How Much Income Should a Retail Store Bring in Per Square Foot?
Q: Is there a resource to get a sense of what income a retail store should be pulling in per square foot?
A: That doesn't really exist for independent retailers because frankly, most of you don't want to share your information. And aggregating that would be almost impossible.
The closest thing I can tell you is that the average mall store sells about $300 per square foot based on their yearly sales. There's boutiques that sell much more than that. The Apple Store is up in the thousands but what counts is what works for you, not for somebody else.
Are you living the life that you want? Are you drawing enough money out of your business to live the life that you want, to do the things you want to do with your family and friends?
If so, you're doing great. On my retail assessment quiz, the number one answer that people answer with "Are you taking money out of the business" is, "No." And if that's your case, then you have bought yourself a job.
There's only one person going to change that. Do you know who they are?
Pull out a mirror, "Oh, me."
It's not about Amazon. It's not about your category. It's about you.
Do you make shoppers come to you to be serviced? Do you put up with bad employees? Do you make shoppers wait in line?
You know what happens when shoppers have to wait?
They just simply get out their phone and they order it online, and you're left in the lurch to hope that somehow, they're going to maybe stay in the store or buy something else.
We don't want to wait. So staff for the rush.