Define profit margin and its significance in retail business. List down the options available to a retailer for improving profit margin of the store.

Profit margin refers to the percentage of revenue that exceeds the costs of goods sold (COGS) and other operational expenses in a business. It is a key financial metric used to assess the profitability and efficiency of a retail business. In retail, profit margin helps determine how much of the sales revenue is retained as profit after covering all costs. A higher profit margin signifies that the retailer is able to efficiently manage costs and generate substantial profit from sales, which is essential for sustaining and growing the business.

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