<p>By: Leslie G. Sarasin, President and CEO, FMI</p><img src="https://www.fmi.org/images/default-source/blog-images/speaks-survey.tmb-large-350-.png?Culture=en&sfvrsn=35fbaeb4_2" style="float:right;margin-bottom:10px;margin-left:15px;" alt="survey" class="-align-right" sf-size="100" /><p>We know the answer thanks to <strong>you</strong>. We know because the industry tells us each year when we ask, as we have been doing every year for more than 75 years. The first ever <a href="https://www.fmi.org/our-research/research-reports/food-retailing-industry-speaks"><em>The Food Retailing Industry Speaks</em></a> (<em>Speaks</em>) report appeared in 1949. More than seventy-five years later, this report continues to provide the food retail industry with important benchmarks, facts and figures that are used in our advocacy work on Capitol Hill, in conversations with the media and by our members desiring to make informed business decisions in these tumultuous times. </p><p>Here are just a few examples:</p><ul><li>We all know the <strong>profit margins</strong> in the industry are razor thin, but being able to cite a precise number, such as 1.6% in 2023, offers credibility to our message. </li><li>We know <strong>credit and debit card fees</strong> have had a negative impact on our profits. But to say these fees take a full 1.0% right off our bottom line and 77% of transactions are made with credit or debit cards emphasizes this impact. </li><li>The food industry does so much as good <strong>corporate citizens</strong>. Being able to quantify the industry’s efforts in areas such as energy use reduction, package waste reduction and charitable contributions serves to demonstrate this.</li><li>FMI is often fighting for the industry for smarter, more pragmatic <strong>regulations</strong>. Data from the Speaks survey serves to help us advocate both in Washington and the states to limit the burden while supporting a safe and nutritious food supply.</li><li>The Speaks survey results provide a plethora of <strong>industry facts and figures</strong> that you can use for benchmarking and we can use for assessing the state of the industry. These include important measures such as out-of-stock rates, shrink data, same store sales growth, sales per labor hour, number of SKUs carried, store size and so much more.</li></ul><p>What will we learn about our industry this year? This year’s <em>Speaks</em> report will of course continue to trend key financial and operational benchmarks, while incorporating questions about new industry issues and challenges. Some of the new areas included for this year’s <em>Speaks</em> study include:</p><ul><li>The impact of technology and ecommerce. From efforts toward using technology to personalize the shopper experience to the role of artificial intelligence, the survey has expanded its exploration of the role of technology throughout various aspects of the industry. </li><li>The impact on the industry of health care costs, interchange fees, upward wage pressures and recruiting/retaining employees. The results will also assess the impact of pharmacy DIR fees, transportation capacity, trade/tariffs and other emerging issues.</li><li>New areas of inquiry on space allocation, labor allocation, product and service differentiation strategies, supply chain issues, inflation and economic concerns, asset protection, and much more. </li></ul><p>How is FMI able to know all of this about the food industry? We learn it directly from the food industry, when your company responds to <em>The Food Retailing Industry Speaks</em> annual survey. In 1949, an amazing 64% of the industry responded to the first survey. We need your help to have <strong>your company to respond</strong> this year. You should have received an email about how to participate in this year’s survey. If not, contact FMI’s vice president of research and insights <a href="mailto:smarkenson@fmi.org">Steve Markenson</a> to learn how your company can participate. We want as many voices as possible to <em>Speak</em>.</p><p><a href="https://www.fmi.org/our-research/research-reports/food-retailing-industry-speaks" class="button">Learn more and download the full 2024 <em>Speaks</em> report</a></p>
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