Magazine Article | November 29, 2010

Regain Retail Profits Through Customer Satisfaction

Source: Traverse Systems

By Greg Holder, chairman and CEO, Compliance Networks

The game has changed. The recent recession and years of declining same stores sales have left retailers a completely different landscape than the one to which they are accustomed. Without rising same stores sales, retailers had to look to other avenues to secure overall profitability. Purchasing fewer inventories, greater expense leverage, and store closings were just a few of the levers retailers pulled in order to survive in a challenging economic environment. But, as consumer confidence rebounds and the opportunity to grow profits reappears, retailers must shift their efforts from draconian cost-cutting measures to the most important component of the retailer profitability puzzle — the completely satisfied consumer.