to store contact information and then send and manage messages straight from your POS accounts.

In terms of what your messages should include, the goal here is to keep people up to date and maintain your brand’s top-of-mind recognition. Let shoppers know about events, sales, new arrivals, discounts, partnerships, or other exciting things going on at your store. Anything that you think might spark interest and drive traffic is worth sharing—just don’t flood your customers with too many messages! One to two texts or emails per event and no more than two messages a week are good rules of thumb.

Your Social Media Presence

Times are changing, and, more and more, social media is how people discover new brands and shop for products. To compete in this market, your brand needs to have a social media presence, as well as shoppable storefronts, on Instagram , Facebook , and even TikTok . This will not only give you additional sales channels for customers to shop but will expand your reach and help new customers find your store.

US social commerce sales are set to grow 34.4% this year, rising to $53.1 billion. You definitely don’t want to miss this revenue opportunity.

RusticThread Instagram.

This brand uses social media to showcase its products and advertise its sales. (Source: Rustic Thread via Instagram)

Doggy Deli Instagram.

The Doggy Deli showcases its products with content from real users. (Source: The Doggy Deli via Instagram)

Bowflex Instagram.

A home workout equipment brand uses its social media to show how its products can be used and to showcase inspiring content. (Source: Bowflex vis Instagram)

Consider Expansion

As part of managing your store, your eyes should always be on the horizon for new opportunities. As the business grows under your leadership, you should look to expand. At first, this might look like holding more inventory and investing in marketing to grow your customer base. There is even the possibility that, as time goes on, you outgrow your original storefront and are ready to open a new location.

Read more with our guide to opening a second location .

Bottom Line

Ongoing management of a retail store is a massive undertaking with tons of ground to cover. It includes everything from daily operations to staffing to product sourcing, and even expansion. Effective management keeps your store marching forward and aligned with business goals. To make your life easier, we recommend using a POS system like Square for Retail to help streamline all your management operations and stay on top of everything you need to manage.

Visit Square for Retail

About the Author

Brigitte Korte

Find Brigitte On LinkedIn

Brigitte Korte

Brigitte is a retail specialist and staff writer with brick-and-mortar management experience. Before joining FSB, she managed a storefront for several years, working in everything from merchandising, to buying, to sales analysis. Brigitte also has a background in writing, research, and publishing, with an undergraduate degree in writing.

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Home » Sample Business Plans » Wholesale & Retail

How to Write a Retail Store Business Plan [Sample Template]

Are you about starting a retail business? If YES, here’s a complete sample online retail store business plan template & feasibility report to help you get started. Okay, so we have considered all the requirements for starting a retail store. We also took it further by analyzing and drafting a sample retail store marketing plan template backed up by actionable guerrilla marketing ideas for retail stores. So let’s proceed to the business planning section.

Why Start a Retail Store?

There are times when one might not be disposed to buy stuff in bulk. This might be due to financial constraint or other contingencies. This is one of the reasons why retail outlets are scattered all over the world. They know the importance of reaching all and sundry, and that is why they want to provide services that can reach all classes of people.

Those who are already in the trade know the huge profit levels which they attain always. If you have decided to start a retail business, then good news is that you are in a profitable trade, as nearly all the type of goods that are being dealt in is such that is important to all

A Sample Retail Store Business Plan Template

1. industry overview.

When we talk about retailing, we talk about a business that deals in loads of consumer goods; which can be categorized into three major areas. These categories are: general merchandise, apparel, and furniture. In other words, retailers are engaged in the selling of finished goods; they get the goods from the manufacturers and they sell to the end users (consumers).

Retail goods can also be categorized into durable goods and non – durable goods. Durable goods are goods such electronics, computers and accessories, furniture, and other large appliances et al and non – durable goods are good such as food, toiletries, drinks, beauty products, jewelry, clothing and shoes et al.

The retail industry is a major sector of the economy of the united states which generates a whooping sum of well over trillion annually from more than a million retail outlets scattered all around the United States of America.

The industry is responsible for the employment of well over 15 million people which is about 12% of the workforce of the U.S. published that in 2014 alone, the retailing industry on a global scale generated a revenue of well over $22 trillion; it goes to show that the industry is indeed a very large industry.

It is a fact that an estimated two-thirds of the United States’ gross domestic product (GDP) comes from retail consumption. This is why the United States of America’s economy is measured with the yardstick of how well the retailing business is fairing in the U.S. In essence, when there is an unstable economy, purchasing power drops and it impacts the retailing industry negatively which may result in the closure of some retail stores.

In recent time, the retail landscape has seen tremendous changes in the last 20 years; it has grown from the usual mom and pop outlets to a more organized and far reaching venture. The introduction of franchise and online store makes it easier for a retailer to reach out to a larger market far beyond the areas where his physical store is located.

It is interesting to note that more retail shops; especially lager retail outlets have started to include self-serve checkout lanes in their stores. It creates shorter lines that appeal to consumers; the average customer would not want to stay longer on queue.

Over and above, the retail industry is a profitable industry and it is open to any aspiring entrepreneur to come in and establish his or her business; you can chose to start on a small scale in a street corner like the average mom and pop business or you can chose to start on a large scale with several outlets in key cities.

2. Executive Summary

People’s Choice Retail Shop is a retail shop that will be located in one of the busiest streets in Columbus, Ohio. We have been able to lease a facility that is big enough to fit into the design of the retail shop that we intend launching and the facility is located in a corner piece directly opposite the largest residential estate in Columbus, Ohio.

Our retail shop will retail a wide range of durable goods and non – durable goods at affordable prices from different brands. We retail goods such as groceries, clothes, sports equipment, beauty products, jewelry, baby stuffs, children’s toys, home furnishings and home appliances et al.

We are aware that there are several large and small retail outlets all around Columbus, which is why we spent time and resources to conduct our feasibility studies and market survey, so as to offer much more than our competitors will be offering. We have sell service options for our customers, and our outlet is well secured with the various payment options.

Much more than selling the goods and products of top brands in the manufacturing industry, our customer care is second to none in the whole of Columbus, Ohio. We know that our customers are the reason why we are in business, and that is why we will go the extra mile to get them satisfied when they visit our retail shop and also to become our loyal customers and ambassadors.

People’s Choice Retail Shop will ensure that all our customers are given first class treatment whenever they visit our shop. We have a CRM software that will enable us manage a one on one relationship with our customers, no matter how large the numbers of our customers base. We will ensure that we get our customers involved in the selection of brands that will be on our racks and also when make some business decisions.

We are aware of the trend in the retail industry and we are not only going to operate a system where our customers would have to come to our shop to make purchase or whatever they want but we will also operate an online store and our customers can order goods online and they will get it delivered to their houses or any location they want us to deliver the goods to within Ohio.

People’s Choice Retail Shop is a family business that is owned by Bob Wesley and Family. Although the business is launching out with just one outlet in Columbus, Ohio, but there is a plan to open other outlets all around Ohio.

3. Our Products and Services

People’s Choice Retail Shop is in the retailing industry and we will ensure we go all the way to make available a wide range of goods and products from top manufacturing brands in the United States and other countries of the world.

We will have available in our store a wide range of durable goods and non – durable goods at affordable prices. We retail goods such as groceries, clothes, sports equipment, beauty products, jewelry, children’s toys, baby stuffs, home furnishings and home appliances et al.

4. Our Mission and Vision Statement

  • Our vision is to establish a one stop retail shop in Columbus, Ohio and in other cities in Ohio.
  • Our mission is to establish a retail business that will make available a wide range of goods and products from top manufacturing brands at affordable prices to the residence of Columbus, Ohio and other cities in Ohio.

Our Business Structure

People’s Choice Retail Shop do not intend to start a retail business like the usual mom and pop business around the street corner; our intention of starting a retail business is to build a standard retail outlet in Columbus, Ohio. Although our retail business might not be as big as Wal-Mart or Marcy, but will ensure that we put the right structure in place that will support the kind of growth that we have in mind while setting up the business.

We will ensure that we hire people that are qualified, honest, customer centric and are ready to work to help us build a prosperous business that will benefit all the stake holders (the owners, workforce, and customers).

As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of three years or more. In view of that, we have decided to hire qualified and competent hands to occupy the following positions;

  • Chief Executive Officer (Owner)
  • Store Manager

Merchandize Manager

Sales and Marketing Manager

Information Technologist

  • Accountants / Cashiers

5. Job Roles and Responsibilities

Chief Executive Officer – CEO:

  • Responsible for providing direction for the business
  • Creates, communicates, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
  • Responsible for fixing prices and signing business deals
  • Responsible for recruitment
  • Responsible for payment of salaries
  • Responsible for signing checks and documents on behalf of the company
  • Evaluates the success of the organization

Store Manager:

  • Responsible for managing the daily activities in the restaurant
  • Ensures that the store facility is in tip top shape and conducive enough to welcome customers
  • Interfaces with third – party providers (vendors)
  • Controls the sales floor inventory
  • Ensures that goods and products are properly arranged
  • Supervises the entire sales staff and workforce
  • Any other duty as assigned by the CEO
  • Manages vendor relations, market visits, and the ongoing education and development of the organizations’ buying teams
  • Helps to ensure consistent quality of goods and products on our rack
  • Responsible for the purchase of goods and products for the organizations
  • Responsible for planning sales, monitoring inventory, selecting the merchandise, and writing and pricing orders to vendors
  • Ensures that the organization operates within stipulated budget.
  • Manages external research and coordinate all the internal sources of information to retain the organizations’ best customers and attract new ones
  • Models demographic information and analyze the volumes of transactional data generated by customer purchases
  • Manages the organization website
  • Handles ecommerce aspect of the business
  • Responsible for installing and maintenance of computer software and hardware for the organization
  • Manage logistics and supply chain software, Web servers, e-commerce software and POS (point of sale) systems
  • Manages the organization’s CCTV
  • Handles any other technological and IT related duties.

Accountant / Cashier:

  • Receives payments on behalf of the organization
  • Issues receipt to customers
  • Prepares financial report at the end of every working week
  • Handles all financial transaction on behalf of the company
  • Interfaces with our bankers
  • Responsible for payment of tax, levies and utility bills
  • Any other duty as assigned by the CEO / store manager
  • Responsible for cleaning the store facility at all times
  • Ensures that toiletries and supplies don’t run out of stock
  • Cleans both the interior and exterior of the store facility
  • Any other duty as assigned by the restaurant manager,

6. SWOT Analysis

Our intention of starting just one outlet of our retail store in Columbus, Ohio is to test run the business for a period of 2 to 5 years to know if we will invest more money, expand the business and then open other outlets all over Ohio. We are quite aware that there are several retail stores all over Columbus and even in the same location where we intend locating ours, which is why we are following the due process of establishing a business.

We know that if a proper SWOT analysis is conducted for our business, we will be able to position our business to maximize our strength, leverage on the opportunities that will be available to us, mitigate our risks and be welled equipped to confront our threats.

People’s Choice Retail Store employed the services of an expert HR and Business Analyst with bias in retailing to help us conduct a thorough SWOT analysis and to help us create a Business model that will help us achieve our business goals and objectives. This is the summary of the SWOT analysis that was conducted for People’s Choice Retail Store;

Our location, the business model we will be operating on (physical store and online store), varieties of payment options, wide range of products and our excellent customer service culture will definitely count as a strong strength for People’s Choice Retail Store.

A major weakness that may count against us is the fact that we are a new retail outlet and we don’t have the financial capacity to compete with multi – billion dollars retail outlets like Wal-Mart and co when it comes to retailing at a rock bottom prices for all their goods.

  • Opportunities:

The fact that we are going to be operating our retail store in one of the busiest streets in Columbus, Ohio, provides us with unlimited opportunities to sell our goods to a large number of people. We have been able to conduct thorough feasibility studies and market survey and we know what our potential clients will be looking for when they visit our retail outlets; we are well positioned to take on the opportunities that will come our way.

Just like any other business, one of the major threats that we are likely going to face is economic downturn. It is a fact that economic downturn affects purchasing power. Another threat that may likely confront us is the arrival of a new retail outlet in same location where ours is located.


  • Market Trends

Retailing business has been in existence for as long as humans started trading goods, but one thing is certain, the retailing industry is still evolving. The introduction of technology and subsequently online retail store has indeed helped in reshaping the industry.

It is now a common phenomenon for retail outlets to leverage on technology to effectively predict consumer demand patterns and to strategically position their shop to meet their needs; in essence, the use of technology help retailers to maximize supply chain efficiencies. No doubt data collected from customers goes a long way to help retail shops serve them better.

Another common trend in the retailing industry is the pricing system. Aside from having varieties of products in a store, one of the easiest ways for retail stores to sell the goods on their racks as fast as they can and keep re – stocking is to ensure that the prices of their goods are a bit lower than what is obtainable elsewhere. For example; it is common to see items with prices in this format; $3.99, $99 and $199 et al as against $4, $100 and $200.

Retailers also engage in massive clearance sales and discount sales to attract customers. It is a strategy that helps them welcome new customers and also reinforce the loyalty of old customers.

8. Our Target Market

Perhaps the retailing industry has the widest range of customers; everybody on planet earth has one or more things that they would need in a retail shop. It is difficult to find people around who don’t patronize retail shops.

In view of that, we have positioned our retail store to service the residence of Columbus, Ohio and every other location our retail stores will be located all over Ohio. We have conducted our market research and we have ideas of what our target market would be expecting from us. We are in business to retail a wide range of products to the following groups of people;

  • Corporate Executives
  • Business People
  • About to wed couples
  • Expectant Mothers
  • Sports Men and Women

Our Competitive Advantage

People’s Choice Retail Store is launching a standard retail shop that will indeed become the preferred choice of residence of Columbus, Ohio. Our retail store is located in a corner piece property on a busy road directly opposite one of the largest residential estates in Columbus, Ohio. We have enough parking space that can accommodate well over 100 cars per time.

One thing is certain; we will ensure that we have a wide range of products available in our store at all times. It will be difficult for customers to visit our store and not see the product that they are looking for. One of our business goal is to make People’s Choice Retail Store a one stop shop. Our excellent customer service culture, online store, various payment options and highly secured facility will serve as a competitive advantage for us.


  • Sources of Income

People’s Choice Retail Shop is in business to retail a wide range of products to the residence of Columbus, Ohio. In essence, our source of income will be the retailing of a wide range of durable goods and non – durable goods at affordable prices. We will retail goods such as groceries, clothes, sports equipment, beauty products, jewelry, children’s toys, baby stuff, home furnishings and home appliances et al.

10. Sales Forecast

It is important to state that our sales forecast is based on the data gathered during our feasibility studies, market survey and also some of the assumptions readily available on the field. One thing is common with retailing business, the larger a retail store the larger the numbers of customers that will patronize them.

Although we may not be as large as Wal-Mart, but we will ensure that within our capacity we make available a wide range of goods from different manufacturing brands in our retail outlet. Below are the sales projections that we were able to come up with for the first three years of operations;

  • First Year-: $200,000
  • Second Year-: $450,000
  • Third Year-: $700,000

N.B : This projection is done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown and natural disasters within the period stated above. Please note that the above projection might be lower and at the same time it might be higher.

  • Marketing Strategy and Sales Strategy

Before choosing a location for People’s Choice Retail Store, we conducted a thorough market survey and feasibility studies in order for us to be able to be able to penetrate the available market and become the preferred choice for residence of Columbus, Ohio. We have a detailed information and data that we were able to utilize to structure our business to attract the numbers of customers we want to attract per time.

We hired experts who have good understanding of the retail industry to help us develop marketing strategies that will help us achieve our business goal of winning a larger percentage of the available market in Columbus, Ohio. In order to continue to be in business and grow, we must continue to sell the products that are available in our store which is why we will go all out to empower or sales and marketing team to deliver.

In summary, People’s Choice Retail Store will adopt the following sales and marketing approach to win customers over;

  • Introduce our business by sending introductory letters to residence, business owners and organizations
  • Promptness in bidding for contracts
  • Advertise our business in community based newspapers, local TV and radio stations
  • List our business on yellow pages ads
  • Leverage on the internet to promote our business
  • Direct marketing
  • Word of mouth marketing (referrals)

11. Publicity and Advertising Strategy

Despite the fact that our retail store is well located, we will still go ahead to intensify publicity for the business. We are going to explore all available means to promote our retail store. People’s Choice Retail Store has a long term plan of opening outlets in various locations all around Ohio which is why we will deliberately build our brand to be well accepted in Columbus before venturing out.

As a matter of fact, our publicity and advertising strategy is not solely for winning customers over but to effectively communicate our brand. Here are the platforms we intend leveraging on to promote and advertise People’s Choice Retail Store;

  • Place adverts on both print (community based newspapers and magazines) and electronic media platforms
  • Sponsor relevant community programs
  • Leverage on the internet and social media platforms like; Instagram, Facebook , twitter, et al to promote our brand
  • Install our Bill Boards on strategic locations all around Columbus, Ohio
  • Engage in road show from time to time
  • Distribute our fliers and handbills in target areas
  • Position our Flexi Banners at strategic positions in the location where our retail store is located.

12. Our Pricing Strategy

Pricing is one of the key factors that give leverage to retail stores, it is normal for consumers to go to places (retail outlets) where they can goods at cheaper price which is why big player in the retail industry like Wal-Mart will attract loads of consumers. Products in their store are tagged with the cheapest price you can get anywhere in the United States.

We know we don’t have the capacity to compete with Wal-Mart or any other big retail store, but we will ensure that the prices of all the products that are available in our store are competitive with what is obtainable amongst retail stores within our level.

  • Payment Options

Our payment policy is all inclusive because we are quite aware that different people prefer different payment options as it suits them. Here are the payment options that will be available in every of our outlets;

  • Payment by cash
  • Payment via Point of Sale (POS) Machine
  • Payment via online bank transfer (online payment portal)
  • Payment via Mobile money

In view of the above, we have chosen banking platforms that will help us achieve our payment plans without any itches.

13. Startup Expenditure (Budget)

This is the key areas where we will spend our start – up capital;

  • The Total Fee for Registering the Business in Ohio – $750.
  • Legal expenses for obtaining licenses and permits as well as the accounting services (software, P.O.S machines and other software) – $1,300.
  • Marketing promotion expenses for the grand opening of People’s Choice Retail Store in the amount of $3,500 and as well as flyer printing (2,000 flyers at $0.04 per copy) for the total amount of $3,580.
  • Cost for hiring Consultant – $2,500 .
  • Insurance (general liability, workers’ compensation and property casualty) coverage at a total premium – $2,400.
  • Cost for payment of rent for 12 month at $1.76 per square feet in the total amount of $105,600.
  • Cost for Shop remodeling (construction of racks and shelves) – $20,000.
  • Other start-up expenses including stationery ($500) and phone and utility deposits ($2,500).
  • Operational cost for the first 3 months (salaries of employees, payments of bills et al) – $60,000
  • The cost for Start-up inventory (stocking with a wide range of products) – $100,000
  • Storage hardware (bins, rack, shelves, food case) – $3,720
  • Cost for serving area equipment (plates, glasses, flatware) – $3,000
  • Cost for store equipment (cash register, security, ventilation, signage) – $13,750
  • Cost of purchase and installation of CCTVs: $10,000
  • The cost for the purchase of furniture and gadgets (Computers, Printers, Telephone, TVs, Sound System, tables and chairs et al): $4,000 .
  • The cost of Launching a Website: $600
  • The cost for our opening party: $7,000
  • Miscellaneous: $10,000

We would need an estimate of $500,000 to successfully set up our retail store in Columbus, Ohio. Please note that this amount includes the salaries of all the staff for the first month of operation.

Generating Funding / Startup Capital for People’s Choice Retail Store

People’s Choice Retail Store is a private business that is solely owned and financed by Bob Wesley and family. They do not intend to welcome any external business partner which is why he has decided to restrict the sourcing of the start – up capital to 3 major sources. These are the areas we intend generating our start – up capital;

  • Generate part of the start – up capital from personal savings
  • Source for soft loans from family members and friends
  • Apply for loan from my Bank

N.B: We have been able to generate about $200,000 ( Personal savings $150,000 and soft loan from family members $50,000 ) and we are at the final stages of obtaining a loan facility of $300,000 from our bank. All the papers and document have been signed and submitted, the loan has been approved and any moment from now our account will be credited with the amount.

14. Sustainability and Expansion Strategy

The future of a business lies in the numbers of loyal customers that they have the capacity and competence of the employees, their investment strategy and the business structure. If any of these factors is missing from a business (company), then it won’t be too long before the business close shop.

People’s Choice Retail Store will ensure that all the factors listed above are reinforced on a regular basis and also we will engage in continuous capacity building of our workforce. As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of three years or more.

We will make sure that the right foundation, structures and processes are put in place to ensure that staff welfare is well taken of. Our company’s corporate culture is designed to drive our business to greater heights and training and re – training of our workforce is at the top burner.

Check List / Milestone

  • Business Name Availability Check:>Completed
  • Business Registration: Completed
  • Opening of Corporate Bank Accounts: Completed
  • Securing Point of Sales (POS) Machines: Completed
  • Opening Mobile Money Accounts: Completed
  • Opening Online Payment Platforms: Completed
  • Application and Obtaining Tax Payer’s ID: In Progress
  • Application for business license and permit: Completed
  • Purchase of Insurance for the Business: Completed
  • Leasing of facility and remodeling the shop: In Progress
  • Conducting Feasibility Studies: Completed
  • Generating capital from family members: Completed
  • Applications for Loan from the bank: In Progress
  • writing of business plan: Completed
  • Drafting of Employee’s Handbook: Completed
  • Drafting of Contract Documents and other relevant Legal Documents: In Progress
  • Design of The Company’s Logo: Completed
  • Graphic Designs and Printing of Packaging Marketing / Promotional Materials: In Progress
  • Recruitment of employees: In Progress
  • Purchase of the Needed furniture, racks, shelves, computers, electronic appliances, office appliances and CCTV: In progress
  • Creating Official Website for the Company: In Progress
  • Creating Awareness for the business both online and around the community: In Progress
  • Health and Safety and Fire Safety Arrangement (License): Secured
  • Opening party / launching party planning: In Progress
  • Compilation of our list of products that will be available in our store: Completed
  • Establishing business relationship with vendors – suppliers of all our needed raw materials: In Progress

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Retail Store Business Plan


Retail store is a competitive business as competition is intense in this segment. Moreover, many big giants are investing more in e-commerce and digital marketing, making this business even tougher day by day.

Having a physical retail store that offers a shopping experience along with products is a dream for many. It is not only because of the size of a business but the potential and opportunities such a business offers.

And if you are an individual who likes to interact with people, constantly improve your way of doing business, and form communities that work towards something, then you might have thought of having your retail store business.

Now, a retail store has great potential for success, but it is also a very competitive business. You’ll need a retail store business plan to help you stand apart from your competition and have a thriving business.

Industry Overview

Research suggests total retail sales in the United States were projected to amount to 6.03 trillion U.S. dollars in 2022, up from around 5.4 trillion U.S. dollars in 2018, according to the National Retail Federation .

Retail businesses come in many forms such as grocery stores, restaurants, and bookstores. There are around 4 million retail businesses in the United States alone.

The domestic retail market in the United States is very competitive, with many companies recording strong retail sales. Walmart, a retail chain giving low prices and a wide selection of products, is the front-runner in the United States. Amazon, The Kroger Co., Costco, and Target are a selection of other notable U.S. retailers.

Now, to have any genuine hope of getting noticed in such a jammed industry, you need a solid business plan to get success.

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Things to Consider Before Writing Your Retail Store Business Plan

Build a brand image.

A brand image goes a long way for any business, especially for a retail store. It is crucial to pay attention to what people think about your store, what emotions they associate your brand with, and how they perceive your products in general. Above all, what qualities make you different from your competitors?

Pick the right location

A retail store’s location can make or break the deal. Hence, it is very important to pick a location that is both convenient and accessible for your customers. As people are always running short of time, they prefer a store that is on the way and takes less time to get to. It can also act as your USP over the bigger retail stores.

Plan a good store design

A good store design that follows the major principles of consumer psychology is essential for a retail store. The strategic placement of products influences a customer’s buying decisions. Hence, you need to pay attention to it and design your store in a way that maximizes your sales.

Build communities that promote your brand

Building communities that stand by and promote the idea of your brand can be extremely beneficial for your retail store. Hence, ensure that you work towards building one. These communities can be driven by anything from a common belief to a certain cause that your brand stands for.

How Business Plan Can Help?

Regardless if you’ve been operating for a long time already, by writing up a business plan for your retail store, you can get an overview of what you want to achieve with your business, and guidelines for how you’ll achieve your goals.

A retail business plan is a solid foundation for the success of your business, whether you seek funding or not. It helps you see clearly what your business looks like and how it’s positioned in your target market.

If you need to get funding, your retail business plan will work as proof that you and your business are good for investment. Studies suggest you can double your chances of securing a loan with a business plan and grow your business.

How to Write a Retail Store Business Plan?

Writing a retail store business plan requires a good amount of research, a thoroughly competitive and customer analysis, and a little bit of extra help.

You can get help for writing your plan either through a premade template on the internet or through an online business plan software which will help you write a customizable plan anywhere and at any time.

Before you start writing your business plan for your new Retail store business, spend as much time as you can reading through some examples of retail & e-commerce-related business plans .

We have created this sample business plan for you to get a good idea about how a perfect retail store business plan should look like and what details you will need to include in your stunning business plan.

Retail Store Business Plan Outline

This is the standard business plan outline which will cover all important sections that you should include in your business plan.

  • Company Profile Summary
  • Market Research Summary
  • Marketing Summary
  • Finance Summary
  • Business Overview
  • Company History
  • Legal Structure Vision & Mission
  • Industry Profile & Market Size
  • Local Market
  • Target Market
  • Competitor Analysis
  • Keys to Success
  • Customer Survey Summary
  • SWOT Analysis
  • Products and Services
  • Pricing Strategy
  • Marketing Strategy
  • Primary Marketing Activities
  • Positioning Statement
  • The Sales Process
  • Strategic Alliances
  • Location(s)
  • Legal Issues
  • Insurance Issues
  • Human Resources (Or Team)
  • Process/Production
  • Risk Assessment
  • Startup Funding & Capital
  • Start-Up Costs
  • Sales Forecast
  • Projected Profit & Loss

What to include in a Retail Store Business Plan?

A retail store business plan consists of several different aspects. The major ones are as follows:

1. Executive Summary

The executive summary gives an overview of what your business stands for the reader. It should be written in such a way that even an outsider could get an idea of what your business is all about.

This section mainly comprises your business summary, your vision and mission statement, and your financial summary.

2. Company Profile

The company summary or company profile section of your business plan would consist of everything about your company, ranging from its location to information about your team.

While the executive summary section consists of information about the functional aspects of your business, a company summary consists of information about the structural aspects of your business.

While writing a company summary, it is a good practice to take suggestions from your team, as this section represents you as a team of individuals more than representing you as a brick-and-mortar company.

3. Market Research

Conducting market research helps you understand what you are getting yourself into. It helps you understand your target market, your competitors, and the working of the industry in general.

You can conduct thorough market research by using tools like PESTEL analysis or SWOT analysis . These tools help you conduct research specific to your business and prevent you from wasting your time on vague data.

4. Marketing Plan

As a retail store, it is your primary job to let your customers know about your existence. And to retain them once they start coming to your store.

A good marketing plan would help you do just that.

Based on the information you have gathered about your target audience through market research you can design your marketing campaign and promotional offers that’ll appeal to your customer base.

5. Operations

As a retail store, a proper operations plan can prevent your business from turning into a chaotic mess. An operations plan consists of your business’s logistic and functional information. It helps an outsider see what a typical day at your business looks like.

It also consists of your long-term and short-term goals. As well as the milestones you’ll have to reach for achieving them.

As a retail store business, your operations plan would consist of your supply renewal cycles, your backup distributors, a plan for the working of your store, your daily sales targets, and your long-term expansion goals, etc.

6. Financial Plan

A financial plan ensures that your business sails smoothly through tough times and also generates maximum profits.

It would consist of your funding requirements, cash flow projections, and profit forecasts.

As a retail store, your financial plan would consist of the funding requirements for setting up your store, buying supplies, and hiring people. It would also consist of your projected profits and break-even analysis.

Download a sample retail store business plan

Need help writing your business plan from scratch? Here you go;  download our free retail store business plan pdf  to start.

It’s a modern business plan template specifically designed for your retail store business. Use the example business plan as a guide for writing your own.

The Quickest Way to turn a Business Idea into a Business Plan

Fill-in-the-blanks and automatic financials make it easy.


Retail Store Business Plan Summary

In conclusion, a retail store business plan helps you organize and manage your store better. It takes care of everything that goes behind the scenes of running a retail store, so you can greet your customers with a smile.

From angry customers to poorly stocked supplies, a business plan can save you from all of it.

After getting started with Upmetrics , you can copy this retail store business plan template into your business plan and modify the required information and download your retail store business plan pdf or doc file.

It’s the fastest and easiest way to start writing your business plan.

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Comprehensive Guide to Retail Store Operations: Today and in the Future

By Kate Eby | August 29, 2017 (updated July 19, 2021)

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The field of retail store operations concerns all of the activities that keep a store functioning well each day. In the best-run stores, everything is carefully considered, planned, and executed. Operations includes many aspects, such as store design, display placement, customer service, money and credit handling, shoplifting prevention, premises maintenance, staff management, inventory optimization, and dealing with the entire supply chain that leads to having products in the store.

Retail hasn’t been easy in recent years. The rise of e-commerce, such as the behemoth Amazon, has disrupted many retail store operations, and it’s vital that today’s retail operations professionals adapt to handle that challenge. Many retail professionals say the key to success - in stores or online - lies in superior customer service, both today and in the future.

“There is a lot of synergy between your physical store and your online operation,’’ says Jason Parks, Co-Founder of DermWarehouse , a beauty and skin care e-commerce site. “If you just have a physical store and not an online presence, you can distinguish yourself by having amazing customer service. Actual human interaction can never be replaced and that is the advantage that a store owner has.”

In this article, we’ll provide an overview of the functions and responsibilities of today’s retail store operations and retail management. We also interview seven experts who give their tips, including on how to break down the walls between physical stores and online operations.

What Is Meant by Retail Store Operations?

Typically, when people use the term retail store operations, they’re referring to most of the functions and jobs in stores. How the term translates for individual operations depends on the type of store and the specific company’s organizational chart.

So, retail operations can encompass everything about how a store operates each day. If we think about it linearly, we can see examples of responsibilities. Start with choosing the store’s location and designing the store. Then think about how the store plans, orders, and adjusts its product inventory: How it prices items and displays them in the store, under what lighting, in what arrangement, and with what signs. How it treats its customers throughout the store experience, from entry to exit. How it handles cash and credit. How it handles returns and refunds. How it handles price markdowns and sales. How it manages its staff and maintains its premises. How it handles data about customers, products, sales, and revenue. All of this can fall under the field of retail operations.

In larger retail businesses, some of the functions may fall outside of what they call their operations department. For example, they may have departments for finance and/or accounting, marketing, human resources, and IT. Sometimes those departments exist at the corporate level but less so at individual stores, where more jobs may fall under operations. At smaller stores, nearly every position may fall under operations. It all depends on the definitions of the individual business. For the purposes of this article, we’ll take the widest view of retail operations as a field.

Retail can fall under goods or services. Some stores are both. A retail clothing store is mostly goods. A dry-cleaner offers a service. A tire store sells both a product (tires) and service (installation).

Traditionally, the term store meant a brick-and-mortar store, but increasingly people blur the distinction, even referring to online stores. The term retail clearly applies to both physical stores and online operations. Each year, more and more sales are made online as consumer habits continue to change, and as the nature of competition changes.

The next six sections provide a more detailed overview of responsibilities that may fall under the field of retail store operations:

Customer Service

  • Cash, Fraud, and Internal Controls
  • Product Inventory
  • Administration
  • Store Management

Store Design Responsibilities

Design and aesthetics are a major part of the shopping experience. Design is both art and science, often using data to help make choices, such as product display and placement. Here are aspects of design that fall under retail operations.

  • Store location: As the adage goes, location, location, location. Visibility and customer traffic patterns play a key role in a store’s success. People will travel off the beaten path for something special, but it’s generally harder to build that business.
  • Store design and layout: The store’s exterior and interior design sets the tone for the shopping experience. Design can signal a clean, well-organized but relatively spartan discount store (think Target), a well-stocked, industrial looking warehouse (Home Depot or Lowe’s) or an upscale, well-appointed department store (Nordstrom’s) or clothing boutique (Anthropologie). Another consideration is the display layout. Racks, shelves, or displays can be arranged straight, at angles, or in a geometric pattern to create visual interest in addition to organization. Similarly, traffic patterns for customers can be gridded, almost like streets, looping or curving, or more free flowing. Changes in these patterns can affect what customers see and what they purchase.
  • Creating departments within a store: This is important for item findability in a store, as well as for delivering tailored customer service. By creating speciality areas, such as jewelry, shoes, sporting goods, and housewares, retail professionals create “stores within stores” and have specialty employees who are better able to serve customers.
  • Visual merchandising and display: Create attractive displays of products to set a tone and an expectation. Sometimes, you aren’t just selling a product - you’re selling an experience. A pleasing display of merchandise sends a message to the would-be buyer, and so does a sloppy, unkempt table. Even the height at which items are placed can make a big difference. Some professionals use a retail planogram, a type of diagram, to detail the placement of items in a store.
  • Store atmosphere: Lighting, music, and consistent overall store maintenance create a pleasant atmosphere that makes customers want to shop there. Unpleasant factors like clutter, odors, inadequate air conditioning, or unserviced restrooms can turn off customers. At the best stores, employees strive to create a pleasant atmosphere that helps to define the brand.
  • Signage: Posting signs, both outside and inside, help to direct customers and make them aware of products, services, and offers. Without good signage, a store can be difficult to navigate, and customers might not see what store managers want them to see.
  • Store space management: Avoid clutter and disorganization by managing space well in the store. Make items easily accessible and use out-of-the-way space for storage.

Customer Service Functions

Much of a store’s success depends on customer service - how it treats its customers. Customers may not always be right, but they’re always the customer, representing a potential sale and potential review. With excellent customer service, stores can increase their competitiveness, and even make up for shortfalls in other areas, such as convenience or pricing. Positive, personalized customer service can help the little guys compete against the big guys, and it can help brick-and-mortar stores compete against online operations. However, online operations have been increasingly good at providing remote customer service, with services such as convenient returns. The best-run stores comprehensively train their employees on how to treat customers and provide superior service to keep them coming back.

The following questions address elements of customer service:

  • How are customers greeted when they enter the store?
  • Is there a familiarity with repeat customers?
  • Is personal service offered? At what point?
  • If the store doesn’t have what the customer wants, how does the store handle that? Is it willing to say who else might have the item?
  • Does the store offer helpful guidance - after really listening to the customer?
  • Is loyalty rewarded, such as through loyalty programs?
  • If the customer has a problem or concern, how does the store handle it?

Returns and refunds are another vital area of customer service. A store buys faith and loyalty with customers when it handles returns easily and without hassle. Customers want to know that if they make a mistake with a purchase, the store won’t penalize them. Stores should also carefully track returns to understand patterns and resolve problems. Technology makes this process easier.

Cash, Fraud, and Internal Control Functions

Stores need to carefully define, implement, and monitor these areas of their operations, as they directly impact the bottom line.

  • Handling cash and credit: Good cash and credit handling requires both good people and a good system to track everything, quickly discover discrepancies, and keep the store’s finances and inventory on accurate, solid footing. Today’s technology often comes in the form of a point of sale (POS) system that can handle not only daily sales, but also customer management and inventory. This can make it much easier to track and reconcile each day’s sales with the cash and credit showing in the system. Still, some stores may compare POS statistics with manual counting or cross-checking. They also might do surprise counts of cash or inventory during the day, especially if problems have been occurring. It all depends on the size and complexity of the retail operation. In any case, it’s critical that a store maintain accurate figures with cash, credit, and inventory.
  • Shoplifting and fraud prevention: Stores devote significant resources (both people and technology) to deter shoplifting and fraud. Some keep it behind the scenes so as not to interrupt the customer experience. Others may be more upfront, as in the case of having a guard at a jewelry store entrance. Security cameras, monitoring, and product scanners are also common. Losses from shoplifting and fraud can be significant, including by organized rings and scams, so stores need to be vigilant and find problems quickly if they do occur.
  • Internal controls: Stores develop and maintain internal controls, or standard operating procedures, to prevent problems with cash handling, credit, shoplifting, and fraud. These controls help to prevent money or inventory theft. They include cross-checks such as deposit slips for cash and a well-defined set of authorized functions, so that only a certain level of employees have access to certain items or parts of the store. It’s also vital to have different levels of employees sign off on others’ work, so no one employee can operate in secret. Without these controls, a store could be at the mercy of theft or fraud by employees, customers, or suppliers.
  • Safety and security: Stores try to ensure that their employees and customers are safe. They may use security guards and security camera monitoring. Police calls to stores can be common, depending on the store’s practices. With liability issues, some stores are quicker nowadays to turn matters over to the police.

Product Inventory Responsibilities

For a store to succeed, it needs to have the products to satisfy its customers. This is the fourth area of retail operations: inventory management . Stores do their best to balance supply and demand for products in a constant cycle of selling and restocking. If a product doesn’t move well, it is replaced with something that does. If a product does sell well, the store increase its inventory. It may sound simple, but the quirks of supply and demand can make inventory management difficult. Problems in the supply chain can make it hard to get hold of desired products. A sudden shift in demand, such as a new product making an older one less attractive, can catch a store by surprise.

These functions fall under inventory management:

  • Ordering merchandise: Buyers place orders for products, trying to anticipate the demands of customers. They’re trying to get the right products in the right quantities at the right time. To be efficient and cost-conscious, they don’t want to order too much. In an automated system, the inventory needs are forecasted, so stock replenishment is automated. Another factor to consider is the merchandise mix. Stores want to ensure that the customer has a variety of products, sizes, colors, and other features to choose from, at appropriate price points.
  • Receiving stock: Stores receive shipments from suppliers and distributors. They carefully track and record it all, and make sure it’s handled properly and is in good condition.
  • Using an inventory system: The three main types are perpetual inventory, physical inventory, and combined. With perpetual inventory, the counts are updated upon each sale. This is what happens with today’s computerized POS systems. With physical inventory accounting, the business physically counts its inventory. With a combined system, both methods are used, where the physical count provides a cross-check of the computerized system.
  • Pricing: Stores set the prices and mark the products either physically on the product or in the computer via the product’s barcode, or both ways. Price reductions are based on supply and demand, season, promotions, and other factors.
  • Merchandise handling: This includes stocking shelves and displays, moving items for customers, and shipping items to customers.

Managing the supply chain: Operations people manage relationships with suppliers, distributors and other vendors, and keep products coming to the store for retail sale to customers. Problems can arise in the supply chain, which can result in bottlenecks, backorders, or quality issues, and store operations people handle them.

Retail Administration Responsibilities

These functions fall under administration, the fifth major area of operations.

  • Managing the premises: Maintain the store in good working order. Make sure customers aren’t turned off by inadequate facilities or poor maintenance. Like a home, a store requires consistent care and attention. Customers may judge you based on a littered parking lot, insufficient air conditioning, or dirty restrooms.
  • Training of employees: Employee training is essential, especially given the frequent turnover in retail jobs. Employees must be trained in customer service and store procedures, such as cash handling and internal controls.
  • Managing of promotions and events: Stores rely on promotions and sales to drive additional business.
  • Data management and use of technology: This includes streamlining store operations with POS systems, barcoding, and use of a customer relationship management (CRM) platform . With smart use of customer data, stores can guide targeted customers toward sales and offers, build their loyalty, and improve customer service to them - while increasing the store’s bottom line. Stores can also use data to root out bottlenecks and discrepancies, thereby increasing efficiency and timeliness.

What Is Store Operations Management?

The final area of operations responsibility is store operations management. The store manager is responsible for keeping daily operations functioning smoothly and managing employees. It’s a challenging role in a challenging environment. The store manager reports to regional or corporate managers, or an owner, and may have to follow broad strategies or directives from them. But within the environment of the store, the store manager is the boss and is often responsible for all aspects of its performance, including its finances. Other areas of responsibility may include:

  • Hiring, firing, training, and managing of employees
  • Forecasting sales and budgeting
  • Oversight of inventory and loss prevention
  • Oversight of all internal controls, such as for cash handling
  • All aspects of customer service
  • Internal and external communication
  • Legal compliance

Perspectives of Store Owners, Store Managers, and Staff

Store owners are typically focused on long-term strategy and business success. They may hope that everyone cares as much about the business as they do, but they may realize no one will care more than they do. So they may work long hours to make it a success, as many driven, ambitious owners do.

Store managers also focus on success, but perhaps from a more tactical view of daily operations. They’re trying to meet their goals by hiring and training a team to handle each aspect of store operations. They’re managing the store, while also reporting to the owner or higher-level managers for strategic plans. Still, depending on the business, a store manager may create or contribute to overall strategy. In some cases, such as a smaller business, an owner may depend heavily on his manager to run the business, including setting strategy.

For store employees, such as sales associates, the focus is typically the daily customers they attend to. The best employees demonstrate a sense of drive and responsibility.

Standard Operating Procedures and Checklists for Store Operations

To run smoothly and efficiently, stores should define their daily, weekly, and monthly processes in written standard operating procedures. These procedures can be paired with checklists to ensure they are being carried out properly, by the correct people at the correct time. Virtually every operations function detailed in this article should have a written procedure compiled into an operations manual to ensure uniformity and consistency. Here are examples:

General Store Opening and Closing

  • Employees assigned to open should arrive early to prepare the store for its opening to the public.
  • The store should be opened to the public on time, indicated with signs or lights as appropriate.
  • Employees should begin preparing at a designated time for the store to close. This typically includes cleaning and other preparation for opening the next day.
  • The store alerts customers at a specified time, such as thirty minutes before and again ten minutes before, that the store will be closing. Staff may pull gates, change the lighting or perform other steps to alert customers.
  • All cash is counted, reconciled, checked by a manager, and locked. All keys go to the person in charge of that. The procedure should define in detail how important matters like this are carried out.
  • Opening and closing work is subject to inspection by someone responsible for that, as appropriate.

​Download General Store Opening and Closing Checklist

Store Staffing

  • Employees should be interviewed, hired, onboarded, and trained in a prescribed manner.
  • Job descriptions should be clear and regularly updated to reflect responsibilities.
  • Employee reviews should be done consistently, with regular feedback and follow-up.
  • Employee work hours should be accounted for through a system, especially with variable part-time work or overtime.
  • Compensation should be spelled out, as well as determine when and how payment is made in the case of bonuses, such as sales incentives.

​Download Store Staffing Checklist

Cash Management

  • Front-end cash procedures ensure proper handling at the POS. This includes how and when to take cash to the back office, and how to reconcile cash and credit against sales.
  • Back-office cash procedures are usually a bigger-picture accounting function, making sure the store is on track and carrying out its internal controls to prevent loss and pilferage. They catch cashier mistakes or possible fraud.
  • Cash refunds to customers should be consistent with store policy. Sometimes a store may choose to only give a credit on a credit card, or store credit. This is all important to decide as part of cash handling and customer service.

​Download Cash Management Checklist

Merchandise Handling

  • Product shipments should be received in a set procedure to ensure everything arrives in good condition and in the proper quantity.
  • Route products in an efficient manner to the proper location in the store, either to the shelves, storage, or holding area.
  • Enter products in the inventory system for tracking.
  • Return damaged goods according to standard operating procedures.

Download Merchandise Handling Checklist

  • Help customers in a way that befits the brand (this can be spelled out in written procedures).
  • Accept and route customer complaints to the proper person for response and resolution.
  • Do home delivery of large items on a certain schedule.
  • Special orders may be possible to get items not regularly stocked.

Download Customer Service Checklist

Daily Store Checklists

Running a store efficiently and smoothly requires a disciplined approach. These checklists show the range of things customers might judge in a store and what staff can do to make sure daily operations run smoothly.

Store Cleaning Checklist

  • Clear the parking lot of debris and sweep the sidewalk each morning. Don’t leave empty boxes of trash outside as a customer’s first impression.
  • Clean your windows and glass doors of smudges. Make sure your window display looks good each morning.
  • When you turn on the lights, replace any burned-out ones promptly.
  • Clean, sweep, or vacuum your store floors at closing time.
  • Empty all trash receptacles as needed, plus at closing.
  • Clean your restrooms as often as needed to keep them tip-top. Nothing will turn off customers faster than dirty restrooms.
  • Throughout the day, straighten up the merchandise displays. Don’t leave unfolded clothes or disorganized shelves.
  • Promptly clean up any spills or breakage.
  • Keep all checkout areas spotless and uncluttered.
  • Don’t leave empty boxes in the aisles any longer than necessary when restocking.
  • Promptly attend to any unpleasant odors.
  • Periodically do a bigger cleaning, such as a spring cleaning.

Download Store Cleaning Checklist

Daily Store Opening Checklist

  • Arrive early to prepare the store for opening to the public.
  • Disable any alarm system and turn on lights.
  • Prepare the registers or POS system for the day. Check cash levels.
  • Walk the store and do any necessary straightening, cleaning, or decluttering.
  • Take note of any items not completed properly at the previous night’s closing.
  • Adjust the air conditioning or heat for customer comfort.
  • Sweep the sidewalk and shake out any mats. If you have a parking lot, toss out any debris from the previous night.
  • At opening, unlock the front door or gates and turn on any signs that alert the public that you’re open.

Download Daily Store Opening Checklist

Daily Store Closing Checklist

  • Start closing procedures at a certain time, or when the person in charge says it’s OK. Don’t rush customers out long before the advertised closing time.
  • Announce to customers that you’re closing soon. You also might lock the doors to new customers at a particular time.
  • When the last customers leave, signal that you’re closed with appropriate signage.
  • Walk the store and do any necessary straightening, cleaning, or decluttering. The opening people depend on this being done properly.
  • Restock shelves at this time, or as needed, but don’t interrupt customers unnecessarily.
  • Make sure all shelves, racks, and displays are properly filled and arranged. Customers often don’t put things back correctly.
  • Empty all trash receptacles and discard boxes and packing materials left in storage areas.
  • Close out all registers or the POS system. Count the cash and reconcile it and credit payments with sales. Do all necessary cross-checks based on your internal controls.
  • Based on your procedures, you might take some cash to another spot, such as the back office, for later deposit.

Download Daily Store Closing Checklist

Store Operations Tips From the Pros

We asked seven retail operations professionals to give us their top two or three tips for store operations. Here’s what they had to say.

Hyun Lee

Hyun Lee is Growth Manager at  Qminder , a queue management system that improves customer experiences at physical locations. Here are his tips:

1. Get to know your customers.

2. Personalize their experiences (greet them by name, ask about family, open up!).

3. Leverage the personal information into an upsell (when it provides value).

Jason Parks

Jason Parks, Co-Founder of  DermWarehouse , a dermatologist-backed skin care and beauty e-commerce website that sells its products throughout the United States, suggests these tips:

1. Get a POS system that connects with your online inventory. Shopify, for example, has its own POS system which ties your online and storefront inventory and sales together, which is very nice.

2. Capture email addresses from all of your customers at your storefront location. Email marketing has a great ROI. You want to make sure that your first-time customers turn into repeat customers, and capturing the email is a crucial step in accomplishing this. Your POS system should have a place to capture the customer’s email. Just leaving a notebook by the checkout area promoting upcoming discounts can also help to capture emails.

Kate Szirmary

Kate Szirmay (pictured here) and her brother, James Matero, are the fourth generation running their family’s business,  Jaymark Jewelers. Here are her thoughts :

1. The customer isn't always right, but they always come first.

2. If you're not having fun, you're not doing it right.

3. When you have an outstanding employee, have them create their own procedures.

Pamela Danziger

Pamela Danziger is president of  Unity Marketing  and author of the book  Shops that POP! 7 Steps to Extraordinary Retail Success . She advises:

1. Evaluate open hours: Independent retailers depend upon foot traffic for their sales, so they need to study when people are moving past their stores and be open at those times. Too many retailers on Main Street cling to their 9 to 5 or 10 to 6 hours when the most people are actually on Main Street in the evening. Retailers can’t force people to come to the store when they want them too, but must be open when customers want to be there.

2. Uniforms: I am a huge believer in providing sales staff with some kind of uniform or distinctive identifying clothing item that clearly defines them as people there to help. It doesn’t have to be a full-on uniform as such, but a logo shirt, apron, cap, or something that makes it clear that those people belong to the store.

3. Get out of the back room and onto the sales floor: Too many retail owners and managers spend too much time worrying over the books in the stockroom, placing orders and such, but that isn’t where the success of their store resides. It depends on the work they do on the sales floor, not the stockroom. Store owners need to be on the floor, greeting guests and modeling the customer service that they expect from their sales staff. Retailers need to hire people to do the back office work, but get out there on the sales floor where their store’s success will be made.

Laura Cummins

Laura Cummins is Chief Creative Officer of  Nine Dotz Consulting  in New Jersey. She suggests:

1. Keep the retail area pleasing to the eye. Change the look of retail displays (including windows) every four to six weeks.

2. Maximize the CRM system. Track customers' purchases in order to create customized promotions.

3. Offer ongoing training - especially when it comes to product knowledge. It is so important that they [employees] are well versed on all products offered. Customer service training is also a must.

Bob Clary

Bob Clary is Director of Marketing for  DevelopIntelligence , which creates, delivers and manages highly customized learning solutions. Here are his thoughts for expanding online:

1. Be lean. Square footage is at a premium, so you need to focus inventory and shelf space on what can turn quickly, both for online and offline sales.

2. Consider using 3PL (third-party logistics) partners for distribution if you are expanding online. They can help you scale quickly, and you can always bring things back in-house at a later date.

Andy Hill

Andy Hill is CEO of  Startle International , which provides background music and other digital services to retail and hospitality venues to improve their customer experiences and increase spend. 

Retailers need to ensure they are actively engaging the customers to retain interest and provide a memorable experience,” he says. “Offer something that is different to online. Give them a real reason to visit that provides an advantage over e-commerce - and offer both physical and online experiences that can integrate to create convenience and personalization for consumers.”

How to Tear Down the Walls Between Physical Stores and Online Operations

Most sales still take place in physical stores, but e-commerce keeps rising each year. Amazon and other online retailers continue to grow, while many brick-and-mortar retailers have declined steeply in recent years. We asked our experts, How do you tear down the walls between physical stores and online? Here are their tips:

Bob Clary: “By blurring the lines between the two. In-store technology can be expensive and problematic to use, but even simple things like signage and indicators that tie online with brick-and-mortar can bring the two experiences together.”

Hyun Lee: “This is a tough one to answer, but even tougher to act on. Professionals have to take this seriously. They must commit their day-to-day activities to provide a seamless offline and online experience. Product pictures must represent the product realistically. Fit, description, colors, material all have to be realistic. Service should be A-plus both online and offline. No hiccups (website does not load, broken pages, lag vs. not greeting customers, not helpful in store, rude service, etc.).”

Kate Szirmay: “We have been most successful at tearing down the wall by treating our website like another physical store. We offer the same products and services, but with the added convenience of being mobile. For example: When you commission us to make a custom piece of jewelry, you can now follow the same process either online or in-person. You don't miss out if you don't come to the store. We consult via Skype, email you and split screen with you to review your CAD rendering, mail you your 3D printed prototype, and mail or hand-deliver your final product. Where people feel like they are shopping with people, not a faceless conglomerate. It's why we do Facebook Live - it's a driving force toward our crystal ball. Our phrase is when you shop with us online, we will do everything except hand you a cup of coffee.”

Pamela Danziger: “Regarding the walls between online and in-store, I think the main message is that when customers want to buy something, i.e. a buying experience, they are most likely today to go online to make their purchases. Amazon is of course the biggest beneficiary of that trend. But when customers want a shopping experience, they are attracted to specialty independents with a different point of view and a grounding in their local communities. They simply don't go to the malls anymore for either their buying or shopping needs. The retail apocalypse testifies to that.”

Laura Cummins: “Always offer outstanding customer service and create memorable experiences for customers.”

Andy Hill: “Retail operations professionals need to ensure that both physical and online are optimizing their individual strengths, whilst also integrating both into the customer journey to provide a great multichannel experience. For example, the use of technology is becoming increasingly evident and essential to providing excellent in-store experiences, such as with high-end, interactive digital signage (3D animation/AI). This allows customers to engage more with the products and the brand. By linking this to the online platform, retailers can showcase more choice that perhaps isn't available in that particular store, or allow customers to place instant orders if something is out of stock in the store.”

The Rise of Pop-Up Stores and the Effect on Operations

Pop-up stores - also called pop-up retailing, pop-up shops, and flash retailing - are temporary sales spaces often designed to take advantage of a trend. They may be in regular retail spaces, as a store-within-a-store, in mall kiosks, or in vendor stands, shipping containers or even motorized vehicles (taking a cue from the food truck trend). Because of the temporary nature of pop-up stores, operations may be sized down to a manageable level. For example, there’s often less space for inventory or storage, so more regular shipments arrive to keep the pop-up store stocked. You may remove cash from the premises upon closing for security. Advertising and promotion often needs to take place quickly, since there might not be time for a slow build of business.

Sometimes, existing businesses use pop-up stores to extend their brands. For example, Amazon has been rolling out pop-up shops in U.S. malls to give itself a physical presence to pair with its first permanent brick-and-mortar store in Seattle. The same business that caused so many difficulties for brick-and-mortar stores now has one - plus pop-ups.

Businesses have even emerged to help merchants find temporary space. For example, Storefront helps to find pop-up space in New York, Los Angeles, San Francisco, London, Paris, among other cities. With each change in the retail operations landscapes, new opportunities arise. With pop-ups, retailers can move more quickly and take advantage of an opportunity without the full weight of a permanent brick-and-mortar store.

Store of the Future

With the rise of e-commerce and technology, the store of future may come sooner than we think. We asked our experts: Looking into your crystal ball, what will the store of the future look like?

Bob Clary: “Much smaller than today, for one. I think we’re headed toward an in-store experience that will focus on customizing the experience for each shopper, possibly minimizing human help. Think Amazon’s new automated retail grocery store, Amazon Go, for other categories.”

Hyun Lee: “I believe there will be two major groups. Obviously there's Amazon - they're taking over retail. If retail businesses don't adapt, they will surely lose out in the battle. Amazon prepped for both online and offline stores, and they are rolling in the products fast. The other side is stores with great customer experiences. The ones that truly cater to customers' needs. The ones where the customers go in and feel like home - or feel like they can open up to you. These stores will not just have products on a shelf with a cashier. There has to be active, personal service involved when anyone walks in the venue.”

Jason Parks: “The store of the future is going to just have a small dosage of your overall inventory in the actual store. The majority of the products will be listed online but the store will be the place where you can interact with other customers, employees, and learn more about the brand.”

Kate Szirmay: “In a perfect world, the store of the future would have the convenience and tech of online shopping but still have the knowledge and feeling of a personal buying experience. We are already seeing a shift in this direction in both the physical and online landscape. For us in custom jewelry that means video chat and 3D printing. Hopefully the melding of the two retail spaces will continue. With luck, the next big change will be virtual reality shopping where the customer can visit their favorite store, view the products, interact with the staff, make a purchase, but never leave their chair. No matter what the future turns out to be, the customer experience is the key to success when we discuss combining online and physical retail spaces.”

Pamela Danziger: “When people talk about the store of the future, they inevitably think technology, like the recent announcement of the Amazon-powered Needle & Tufts mattress showroom opening in Seattle. But for Main Street retailers, the store of the future is going to look more like the store of the past, not necessarily the real past but the nostalgic past that people long for. They long for the warm, neighborly feeling that Main Street used to represent, where people knew your name, greeted you like a friend, and welcomed you into the store as warmly as they would welcome you into their home. So for Main Street retailers, they need to draw inspiration for the store of the future from the past.”

Laura Cummins: “I think there will be less waste all together. From the displays to packaging to inventory - everything is going to be simplified. A major return to outstanding customer service will be the norm.”

Andy Hill: “Big brands will have large stores mainly for marketing purposes to provide an end-to-end experience, rather than focusing solely on purchases. Other stores will be smaller and deliver equal choice to online. With intelligent digital signage, the brick-and-mortar buying experience will be more enjoyable and interactive, particularly with the use of 3D and AI. These stores will also offer delivery to home or a next-day pickup at the store (and returns), to compete with the likes of Amazon and other e-commerce giants.”

Education Opportunities for Retail Operations

The retail field has become increasingly sophisticated with data and tech advances. Here are types of retail education:

  • High school programs in retail.
  • Certificates in retail, such as a one-year program.
  • Associate’s degree in retail management or similar fields such as merchandising or marketing.
  • Bachelor’s degree or post-graduate degree in retail or related fields, such as operations management, retail management, fashion merchandising, sales management,  marketing, or business administration.
  • In-house training for retail employees. Many larger retailers have programs for management trainees.

To give you an idea of the range of available retail jobs, here’s the National Retail Federation Job Board .

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Business Plan Template for Store Managers

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Running a successful store requires careful planning and strategic thinking. As a store manager, you need a business plan that encompasses everything from financial projections to marketing strategies. That's where ClickUp's Business Plan Template for Store Managers comes in.

With this template, you can:

  • Clearly outline your store's goals and objectives
  • Develop a comprehensive financial plan to track revenue and expenses
  • Create effective marketing strategies to attract and retain customers
  • Implement operational tactics to optimize store performance

By utilizing ClickUp's Business Plan Template, you'll have all the tools you need to drive your store's success. Start planning your way to growth and profitability today!

Business Plan Template for Store Managers Benefits

A business plan template for store managers offers a variety of benefits, including:

  • Strategic clarity: Clearly outline goals, objectives, and strategies for your store, ensuring everyone is on the same page.
  • Financial planning: Develop a comprehensive financial plan that covers budgeting, revenue projections, and expense management.
  • Marketing strategies: Create targeted marketing strategies to attract and retain customers, boosting sales and brand awareness.
  • Operational efficiency: Streamline operations by defining processes, roles, and responsibilities, leading to enhanced productivity.
  • Effective decision-making: Make informed decisions based on data, market analysis, and industry trends.
  • Resource allocation: Allocate resources effectively by identifying key areas of investment and cost optimization.
  • Business success: Increase the likelihood of achieving business goals and driving overall store success.

Main Elements of Store Managers Business Plan Template

ClickUp’s Business Plan Template for Store Managers provides the essential elements to help store managers create a comprehensive and strategic business plan:

  • Custom Statuses: Track the progress of different sections of your business plan with statuses like Complete, In Progress, Needs Revision, and To Do, ensuring each aspect is properly addressed and completed.
  • Custom Fields: Utilize custom fields such as Reference, Approved, and Section to add specific details and attributes to your business plan, making it tailored to your store's unique needs.
  • Custom Views: Access different views like Topics, Status, Timeline, Business Plan, and Getting Started Guide to organize and visualize your business plan from various angles, ensuring clarity and easy navigation.
  • Collaboration: Collaborate with team members, assign tasks, set due dates, and discuss ideas directly within the template, fostering teamwork and efficient plan execution.
  • Goal Tracking: Set goals and milestones in the Goals feature, track progress, and align your business plan with your long-term objectives.

With ClickUp's Business Plan Template for Store Managers, you can streamline your planning process, improve decision-making, and drive the success of your store.

How To Use Business Plan Template for Store Managers

Running a successful retail store requires careful planning and strategy. By using the Business Plan Template for Store Managers in ClickUp and following the steps outlined below, you can create a solid plan to drive your store's growth and success.

1. Define your objectives

Start by clearly defining your goals and objectives for your store. Are you looking to increase sales, improve customer satisfaction, or expand into new markets? Identifying your objectives will help guide your decision-making and ensure that your business plan aligns with your overall vision.

Use the Goals feature in ClickUp to set specific and measurable objectives for your store.

2. Analyze the market

Conduct a thorough analysis of your target market to gain insights into customer preferences, demographics, and trends. This will help you identify opportunities and challenges that may impact your store's success.

Use the Table view in ClickUp to organize and analyze market research data, such as customer surveys, competitor analysis, and industry reports.

3. Develop a marketing strategy

Create a comprehensive marketing strategy to attract and retain customers. This should include a mix of online and offline marketing tactics, such as social media campaigns, email marketing, in-store promotions, and partnerships with other local businesses.

Utilize the Calendar view in ClickUp to plan and schedule your marketing activities, ensuring that you have a consistent and targeted approach.

4. Monitor and adjust

Regularly monitor your store's performance against your business plan and make adjustments as needed. Track key metrics such as sales revenue, customer satisfaction, and inventory turnover to identify areas where you can improve.

Use the Dashboards feature in ClickUp to create visual reports and track your store's performance in real-time.

With the Business Plan Template for Store Managers in ClickUp, you can easily create a comprehensive plan to guide your store's growth and success. By following these steps and regularly reviewing and adjusting your plan, you'll be well-positioned to achieve your objectives and drive your store forward.

Get Started with ClickUp’s Business Plan Template for Store Managers

Store managers can use the ClickUp Business Plan Template to streamline their planning process and ensure that all aspects of their store's operations are well-documented and organized.

First, hit "Add Template" to sign up for ClickUp and add the template to your Workspace. Make sure you designate which Space or location in your Workspace you'd like this template applied.

Next, invite relevant members or guests to your Workspace to start collaborating.

Now you can take advantage of the full potential of this template to create a comprehensive business plan:

  • Use the Topics View to organize your plan into different sections such as goals, marketing, operations, and finances.
  • The Status View will help you track the progress of each section, with statuses like Complete, In Progress, Needs Revision, and To Do.
  • Utilize the Timeline View to set deadlines and visualize the timeline of your plan.
  • The Business Plan View provides a holistic overview of your entire plan, allowing you to see the big picture.
  • Create a Getting Started Guide View to outline the steps needed to implement your plan effectively.

Additionally, customize your business plan template by adding these custom fields:

  • Use the Reference field to link relevant documents or resources to each section of your plan.
  • The Approved field can be used to track the approval status of each section.
  • The Section field allows you to categorize each section based on its importance or priority.

By following these steps and utilizing the different views and custom fields, store managers can create a comprehensive and well-structured business plan to drive the success of their store.

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Operations and Standards

How top retail and hospitality brands execute programs and standards on time, in full, at every site

11 Tips to Be a Better Retail Store Manager

Retail store managers are playing an increasingly important role in the brick-and-mortar environment. As we’ve shifted from purely transactional spaces into in-person brand experiences, the role of the retail employee continues to change. It’s important to always look for ways to improve as a store manager.

When it comes to pleasing your staff and your bosses, there are ways you can walk the line and balance both. Below, let’s look at 11 ways you can be a better store manager.

Build a Great Team

On time, in full, at every site execute programs and brand standards . every leader is only as good as the team they have behind them. it’s no different when it comes to managing a retail store. “if your store runs as good or better when you are not there then you’ve done your job,” says chris hawkins, retail specialist at . it begins with hiring the right staff. and while relevant job experience is important, don’t forget to consider candidates’ soft skills and personality traits. robert walters group found that 90% of employers believe that culture fit is important when hiring staff. the key is not to rush. don’t wait until your back’s against the wall, and get a head start on seasonal hiring . “take your time with hiring and involve your team in the interview process,” hawkins recommends. the onboarding process is important too — and training shouldn’t stop, he says. document processes and provide training in different mediums so you can cater to multiple learning styles. be a leader.

Sure, being a store manager is in and of itself a leadership position. But holding a leadership role and actually being a leader are two different things — the best managers do both.

“The biggest mistake retail managers make is when they forget to be leaders,” says leadership development trainer Dr. Peter Langton .

Here are a few ways to be an effective leader:

Lead by example

Show your staff that you’re not above any task. Your employees will likely strive to match the effort and quality of your work.

Be decisive and display confidence

Especially during times of conflict. (Note that this doesn’t mean impulsive, it’s still important to rationally think through conflicts.)

Photo credit: Shutterstock

If you’re stressed, your team will stress.

Be transparent

This will enable your employees to respect and trust you more easily

“Leadership is about purposeful engagement,” says Dr. Langton. “Focus on making sure your crew knows what’s going on and why .”

Promote open communication

Part of being a great leader is facilitating a safe environment with two-way communication. More important than speaking is listening.

You also want to establish an open line of communication with your superiors . Give them important updates, share your team’s wins, and bring new ideas to the table.

Communicate, execute, and verify is how good hospitality becomes great

Get to know your staff

If you’re an effective listener, you’re also probably getting to know your staff both on a professional and a personal level. Retail environments can be tough — long hours, weekend shifts, bright lights, dealing with customers, etc. — you want to show your employees you’re right there with them.

Praise staff for their wins, and provide constructive criticism when they miss the mark. Remember to match praise to the effort, and distribute it across your entire team. Employees who feel their voice is heard are 4.6 times more likely to perform their best work.

Once you’ve gotten to know your staff, you should have a decent handle on their strengths. This is when delegating comes into play. “Empower staff with decision-making authority,” says Hawkins. He recommends sharing the information they need to make decisions, as well as establishing parameters to use during the decision-making process.

It’s easy to get wrapped up in all of the day-to-day tasks necessary to keep the store running. But the fact is, the more you delegate, the more you have time to spend on more impactful ventures. Use retail operations software to help assign and track tasks and action plans that have been delegated to your team. “Far too often, retail managers get overwhelmed by daily activity, inventory management, meeting sales goals, executing the plan,” says Dr. Langton. “The hardest way to manage is when the manager is responsible for directing all activity.”

business plan for retail store manager

Failure is chasing priorities, spending time calling in employees to cover for those that call out, spending closing hours catching up on tasks that weren’t completed. – Dr. Peter Langton

When you empower staff, they adopt a sense of ownership for the store’s well-being. They play a proactive role in its success.

“If you train your crew to respond to orders, they’ll be waiting on management for each step,” says Dr. Langton.

“Train your crew about the priorities, the purposes, and pride. Reinforce when someone takes initiative to straighten up a display, provide that extra level of customer service, or see a problem before it happens.” – Dr. Langton

Adopt a data-driven mentality

As a retail store manager, a data-driven mentality spans across all areas of the business: employee productivity, in-store sales, shrink, etc. Create a KPI checklist for your store , and then establish goals against which you can measure progress . Two figures to pay special attention to: time and money.

Goals should be S.M.A.R.T. — specific, measurable, attainable, relevant, and timely — and established for the company (this would likely come from senior leadership), the store, each department or team, and individual employees.

business plan for retail store manager

Document and distribute the goals with those responsible for helping your store achieve them. “Share results, good, bad, and ugly,” says Hawkins. “Your employees will feel more invested in what you’re trying to accomplish.”

Motivate employees

Establishing and tracking progress against goals is one way to keep employees motivated and engaged. But there are other tactics you can take:

It’s likely that most of your employees are part-time and juggle other priorities in their lives, like school, family, or even another job. Offering scheduling flexibility can improve employee satisfaction, which will in turn motivate them to perform better when they are on the job.

“Provide positive feedback for hard work and a job well-done, even if it didn’t result in a sale,” says Beverly Friedmann , who has a background in sales and retail management for retailers like L’Occitane and Malin+Goetz.


Rather than dwelling on losses or pointing blame when conflict arises, look for solutions. Encourage staff to contribute to the problem-solving process. Remember to listen to and respect their ideas.

There are lots of creative bonuses you can create for your team. Put yourself in their shoes and consider which perks would be most valuable to them. Or, better yet, ask. For example, your staff want better access to transport, and education funding assistance. Though these perks aren’t always in your control, if you bring the ideas to senior leadership, you’ll demonstrate to your staff that you’re on their side and have their interests at heart.

Don’t be just a boss, instead, play an active role in your employees’ professional development. Find out their career goals and look for ways to help them develop necessary skills and experience in their retail role.

Motivating your staff is important for employee retention. According to the Chain Store Age , more than half of retailers indicated staffing was a top concern. By keeping your staff engaged, you can help to reduce the prevalence of this issue in your store.

Looking for more ideas? Check out 7 ways to motivate staff and increase productivity

business plan for retail store manager

Maintain operational organization

While you may not be on the retail ops team, you do play a very important role in the process . Especially for retailers with multiple store locations, it can be challenging for the off-site corporate team to have their finger on the pulse. As a store manager, you can help them feel more informed.

“Every retail store manager should make sure their inventory count is managed well and up-to-date at all times,” says Friedmann. Use your POS system to determine what’s in stock, how much, and how quickly it’s selling — and when you need to reorder.

Embrace new technology

To streamline store operations, you’re likely going to want to adopt new technologies. This will reiterate your value to your superiors.

Now, this doesn’t mean that you need to implement every new tool that hits the market. Instead, understand your store’s goals and challenges and search for solutions catered to those needs .

For example, technology can introduce automations which can reduce the amount of manual processes. Manual processes are time-consuming and susceptible to human error; the right tech can mitigate each of these.

Explore some tech to help you manage your store .

business plan for retail store manager

Get to know your customers

Much like you want to understand the people you’re managing, you also want to get to know the people you and your team are selling to. “Understand who your buyers are and then look for all opportunities to connect with them in your community, whether it’s through social media, a civic organization, or your kid’s soccer game,” says Hawkins.

Building authentic relationships with customers can help you not only understand them on a personal level, but also their pain points and which products would absolve those pain points.

It’s easy to get bogged down with the management side of being a retail store manager, but it’s important to also wear your sales associate hat. “Retail store managers who avoid direct sales and customer interaction by focusing on other tasks and simply try to direct their employees to do sell are making a critical error,” says Friedmann.

business plan for retail store manager

Not only does this hurt the store in terms of missed sales, but employees also miss out on crucial learning opportunities. Seeing a manager in action can give them great insight into how to make sales themselves. And not giving staff this opportunity can also hurt the team mentality, Friedmann points out.

Be proactive with brand standards

Ensuring your store is compliant — both with internal and external standards — is one of your biggest responsibilities as a manager . And while it’s often thankless, behind-the-scenes work, it’s absolutely critical to the business’s overall health. Think of it as protecting the brand . Non-compliance can lead to major challenges or, worse, shutting down the company.

“Ensure all merchandising is up-to-date and in accordance with store policies and that the store is clean at all times,” says Friedmann. “All employees should practice storewide protocols.”

business plan for retail store manager

Conduct regular retail audits , both scheduled at regular intervals and sporadically. “Inspecting what you expect can go a long way in ensuring compliance,” says Hawkins. “Perform a random audit for a particular department every so often.”

Skills you need as a retail store manager

In addition to the above tips, Bob Phibbs of The Retail Doctor recommends all managers develop the following seven skills:

  • Multi-tasking
  • Decision-making
  • Business development
  • Effective communication
  • The ability to make a sale

The greater impact you can make on the business, the more invaluable you become.

Putting it all into action

You can’t run a store all on your own. To be an effective retail store manager, you need a strong team, great leadership skills, and a data-driven mentality. The best managers empower their staff to take a proactive role in the store’s success, and make their superiors feel confident that they’re handling the job.

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7 thoughts on “ 11 Tips to Be a Better Retail Store Manager ”

informative. Worked with some retail stores as retail software provider and strongly feels above points will be helpful for any store manager.

It’s good to know that it is important to get to know the people you are selling to and understand who they are. My wife and I have been thinking about starting a retail shop in our area and have been looking for ways to make our endeavors successful. I will definitely keep the customer’s viewpoint in mind when planning the details of our store and what services we use to set up our shop.

I like it very much. Those who wish to know more about store manager role, it is very good information.

Such a useful information it is.

It was interesting to learn about how solutions should be catered to the company’s needs, goals, and challenges so that technology can help improve how they run. I can understand how it could be really useful for a business to make sure that they can manage their retail solutions and it can be safer. Getting some help from a professional could be really useful and allow them to be more productive.

Very nice n informative to know

I have been a store manager for years and I must admit that this article is very well curated covering every aspect of retail operations.

It would be interesting if Alexandra could write an article on challenges of a store manager. It would be an interesting read.

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H-E-B will open a store in HEB and has added Murphy to its coming-soon list

‘we don’t have to worry where the cash registers are,’ said euless city manager loretta getchell about an agreement worked out for the h-e-b coming to both bedford and euless..

H-E-B store located in Allen at 575 E Exchange Pkwy in October 2023.

By Maria Halkias

6:00 AM on Apr 22, 2024 CDT — Updated at 6:16 PM on Apr 22, 2024 CDT

San Antonio-based grocer H-E-B has plucked two more locations from its Dallas-Fort Worth land bank to shift over to its list of new stores under development.

One of them could be called a namesake store on a parcel that overlaps cities in the Hurst-Euless-Bedford region of Tarrant County, commonly called the HEB area for its combined independent school district.

Bedford Mayor Dan Cogan restarted the new round of alphabet fun that no doubt will become part of this H-E-B store’s culture.

“H-E-B is finally getting an H-E-B!” Cogan said in an email. The parcel is partially in Bedford and in Euless.

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Euless Mayor Linda Martin said residents came up with the slogan, “Bring H-E-B to HEB,” and have been saying it for years.

A site in Murphy, in eastern Collin County, is also officially in the planning stage. It’s located on the southwest corner of McCreary Road and FM 544.

Both properties have been owned by H-E-B for years as the retailer started accumulating prime corners in D-FW as long as 20 years ago.

The two stores are expected to open in the second half of 2026, H-E-B spokeswoman Mabrie Jackson said. H-E-B planned four new stores for 2024 and four more in 2025.

Related: Here’s where H-E-B has opened stores in D-FW and what’s coming next


H-E-B will open on the northwest corner of Cheek-Sparger Road and Heritage Avenue in the area that locals refer to as Glade Parks South. The 14.5-acre parcel is split with 8.5 acres in Euless and 6 acres in Bedford. There’s a Walmart across the street on the south side of Cheek-Sparger, and it’s in Bedford.

The two cities worked out an “interlocal agreement” for the property in 2015, said Euless City Manager Loretta Getchell. “The agreement is best for us and H-E-B. We don’t have to worry where the cash registers are.”

Related: Walmart building stores in Frisco, Melissa, Celina to capitalize on Texas population boom

Euless and Bedford will split the sales taxes and property taxes 50-50, she said. While the three cities work together often, having to split a business down the middle is unusual, she said.

The agreement “will facilitate a smooth and seamless development process for their site,” Martin said.

“We’ve been having joint meetings, and the next one is this week,” said Andrea Roy, Bedford’s interim city manager. “It’s not H-E-B’s fault that the property is split.”

Residents have known that H-E-B was the property owner for years.

“We get calls asking if they’re building yet,” Getchell said. “And we’ve had to say, ‘no, they’re not,’ until now.”

That’s true, too, for Murphy, said Murphy Mayor Scott Bradley.

“There would be an announcement of another city getting an H-E-B, and we’d hear the friendly ribbing that they didn’t see Murphy on the list,” Bradley said.

The Murphy property is on the southwest corner of McCreary Road and FM 544. A Target is across McCreary Road, and Sprouts Farmers Market is just northwest of the property along FM 544. Murphy also has a Walmart.

Related: H-E-B Alliance in Fort Worth opens to a line of more than 700 shoppers

Bradley called it a win for the small town of Murphy, which is “grown out,” with most of its land occupied and a population of about 22,000 versus adjacent Wylie, which is almost three times as big.

Murphy has been building new pedestrian bridges, landscaping and trails along FM 544 where the H-E-B is going, he said. “H-E-B will fit in nicely. We’re mostly a residential community.”

People are also used to driving to neighboring towns, he said. The location is convenient for people living in East Plano, Sachse and Wylie. The Target across FM 544 from the H-E-B site is in Wylie.

H-E-B plans to open a store in Rockwall next year, and the Murphy location is strategically between it and H-E-B stores that have opened in Allen and McKinney, Jackson said.

X: @MariaHalkias

Looking for more retail coverage? Click here to read all retail news and updates. Click here to subscribe to D-FW Retail and more newsletters from The Dallas Morning News.

Maria Halkias

Maria Halkias , Staff writer . Maria Halkias has covered the retail scene for The Dallas Morning News since 1993. She has chronicled the stark changes in grocery, malls, e-commerce, major bankruptcies and local retail entrepreneurs.

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  1. How to Write a Business Plan For a Retail Store: Complete Guide

    An example of a Use of funds slide for a retail store ( source) 2. Business Overview. The business overview is essentially the company description. The second section of your business plan, it should cover the following for a retail store: The products you will sell in your store. The price range of the products.

  2. Retail Business Plan Template & Sample (2024)

    Below is a retail business plan template to help you create each section of your retail store business plan. Executive Summary ... Artisan Home & Decor is owned and operated by Joyce Hernandez, a retailer who has worked as a store manager of a local home decor store for nearly a decade. Joyce has recently graduated from California University ...

  3. Retail Business Plan Template & Guide [Updated 2024]

    Marketing Plan. Traditionally, a marketing plan includes the four P's: Product, Price, Place, and Promotion. For a retail business plan, your marketing plan should include the following: Product: in the product section you should reiterate the type of retail business that you documented in your Company Analysis.

  4. How to Write a Great Retail Business Plan for Your Store

    Provide a company description. Your company description is one of the most important aspects of your retail business plan. This section should reflect how you want people to envision your business. It should include the logo, concept, ownership and business structure, design, and layout. Think of a retail shop that you enjoy.

  5. Ultimate guide to writing a business plan for a retail store

    1. The executive summary. Writing the executive summary section of a retail store business plan requires a great deal of thought and consideration. The executive summary should provide a comprehensive overview that highlights the key components of the business plan, including the goals and objectives. The executive summary should start with a ...

  6. How to Write An Attention-Grabbing Retail Business Plan

    Outline your plan for technology and retail operations. In this part of your business plan, detail how you'll harness retail technology to streamline operations, enhance customer experience and expand your market reach. List your options for POS systems, why you're considering them, their opportunities for growth and their annual cost.

  7. How To Write a Retail Business Plan in 8 Steps (And Why)

    How to create a retail business plan. If you are planning on starting a retail business, you may need to write a business plan in order to get investors or loans and a better understanding of the daily operations and goals of your company. To create a retail business plan, you can follow these steps: 1. Have a clear goal.

  8. Retail Business Plan [Free Template Download]

    A retail business plan is a document that gives you and your potential investors a roadmap on how your new retail business intends to get started and deliver its business goals over its initial few years (usually 5 years). ... (store manager, supervisor,..) Staff plan (3 sales associates, 2 cashiers, etc.) Brief role descriptions; Compensation ...

  9. How to Create a Retail Store Business Plan

    A retail store business plan helps secure investment by demonstrating a clear and well-thought-out strategy. It shows potential investors that you've done your homework, understand your market, and have a solid plan for success. The plan outlines your business goals, target market, competitive analysis, and financial projections, instilling ...

  10. How to write a business plan for your retail store

    Why making a business plan helps the success of the retail project. Many new entrepreneurs are creative. They have things to sell that you won't find elsewhere. But creativity needs a structure, a good business plan for your retail store. A good retail business plan is a necessary step to save you from making expensive mistakes.

  11. 5 business plan examples for retail

    What goes into a retail business plan will change depending on the type of store you are opening. Here are three business plan examples for the retail industry: ... Key staff: A seasoned store manager with 10 years in the retail and fuel sectors, supported by four cashiers, six fuel attendants, and three part-time staff members for restocking ...

  12. Store Management: Managing a Retail Shop for Success

    Store management is all the processes involved in running your store, including building your team, sourcing and managing inventory, driving sales, creating store policies and procedures, leading by example, and marketing your business. Effective retail shop management is one of the most important parts of ensuring your business's success. Here, we will look at all the hats an owner must ...

  13. Retail Store Business Plan [Sample Template for 2022]

    Operational cost for the first 3 months (salaries of employees, payments of bills et al) - $60,000. The cost for Start-up inventory (stocking with a wide range of products) - $100,000. Storage hardware (bins, rack, shelves, food case) - $3,720. Cost for serving area equipment (plates, glasses, flatware) - $3,000.

  14. Retail Store Business Plan

    Research suggests total retail sales in the United States were projected to amount to 6.03 trillion U.S. dollars in 2022, up from around 5.4 trillion U.S. dollars in 2018, according to the National Retail Federation. Retail businesses come in many forms such as grocery stores, restaurants, and bookstores.

  15. Business plan template for shops and retail companies

    Here are three things to consider as part of your business planning process: 1. Location, location, location. For shops and retail companies, whether you're opening a community greengrocer or an exclusive boutique, one of the most important aspects of your business model is your location. Pulling a plan together will encourage you to think ...

  16. How to Write a Great Retail Business Plan for Your Store

    Provide a company description. Your company description is one of the most important aspects of your retail business plan. This section should reflect how you want people to envision your business. It should include the logo, concept, ownership and business structure, design, and layout. Think of a retail shop that you enjoy.

  17. Intro Guide to Retail Store Operations

    The field of retail store operations concerns all of the activities that keep a store functioning well each day. In the best-run stores, everything is carefully considered, planned, and executed. Operations includes many aspects, such as store design, display placement, customer service, money and credit handling, shoplifting prevention ...

  18. Business Plan Template for Store Managers

    Running a successful retail store requires careful planning and strategy. By using the Business Plan Template for Store Managers in ClickUp and following the steps outlined below, you can create a solid plan to drive your store's growth and success. 1. Define your objectives. Start by clearly defining your goals and objectives for your store.

  19. Sample Grocery Store Business Plan

    The U.S. Grocery Store industry is a robust market, with a valuation of over $700 billion and expected growth of 1-2% annually. This growth is fueled by population increases, higher disposable incomes, and shifting consumer preferences towards healthier and more convenient food options.

  20. PDF Free Version of Growthinks Retail Business Plan Template

    Sample from Growthink's Ultimate Retail Business Plan Template: The Marketing Plan describes the type of brand [Company Name] seeks to create and the Company's planned promotions and pricing strategies. The [Company Name] Brand. The [Company Name] brand will focus on the Company's unique value proposition: • Offering high-quality ...

  21. Retail Store Manager Job Description [Updated for 2024]

    Retail Store Managers develop strategies to meet sales targets and plan promotions to attract business. Retail Store Managers evaluate their employees and mentor them to improve their retail skills, addressing issues with staff and planning professional development opportunities and company policies for employee behavior.

  22. 11 Tips to Be a Better Retail Store Manager

    Be a Leader. Sure, being a store manager is in and of itself a leadership position. But holding a leadership role and actually being a leader are two different things — the best managers do both. "The biggest mistake retail managers make is when they forget to be leaders," says leadership development trainer Dr. Peter Langton.. Here are a few ways to be an effective leader:

  23. How to Write a Grocery Store Business Plan in 2024

    Americans spend 12.8% of their income on food, and that includes both groceries and eating out.That may not sound like a lot, but with over 3.2 million people employed in grocery stores, it's clear that this is a major industry. The producer price index (PPI) is currently soaring, and grocery stores and their products are becoming more valuable to consumers than ever before.

  24. How to Write a Great Retail Business Plan for Your Store

    Provide a company description. Your company description is one of the most important aspects of your retail business plan. This section should reflect how you want people to envision your business. It should include the logo, concept, ownership and business structure, design, and layout. Think of a retail shop that you enjoy.

  25. H-E-B will open a store in HEB and has added Murphy to ...

    business Retail. H-E-B will open a store in HEB and has added Murphy to its coming-soon list 'We don't have to worry where the cash registers are,' said Euless city manager Loretta Getchell ...