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 […]
Establishing ideal delivery start and completion dates for inventory orders can be just as important as price points.
If over 30 percent of your inventory stock is old, you have a problem that needs to be addressed now.
The Electronic Sales Badge is a way to get your message out there and get the upper hand on the competition.
Results of poor open to buy planning or no planning can be quite costly and generally lead to inventories that are out of balance.
Items in a classification must be kindred, having the same end use such as similar markup and turnover goals, as well as like selling patterns.
Fewer customers buying less translates to lower sales volume, but so can your store’s approach to sales and inventory forecasting.
Equipping a store with retail display fixtures can swallow a sizable chunk of any retailer’s budget. Yet as retailers swap inventory in and out, associated display fixtures are also frequently changed. Mick Thaxton, national sales manager of Newood Display Fixture Manufacturing, confirms, “It used to be people would replace fixtures every two or three years, […]
Independent Retailer’s print publication produces greater readership and response.
As reported in Industry Retailer’s June 2010 issue, most brick and mortar retailers felt the effects of a sluggish economy. The result was reduced inventory. Ultimately, low stock led to remodeling, in an effort to dismiss the barren shelves as nothing more than a cleaner appearance to customers. Economic remodeling, however, wasn’t successful for all. […]