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The Balanced Scorecard is a strategic performance-management framework that helps retailers evaluate and improve store and business performance by combining financial and non-financial measures. In retail operations, financial results such as sales, profit and return on investment are important, but they do not provide a complete picture of operational effectiveness. A retailer may achieve high sales in the short term while experiencing declining customer satisfaction, employee turnover, stock-outs or poor service quality. The Balanced Scorecard addresses this limitation by examining performance from multiple perspectives and connecting day-to-day retail activities with long-term strategic objectives. The concept was developed by Robert Kaplan and David Norton. It generally evaluates an organisation through four interrelated perspectives: financial performance, customer performance, internal business processes, and learning and growth. In retail operations, these four perspectives can be adapted to the specific needs of stores, retail chains, supermarkets, department stores, specialty retailers and e-commerce businesses. The main purpose is to create a balanced view of performance rather than relying only on financial statements. The financial perspective focuses on whether the retailer is achieving its commercial and profitability objectives. Important measures include total sales, sales growth, gross profit margin, net profit, return on investment, return on assets, operating expenses, inventory turnover, sales per square metre and average transaction value. For example, a supermarket may monitor sales per store, gross margin by _____ ___ __________ _____ ______ __________.
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