Elements and Performance Criteria
- Determine the commercial structure of a retail business.
- Access and review a retail business strategy to determine organisational direction and priorities.
- Access and review a retail organisational structure and determine the roles and responsibilities of key retail functions.
- Identify internal and external factors impacting retail performance.
- Access and interpret a retail profit and loss statement to identify key financial metrics and budgeting considerations.
- Review key internal and external factors impacting on retail performance.
- Research retail leasing arrangements.
- Research the rental costs and terms of a retail lease.
- Identify costs, initial and ongoing, of establishing a retail space.
- Calculate the profit required to cover the cost of establishing a retail space.
- Calculate the breakeven point in terms of the lease duration.
- Identify value of stock held within a store and calculate the sales turnover per square metre to determine store productivity.
- Review retail inventory processes and structures.
- Access and review a retail merchandise strategy to determine organisational merchandise objectives.
- Identify key financial metrics considered in merchandise management.
- Review organisational structure of categories, sub-categories and product ranges.
- Review organisational processes for inventory purchasing and management.
- Identify internal and external factors impacting product performance.
- Perform basic retail calculations to determine the difference between product cost and retail price to calculate a margin.
- Research the retail customer.