Store Performance History
Sales Rank: The Sales Rank is a measure designed to compare each store's revenue performance to all other stores in the dataset over the last month. This metric uses a logarithmic scale to account for wide variations in revenue, making it easier to compare stores with significantly different revenue levels. Location Sales Rank Apr 2023 Mar 2024 Apr 2024 Emerald Valley - SODO 72.8 Elite Elite Elite Emerald Valley - Belltown 47.3 Emerging Mid-Range Mid-Range Emerald Valley - Vancouver 38.6 High Performing Emerging EMerging
Efficiency: Emerald Valley Elite
1.28% Share of Stores 0.99% Share of Sales 0.77 Sales Efficiency Index Your stores are less efficient than average in converting their presence into sales.
Efficiency: Emerald Valley Mid-Range
1.29% Share of Stores 1.18% Share of Sales 0.92 Sales Efficiency Index Your stores are less efficient than average in converting their presence into sales.
Efficiency: Emerald Valley Emerging
1.28% Share of Stores 1.59% Share of Sales 1.24 Sales Efficiency Index Your stores are slightly more efficient than average in converting their presence into sales.
Efficiency: Emerald Valley Overall
0.96% Share of Stores 0.81% Share of Sales 0.84 Sales Efficiency Index Your stores are less efficient than average in converting their presence into sales. The sales efficiency index for Emerald Valley in WA reveals notable disparities between different tiers of cannabis retailers. The "Elite" tier, which comprises approximately 1.28% of the store count, contributes to roughly 1% of the total sales, resulting in a sales efficiency index of 0.78. This indicates that Elite stores are underperforming relative to their prevalence in the market. Conversely, the "Emerging" tier, which makes up about 1.30% of the store count, accounts for a significantly higher 1.63% of total sales, yielding a sales efficiency index of 1.25. This suggests that Emerging stores are outperforming their market share, indicating a higher efficiency in converting store presence into sales. The overall market shows a sales efficiency index of 0.98, suggesting a slight underperformance when considering the total share of store count versus sales. These insights suggest that Emerging tier stores are driving a disproportionate amount of sales relative to their numbers, while Elite stores are not leveraging their market presence as effectively. As a next step, it would be beneficial to conduct a deeper analysis into the factors contributing to the high efficiency of Emerging stores. This could include examining their marketing strategies, product offerings, customer service, and location advantages. Additionally, identifying the challenges faced by Elite stores and addressing them could help improve their sales efficiency. Implementing best practices from Emerging stores across the board might also elevate the overall market performance.
Store KPIs
The heatmap visualizes the Year-Over-Year (YoY) growth metrics for each store, categorized into three key performance indicators (KPIs): Revenue, Ticket Count, and Average Ticket. Each row in the heatmap represents a different store, and each column corresponds to one of the KPIs. The values are presented as percentages, illustrating the growth or decline in each metric compared to the previous year. By arranging the stores vertically and the metrics horizontally, the heatmap facilitates both horizontal and vertical analysis. Horizontally, you can compare how different KPIs are performing within a single store. Vertically, you can compare how the same KPI performs across different stores. This heatmap is a powerful tool for managers and decision-makers to identify trends, pinpoint areas of success, and highlight where improvements are needed. It effectively condenses complex data into an easily digestible format, enabling swift assessment and strategic planning based on current performance metrics.
Long Term Growth vs. Cohort
Apr 2023 ā Apr 2024
Short Term Growth vs. Cohort
Mar 2024 ā Apr 2024 The month-over-month (MoM) growth rates for Emerald Valley stores in WashingtonA) indicate a mixed performance relative to the cohort median MoM growth rates for similarly sized locations in the broader market. Specifically, EV-Sodo experienced a MoM decline of -4.3%, which is slightly worse than the cohort median of -3.7%. Conversely, EV-Vancouver and EV-Belltown showed relatively better performance with MoM declines of -0.1% and -0.9%, respectively, both outperforming their cohort medians of -1.7% and -2.5%. This suggests that while EV-Sodo is underperforming compared to its peers, EV-Vancouver and EV-Belltown are managing to mitigate revenue declines more effectively. Given these insights, it is evident that EV-Sodo may require targeted interventions to address its underperformance. Potential next steps could include a detailed analysis of customer foot traffic, competitive positioning, and promotional effectiveness at the Sodo location. Additionally, best practices from the relatively better-performing EV-Vancouver and EV-Belltown stores could be identified and implemented at EV-Sodo. Further, a broader market analysis to understand external factors affecting the cannabis industry in WA could provide additional context and inform strategic decisions.
Basket Analysis: How Emerald Valley Stacks Up
Average Units Emerald Valley consistently sells more units per transaction compared to the market average in Washington. Over the past year, Emerald Valley's average units per basket ranged from 2.4 to 2.7, while the market average remained steady at around 2.4 units. This indicates that customers at Emerald Valley tend to purchase slightly more items per visit. Average Item Price The average item price at Emerald Valley is slightly lower than the market average. Over the past year, Emerald Valley's average item price fluctuated between $11.82 and $13.11, while the market average ranged from $12.54 to $12.95. This could indicate that Emerald Valley offers more competitive pricing or discounts compared to other stores in the market. Average Basket Size Emerald Valley's average basket size is generally higher than the market average. For example, in April 2024, Emerald Valley had an average basket size of $32.50, compared to the market average of $30.30. This trend suggests that customers at Emerald Valley are spending more per transaction than the typical cannabis consumer in Washington. š” Opportunity GTI has an opportunity to further capitalize on its higher average basket size and units per transaction by enhancing customer loyalty programs and targeted promotions. Additionally, maintaining competitive pricing while ensuring high-quality products could help sustain and potentially increase their market share. Lastly, leveraging data analytics to understand customer preferences could lead to more personalized marketing strategies, driving even higher sales.
Historical Pricing
Emerald Valley's average item price (AIP) is consistently lower than the market average, with both showing a general downward trend. The market is experiencing a moderate decline, with the trend appearing to accelerate in recent months.
Margin
Emerald Valley's margin has shown a declining trend over time, starting at 43.81% in October 2023 and dropping to 40.05% by April 2024. In comparison, the market average margin has remained relatively stable, fluctuating slightly but generally staying around 45.64% to 46.39% during the same period. Overall, Emerald Valley's margin has consistently been below the market average and has been decreasing over the long term. Emerald Valley's margins show notable differences from the market average in the following categories: Vapor Pens: Emerald Valley has a margin of 40.99%, while the market average is 45.95%, resulting in a gap of 5.96%. Edibles: Emerald Valley's margin is 40.49%, compared to the market average of 45.85%, creating a gap of 5.36%. Categories where Emerald Valley's margins are close to the market average include: Flower: Emerald Valley's margin is 39.96%, while the market average is 43.60%, with a smaller gap of 3.64%. Pre-Roll: Emerald Valley has a margin of 40.18%, compared to the market average of 46.35%, resulting in a gap of 6.17%. These differences highlight where Emerald Valley's profitability diverges most significantly from regional trends.
Category Share of Sales
Emerald Valley's average item prices (AIP) are generally higher than the market average in several key categories. For instance, while the AIP for Flower is nearly the same ($32.07 vs. $32.28), Vapor Pens at Emerald Valley are priced higher ($29.37 vs. $25.71). Similarly, Concentrates and Edibles also have higher AIPs at Emerald Valley ($18.69 vs. $14.72 and $19.37 vs. $17.46, respectively). However, the AIP for Pre-Rolls is slightly lower at Emerald Valley ($8.74 vs. $8.93). In terms of category share of sales, Emerald Valley captures a higher percentage of total sales in Pre-Rolls (20% vs. 17%) and Edibles (10% vs. 9%) compared to the market average. Conversely, Flower sales are lower at Emerald Valley (28% vs. 33%). Vapor Pens and Concentrates maintain a similar share of sales at both Emerald Valley and the market average. To grow revenue, Emerald Valley could focus on increasing the share of Flower sales, given its high market demand, and further capitalize on the higher AIP in categories like Vapor Pens and Concentrates by enhancing product offerings or marketing strategies.