VSDA Survey Shows Time Is Money19 Mar, 2002 By: Kurt Indvik
Time is money, the old adage goes, and that certainly is borne out in the most recent "Common Practice" survey on store hours the Video Software Retailers Association, released this week.
Most video specialty retailers keep their store open 82 to 84 hours per week, or about 12 hours daily. Store hours are a definite function of store revenue. Stores that are open 81 hours per week, on average, generate between $250,000 and $399,000 in annual revenue. Stores that have annual revenues of $400,000 to $599,000 average 87 hours per week, and it just keeps going up from there. On the other hand, stores open and average of 69 hours per week, generate under $100,000 in annual revenues. The survey did not correlate store size or inventory into this calculation.
Suburban retailers are open the longest hours, averaging 87 per week, followed by metropolitan stores at 79 hours and rural retailers staying open an average of 76 hours weekly. Most stores open their doors at 10 a.m. daily, with weeknight closings split pretty much between 9 p.m. and 10 p.m., and Friday and Saturday's spilt between 10 p.m. and 11 p.m. The majority of the retailers responding to the survey say their stores are open fewer hours than their competitors, "probably comparing to chain competitors, who are [typically] open later evening hours," said the VSDA report.
Saturday was ranked by 64 percent of the retailers as the busiest day of the week, not surpsingly, but another 33 percent gave the nod to Friday. Sunday was ranked the third busiest day of the week. Early evening was the busiest period of the day for these retailers, no matter what day of the week.
Almost 80 percent of store owners report being open 364 days per year, with Christmas being the one day they are closed; the other 20 percent report being open 365 days per year. New Year's Eve Day is ranked as, probably, the busiest day of the year, right up there with the days before and after Thanksgiving, as well as Christmas Eve and the day after Christmas.