Tips and Insight on becoming a profitable retail store

Open To Buy will help you Forecast the Future!

What? No one can see the future, but an open to buy plan can help you forecast your future merchandise needs. It will also enable you to adjust your forecast as you get closer to those dates based on trends that will be shown. Since your vendors require orders that are placed far out into … Read more

If your Open To Buy was a DOG, would you ignore it?

We all know that dogs are wonderful, even though they require a lot of maintenance. But they’re worth the work because of the benefits you receive. Of course, you have to make sure they’re fed and have plenty of water, and you have to walk them and pick up after them, and you have to … Read more

Open To Buy will insure your store supports YOU!

You put out a lot of money to open your store. Money that bought your leasehold improvements and store fixtures. Money you spent on promotion and displays. And of course, money you spent on inventory. Now you should be done spending. But most retailers continue to put more money into their store to pay bills … Read more

Merchandise With Both Sides of Your Brain!

You got into retailing because of your creativity. That makes you “right brained”. Certainly you’re in the right profession to use your talents in terms of establishing an attractive environment in your store, choosing great items to fill it, doing enticing displays and, of course, making your customers want to come back often. Wouldn’t it … Read more

Unlock Profitability with Turnover!

Do you know what turnover is? How to calculate it? What it means to your buying and your bottom line? Do you know how to use it? Do you know your current turnover in your store? In each merchandise department? Every store is driven by two elements – sales and turnover. An open to buy … Read more

There are NO Reasons NOT to use Open To Buy!

Pardon the double negative, but retailers are constantly making up reasons why they shouldn’t use open to buy planning.  All of what they put forth are EXCUSES and not valid reasons.  One thing retailers need to be – and usually are not – is great time managers.  Retail has a lot of parts, but the … Read more

Open To Buy is Medicine for Your Store!

No one likes to take their medicine even if it’s going to make them well.  It’s icky!  Retailers are the same way about open to buy planning even though it’s the only thing that will heal their cash flow problems. While buying seems easy and buying the right items generally is, the problem is always … Read more

Open to Buy will release your Buried Treasure!

Is a shortage of cash holding you back from doing what it takes to grow your business? The money invested in leasehold improvements, furniture and fixtures is gone.  Only your merchandise and your ability to turn it over will keep your cash flow positive. Every time you sell an item, a portion goes to pay … Read more

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


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