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TNNA Survey Says: How Is Your Needlepoint Store Doing?

Posted By India Hart Wood, Hart Business Research, Tuesday, September 6, 2016

TNNA Survey Says is a biweekly series of articles featuring useful business advice based upon the TNNA State of Specialty NeedleArts 2016 surveys of more than 15,000 fiber artists, retailers, and wholesalers.

Financial Benchmarks for Needlepoint Retailers

Wise people go to the doctor for a checkup every so often. Wise business owners check the health of their business compared with benchmarks for the industry. Use the following table to understand how your retail needlepoint businesses is doing compared with others. Needlepoint stores in 2015 typically had sales of $205,000, inventory valued at $145,250, a sales floor of 1,445 square feet, and sales per square foot of $188. Stores reported 73% grew and 59% were profitable. How did your business do?

If you’re doing better than most, pat yourself on the back and keep up the success. If you are not doing as well as most and would like to have an income from your business, kick yourself into making some changes. Look at the other TNNA Survey Says blog posts for ideas about store features, marketing, product trends and selection, and adding more value to your business.

Summary of financial data for needlepoint retailers:

Benchmark

Needlepoint retailers, 2015

Gross annual sales

Median (typical store) $205,000

56% more than $200,000

16% $50,000 or less

Sales growth

73% increased

2% no change

25% decreased

Profitable

59% yes

41% no

Profit margin

= profit divided by gross sales

15% median

 

Owner income from store

(salary, distribution, or dividend)

68% yes

32% no

Spending with suppliers per year

$65,000 median

Inventory value

(12-month average, at cost)

$145,250 median

Inventory turn

= sales/(inventory value x markup)

0.76

Retail sales floor size

1,445 square feet, median

Sales per square foot

$188 median

(in-store sales only)

Data from multiple questions on TNNA 2016 Needle Arts Retailer Survey. Much more detail is available in the Needlepoint Retailer Survey Results Report.

  • Source: TNNA 2016 Needlepoint Retailer Survey Results
  • Freshness: Retailers surveyed February 23 to March 28, 2016.
  • Respondents: 325 yarn retailers, 41 needlepoint retailers, and 27 counted thread retailers

More information: http://www.tnna.org/?Survey2016

 

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