Irvine, CA – Last month the National Bicycle Dealers Association (NBDA) announced their efforts to strengthen their resources for Canadian members. The latest of this includes the formation of a Canadian-Specific P2 Profitability Project group.
Launched in 2006, P2 is an NBDA initiative aimed at providing specialty bicycle retailers a collaborative resource to help them increase sales, profitability, and customer experience. Since its conception, over 90 retailers have participated. Currently, 45 US-based retailers are part of four groups. The newly formed Canadian-specific group has 8 retailers. The non-competing retailers meet virtually every month and in-person twice each year to share, compare, network, examine, and analyze specific data from their businesses to help each other in operations and strategy.
Heather Mason, NBDA President and moderator of the P2 Program, commented, "Our Canadian retail members face unique challenges from our US retailers, and we wanted a peer group that could truly understand all the facets unique to the bicycle industry. The current group of retailers is truly dynamic, and we look forward to the growth of the group,” she said.
A key feature of the P2 Program is its custom P2 Retail ToolKit Data Dashboard. Collecting metrics from participants, this dashboard compiles the data to identify key performance indicators (KPIs) that drive profitability and graphically illustrate for the retailers their labor sales as a percentage of total sales, bicycle sales as a percentage of total sales, gross margins on bicycles, average sales per transaction, sales growth, inventory turns, and growth in average transaction value among other metrics. This dashboard shows retailers how their stores stack up against top shops and the rest of the industry.
The NBDA sees this as only the beginning. “We continue to expand the program to best meet the needs of our retailer members. We have room for retailers to join in each of our P2 groups. With a max of 20 per group, we welcome additional members to the program as it makes for richer conversations and data,” added Rachelle Schouten, NBDA Development Director.
The P2 Profitability Project is the ultimate group experience for the specialty bicycle retailer.
More information about P2 can be found on the NBDA's website.
Retailers interested in joining a P2 group should contact Heather Mason at heather@nbda.com.
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The National Bicycle Dealers Association (NBDA) is the bicycle industry retailer association formed in 1946, representing and empowering specialty bicycle dealers in North America through education, communications, research, advocacy, member discount programs, and promotional opportunities. Some of its programs include Profitability Project (P2), a mastermind group for bicycle shop owners and the Bicycle Retailer Excellence Awards credentialing program.
NBDA member benefits include credit card processing and POS discounts, programs, access to an online dealers' forum, educational webinars, and virtual member peer to peer learning events. The NBDA additionally offers member savings with association members on software, communication and website service providers. Annual dues are $250 for retailers; $195 for mobile bike shops; $129 for Individuals; $999 for companies associated with the bicycle industry with over $500,000 per year in sales; and $699 for smaller companies and industry sales representatives.
