It’s no surprise that brick-and-mortar stores have been suffering a slow decline for years. Recently, Radio Shack announced that it will be closing more than 1,000 stores. Staples: more than 200. Increased competition from online retailers means less foot traffic and revenue, making it more difficult to justify expansion and growth.
Now more than ever, retailers need to identify where they can squeeze extra value and where hidden cost savings lie. The most comprehensive way to do so is by examining their supply chains, end-to-end, to understand all current costs, by category, department, supplier and brand.
To start this process, here are four methods that you can use to optimize a retail supply chain and as a result, improve profitability.