IRIS-TEG, a business intelligence and analytics solution provider, has announced the release of a Store Size Optimiser model. The model leverages the sophisticated science of statistics and mathematical modelling to help retailers arrive at an ideal store size and project sales over the next one, two or three-year periods.
The model takes into consideration location characteristics, demographic and competitive data, catchment area, store characteristics and several other factors to arrive at a set of recommendations.
Arvind Nagpal, founder, IRIS-TEG, says, “One of the most important business decisions a retailer has to make while expanding is the size of the store they should sign up for. A variant of the same is, are the current stores optimally sized?”
A smaller than ideal store could mean lost opportunity for sales, as a lower variety of stock is stocked and displayed, compromising the assortment range. A larger than ideal store would result in lower sales per square foot as compared to internal and external benchmarks.
The IRIS-TEG model can be used in a self-service mode after the initial set-up.
– IndiaRetailing Bureau