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Managing performance in large retail and hospitality businesses is often a disjointed, inefficient and analog process. As a result, 5% of revenue and 8% of costs are leaked in store each week.
Within the first six weeks, each participating John Lewis store was taking 6-7 significant actions to improve every week in Quorso. These ranged from creating a pop-up to sell Christmas trees in the mall outside (sales +60%) to placing a stationery table in the gift department (+£500 a week). Each week, each participating store added £13,000 of extra revenue from these changes – equating to nearly £700,000 a year per store.
Each participating M&S store takes 15 actions in Quorso each week, resulting in 1.9% extra revenue – equivalent to approx. £190 million of additional sales across the company. 96% of Quorso suggestions are able to be acted on immediately, the majority in the store itself, with 4% requiring escalation to central teams, e.g., supply chain.
Within the first six months of use, the Chiquito team had taken over 400 actions, driving a 2% increase in sales, and reducing energy cost by 8%. And along the way, some of those actions went viral. For example, Anthony’s ‘cocktail bingo’ promotion drove a 130% increase in cocktail sales, and was subsequently adopted by tens of other restaurants resulting in a 4% overall increase in cocktail revenue.
Within the first five weeks of use, the Compass team had taken nearly 50 actions, driving a 0.8% increase in sales. They were also able to rapidly intercept some promotions that were in fact harming revenue. And Quorso had paid for itself several times over. Compass are now in the process of rolling our Quorso more broadly – and each week the impact increases.
With nearly 16 million people working in retail in the US today despite the rapid decline in brick and mortar locations, the need for great retail management leadership has become more important than ever. As the pace of change in this industry accelerates – encompassing customer expectations, employee requirements, real-time reporting and measurement, and the way that decisions are made and implemented – the real trick is not getting left behind.
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