Tips and Insight on becoming a profitable retail store

I Could Sure Use Your Input!

For a while now, you’ve been receiving my posts about how open to buy will improve every aspect of your business and consequently your life. I realize how busy you are and know that asking for your help is a little presumptuous, but you can’t blame a guy for trying. Here’s what I’d like to … Read more

Open To Buy Will Help You Sleep Tonight!

As a retailer, you realize that no matter how many hours you put into your store each day, when it’s time to go to bed, there are too many issues competing for your attention to allow you to sleep. You have issues with your staff, with the city, with your advertising, with your displays, with … Read more

Retail By (Buy) The Numbers!

Number are NOT retailers’ favorite things. We all love product, displays, customers, advertising, store decor and so many other things that have nothing to do with numbers (except perhaps big markup numbers). But numbers run the world and that includes the world inside your store. Everything is based on numbers and so you must try … Read more

Open To Buy Will Insure Your Success!

Retailing is such fun. You get to surround yourself with great merchandise (of course it’s great – you bought it) and introduce it to your staff and your customers who love your selections. You get to display it and watch as your customers happily march to your register and pay for your items. What could … Read more

Step-by-Step Open To Buy Setup.

Step One: Define your Departments – Be defined enough so you have good information, but not so defined that you’re hamstrung when you go to market. Step Two: Set up a Sales Projection in each department for each month for the next 12 months. Step Three: Establish Turn Rates for each department and adjust them … Read more

Open To Buy will help you resist the “Dessert Cart”!

Going to a trade show or a merchandise mart is like staring at a dessert cart. Everything looks delicious and you want it in your store. But eating everything on the dessert cart will make you sick and ordering everything you want for your store will make you poor. Your brain will (hopefully) limit your … Read more

Do You Need POS or OTB? Or Both?

Both POS (point of sale) and OTB (open to buy) are incredibly useful systems for retailers. What type of merchandise you carry will determine if you need one or both of these system. If you are selling merchandise that does not change very much from season to season and your suppliers will always have a … Read more

Are You Buying Your Way Into Bankruptcy?

We all love to buy merchandise. It’s probably the reason you got into retailing in the first place. Sure, there are many other pleasures – selling, doing displays, getting feedback from your customers, etc. – but nothing beats buying for a total high (without drugs). You are in front of the vendors, they want your … Read more

How’s your Turnover? Let’s do the math!

Everyone talks about turnover, but do you really understand what it is and how important it is? Well, a simple definition is that “turnover is the rate at which you deplete your inventory during the year”. What that means in static terms is that if you had a full store of merchandise on January 1st … Read more

Break the Cycle with Open To Buy!

Old habits are hard to break, but old habits can break YOU. Retailers go out of business because of what is illustrated above. It’s not a matter of buying the WRONG ITEMS as retailers have a great feel for what’s available and what their customers want. The problem is always one of buying the WRONG … Read more

Don’t fool around with your Bottom Line!

You are nobody’s fool until it comes to buying for your store. Then there’s a big chance that your ego gets in the way of your sensibilities and you buy too much merchandise. When you do that, you will be receiving too many invoices. To pay those invoices along with the overhead, you will take … Read more


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