Tips and Insight on becoming a profitable retail store

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

Do YOU Need Open To Buy?

There are basically three types of retailers. Let’s think about each one for a minute. To begin with, there’s the prospective retailer that is planning to open a store. There’s so much to consider: location, size, promotion, types of merchandise, personnel, when to open, floor plan. It’s kind of mind boggling, but there’s one thing … Read more

Who’s Steering Your Store?

Does that seem like a strange question? Obviously, you are steering your store by planning the displays, doing the promotion, training the sales personnel, buying the merchandise and doing way too many things to list. But does all of that keep you on course to arrive at your desired destination? And what is that destination … Read more

Autonomus Buying?

We’re working on autonomus cars, so what’s next? Many retailers are already there mentally. They go to a show and cruise around buying everything they like. No need to figure anything out, fill up with gas or plug into an outlet, they just cruise. It really is fun. They are treated with kid gloves by … Read more

What’s your No. 1 Goal for 2018?

Well, there are a ton of worthy goals for you to pursue in your store, but only one is number one. Any ideas? Of course you want to increase sales, hire better personnel, train them better, improve your displays, redo your store layout, motivate your people, develop a better marketing strategy, but number one always … Read more

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