SNEWS® Retail Merchandising Training 101: Understanding markup and gross profit
At a recent retail training seminar we attended at Outdoor Retailer Winter Market 2007, we were stunned when the question was asked of the retailers in the audience how many folks knew what basic terms, such as turn, gross profit and margin, were and how to determine them. We'd estimate less than 15 percent of the audience raised their hands, with the rest staying silent or shaking heads in resignation. Ouch!!!!