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Operating schedules · in 1 model

Retail sales: density, like-for-like and online

Sales per sq ft by cohort, LFL growth, online returns, markdowns.

By Surojit Chakraverti, founder of L3VLUP and an investor running a long-short healthcare and technology equities strategy.

On this subject: retail sales: density, like-for-like and online.Updated 5 November 2026

What it does

A retailer’s sales from its two channels. Each cohort of stores trades at its own sales density: a mature store at the mature density, which grows at the like-for-like rate, and a new store at a rising share of it until it matures. Online demand less returns is net online sales. Both channels sell one range bought at an intake margin, and markdowns cut the selling price but not the cost, so gross margin falls faster than the markdown rate rises.

Where it lives

The same schedule in each model that carries it, with the rows to open. Open a model in the browser, go to the sheet, and click the lines.

Multi-store retail model
  • Assumptions, rows 19–26: Sales per sq ft, mature stores, FY0, New store sales density, first year, % of mature, New store sales density, second year, % of mature, New store sales density, third year, % of mature…
  • Assumptions, rows 29–36: Online demand, FY0, Online demand growth, base, Online demand growth, downturn, Online demand growth, upside…
  • Assumptions, rows 39–44: Intake margin, Markdowns, % of full-price value, FY0, Markdowns, % of full-price value, base, Markdowns, % of full-price value, downturn…
  • Sales, rows 6–10: Like-for-like sales growth, Mature stores, Stores in their first year, Stores in their second year…
  • Sales, rows 13–19: Mature stores, Stores in their first year, Stores in their second year, Stores in their third year…
  • Sales, rows 22–25: Online demand growth, Online demand, Less: returns, Net online sales
  • Sales, rows 28–30: Sales, Sales growth, Online share of sales
  • Sales, rows 33–43: Markdowns, % of full-price value, Sales at full price, Less: markdowns, Cost of goods sold…
Inspect it in the browser Worked model

What a reviewer looks for

  • New space at the mature density.
  • Online at demand, before returns.
  • Markdowns off a fixed gross margin.

Learn it, then build it

Read · Guide · 7 min

Equity Research Interview Questions: The Coverage Mindset

Vocabulary: Like-for-Like Sales, Gross Margin.

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