Retailers looking to replicate the efficiency of bigger players like Apple would do well to focus their attention on one key measurement of success, according to entrepreneur Marcus Lemonis.
Advising struggling New York-based Bowery Kitchen Supplies on the latest episode of CNBC's "The Profit," Lemonis reveals straightforward ways for any merchandiser to improve profits and evaluate its progress.
"One metric [used] in measuring a retailer's success or its performance is to calculate its sales per square foot," Lemonis says. "By using their space more effectively, they could raise that number dramatically."
By increasing sales per square foot by $100 at Bowery's sole 4,000-square-foot store, Lemonis calculates that that making simple changes would bring in about $400,000 in additional revenue. Here are his tips for any business looking to do the same.