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Thursday, 14 July 2011

Retail Success Stories

It seems that two retailers are doing extremely well at the moment. One online and one on the High Street!

Sports Direct posted a 25% rise in underlying profit for the year to April 24, as it won market share from stricken rival JJB Sports which is in a CVA. The firm, owned by Mike Ashley owner of Newcastle United, made £200m last year. Other brands under the Sports Direct banner include; Dunlop, Slazenger, Lillywhites, and Lonsdale.

Like for like retail sales in the UK went up by 6.6%. The firm has credited its success to the fact that it has a strong employee performance based reward scheme. 2000 staff will get performance bonuses averaging £43,000.

ASOS the retailer of fashion goods posted a stellar 69% increase in sales in the last Quarter taking its sales to £104m!!! In the UK alone sales were up 15%.

So what can retailers learn from this. Simple.

1. Give your employees a reason to want to work for you and even if times are tough let them benefit if your fortunes change.

2. Do better online - Your customers are there!

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