Tips and Insight on becoming a profitable retail store

A fresh perspective can make a world of difference!

How cool would it be to have a consultant working for you in your store or office who was ready to answer any question you had or kick things around when you needed perspective on a problem? Well, that’s one of the perks of subscribing to myotbplan.com.  And our advice and counsel is free.  When … Read more

How much are you worth?

Considering everything you do in and for your store and all of the time you devote, if you closed your store and went to work for someone else and did the exact same thing, what would you expect to be paid? I would imagine it’s a pretty high figure.  So why are you not taking … Read more

Retail Survival Essential

You would never head out into the wilderness without the proper survival tools and yet, every day creative people venture into the retail jungle with nothing more than hope and determination (and usually their life savings).  Well, that’s not enough. Retailers fail every day, not because they don’t have an attractive store or they don’t … Read more

Don’t be an April Fool!

An April Fool (pick any month, really) is a retailer that does their buying without open to buy planning.  Yes, it’s easier, but it’s a lot more expensive when you consider bloated inventories, excess invoices, markdowns and the negative image it brings to your store.  This is what you can expect when you avoid using … Read more

Trick Question: Are Items or Quantities more important?

A long time ago, I coined the phrase, “Buying the right items brings in the customers, but buying the right quantities brings in the profits.”  And, of course, it’s still true.  Most retailers have little trouble finding great items to fill their stores and enchant their customers.  You know your customer, their tastes, their buying … Read more

Is Your Ego getting in the way of Profits?

Retailers have some pretty large egos. It’s one of the reasons they have such great looking stores and are loved by their customers. They want that adoration and want to please. But they also can let that ego blind them when they are merchandising their stores. I’m talking about buying without a plan. Because of … Read more

Are you making enough money in your store?

Strange question? Not really, because making money should be your major concern. Image, atmosphere, displays, sales help, promotion, great items – they’re all so you can make more money! But that’s not enough! The reason retailers fail is not because of the above, it’s because they buy too much merchandise and can’t pay their bills … Read more

No Time for Open To Buy?

Boy, if I had a nickle for every time a retailer has told me they just don’t have the time to put figures into an open to buy system, I’d be rich! Retailers are very busy people, mainly because they think they can’t afford any help. They also think (and maybe rightly so) that no … Read more

Buying to Encourage Sales, or Buying to Support Sales?

If you’re wondering what’s the difference, you need to rethink about how you merchandise your store. Of course you want to have great items and you probably do because you go to the shows and keep an eye on trends to make sure you are current with what’s new. But how much you buy makes … Read more

Let’s Make Some Money!

You’d think that making money would be every retailers’ number one motivation, but it’s really not. They expect that it will happen if they make their store attractive, hire attentive sales personnel, do alluring displays and provide great merchandise. If they do all that, how can they lose? Sadly, even when excelling at the tasks … Read more

Is A Store Closing in Your Future?

Is your inventory building up? Do you have too many invoices and not enough cash? Are you behind in the rent? Have you cut back on personnel? Retailers have two types of expenses: merchandise and overhead. Overhead – rent, labor, utilities, etc – must be paid or you cannot operate. Merchandise is a different story. … Read more

Don’t go to Vegas without an Open to Buy Plan!

It’s showtime and you’re about to be dazzled. You will be seeing great merchandise and lots of it. You’ll be encouraged by the reps to keep buying. They have all the best items and want you to be sure you have plenty so you don’t miss sales. If you allow yourself to drink this “cool-aid”, … Read more


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