Product Sources, Retail News & Internet Strategies
By Rob Caskey, VP Marketing, Liquidation.com Many independent retailers rely on local wholesale outlets or tradeshows to purchase their goods. Another efficient option is to tap into trusted online sites that sell returned, overstock and refurbished items—aka the secondary market. There are numerous benefits to sourcing these types of products online, including greater product range, access ... [Read more]
I heard a joke the other day, it goes like this: Do you know how to make a small fortune in the retail business? Start with a large one! I know, it’s a real knee-slapper, right? The only problem with this joke is that if it wasn’t so shockingly true in all too many cases, it just might be funny. How many retailers do you know where this scenario applies? Perhaps you are even one of them. If ... [Read more]
Let's begin with a simple multiple choice question. What helps to improve cash flow? A. Reduce expenses; B. Increase sales volume; C. Improve inventory turnover; D. Raise maintained markup; E. Properly timed deliveries; Or, F. All of the above. If you answered "F" congratulations, you are probably a savvy retailer. Cash is King in the retail business. Strong, positive cash flow is a must for ... [Read more]
Many retailers spend more time planning their vacations than they do planning their inventory. Of course I can’t prove this, but it stands to reason given the fact that the average shoe store still turns inventory twice annually and is accepting of a gross margin return on inventory (GMROI) of less than $2. If we accept as fact that proper inventory planning is a key component to maximizing ... [Read more]
Retailers, while not acclaimed fortune tellers, quite often are asked to predict the future. How much inventory must be purchased to meet demand? Will markdowns be required? How will the new selling year fare? Without proper analysis of your financial situation, these predictions are nothing more than uneducated guesses. Instead, retailers must perform a thorough evaluation of their business and ... [Read more]
The formula for open-to-buy (OTB, a financial budget for retail merchandising) planning is not difficult. To start, look at planned sales. Where do they come from? Most independents get into trouble right out of the gate, by getting this segment of the planning process wrong. A common, albeit incorrect approach, is to plan monthly sales volume based on last year. Using last year’s figures to ... [Read more]
As the saying goes, “Timing is everything.” Although selecting the right vendors and styles at the right price points is very important, establishing ideal delivery start and completion dates for inventory orders can be just as important. Before buying for any new season, you need to know which vendors have been the most profitable, along with what styles and sizes sold best in the prior ... [Read more]
Scheduled to run Jan. 15 to Jan. 18, NRF sponsored “Retail’s BIG Show” is already making industry headlines and appearing as the topic of many blog posts after its first couple days of presentations and networking. As NRF blogger, Jennifer Overstreet, explains, “From business intelligence to point of service, mobile to kiosks, customer experience revolutions to supply chain optimization, ... [Read more]
Why do we go through the charade of making idol promises to ourselves each year that are usually dismissed or forgotten by the time the effects of New Year’s Eve have worn off? Have you ever noticed all the new faces in the health clubs in January, sporting the cross trainers and workout wear acquired over the holidays? Most will have abandoned their physical aspirations come spring. Making ... [Read more]
With the Holiday season soon behind us, now is a good time to review the past twelve months and evaluate both quantitatively and qualitatively the areas of your business that have worked well, in addition to those areas that could stand improvement. Most retailers take a physical inventory in conjunction with their fiscal year end. Certainly this is a recommended practice from an accounting ... [Read more]
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