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You should treat your Departments much like a professional investor treats his portfolio of stocks, always looking for the best return on investment. We worked with one retailer who owns a chain of 20 stores. Originally the stores sold clothing and shoes for Men, Women and Children. However, after a careful analysis, this retailer realized that the vast majority of his profits (as opposed to revenue) were coming from a handful of Departments, primarily Children's Footwear. This retailer took the dramatic step of closing his stores and reopening them as a chain of Boys & Girls Footwear stores. He has enjoyed healthier profits ever since then. |
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