Tips and Insight on becoming a profitable retail store

Pay More Taxes Next Year (happily)!

Hey, no one wants to pay taxes at all, but to keep government working to provide all of the services we’ve come to expect, we all must cough up some of our hard earned money. Now this post is not on the tax code or how your accountant labors to find loop holes and deductions … Read more

Will your Open to Buy tell you when to STOP BUYING?

Retailers love to buy. They know what their customers want and they never want to disappoint them. So they buy more… and more. But too much of a good thing is a bad thing! That’s not just a cute saying – it’s the truth. Retailers consider buying an art. And to some degree it is. … Read more

Reduce Markdowns in 5 Minutes!

If you give me a call and we can talk for five minutes, I can show you how you can reduce your markdowns dramatically. As you know, markdowns kill your profits. You have to sell at least 80% of your inventory at FULL price just to break even. So when you start taking markdowns to … Read more

Open to Buy, because Your Buying is Your Bottom Line!

The biggest variable in your store is inventory. There is little change in overhead from month to month, but excess merchandise invoices create markdowns and cash flow problems when you overbuy. Trade shows and merchandise marts bring you the best items to tempt your customers, but the manufacturers require orders be placed far ahead of … Read more

Are you buying at Cost or Retail?

When you’re in front of a rep or vendor and see an item you think would be great in your store, what’s the first question you ask? Of course, it’s “how much is it?” That’s a great question, but it really should be your SECOND question. Your first question should be, BEFORE you know the … Read more

Headed to a Trade Show? Don’t forget your OTB Plan!

Working a trade show should be just that – work! It’s not a time for fun or special meals or gatherings. Those things are distractions and usually intended to buy your allegiance to a vendor. Retain your independence and spend a lot of time learning what’s available before you commit your dollars. The harder you … Read more

A Parable with a Moral.

THE PARABLE Once upon a time in a town just like yours there was a retailer just like you. He loved to buy and had the ability to select terrific merchandise. He thought he had a “feel” for quantities, but always seemed to overbuy. He was offered so many deals, discounts and dating plans that … Read more

A+ B + C = OTB?

Many years ago, I was giving a seminar in New York on open to buy planning. Part way through the presentation, a woman put up her hand. Her question was: “Isn’t there a simple formula like A+B+C that will give you a buying plan?” I told her that if there were, we wouldn’t be here … Read more

Open To Buy will change how you view your store!

Too many retailers go about their busy day with little thought as to if their store is paying off or sucking them dry. There are so many things to accomplish each day and so many fires to put out that it’s only when the reality of not having enough money to pay the bills hits … Read more

Comfortable Shoes and Open To Buy for the Trade Shows

It’s time to make plans for the trade shows. The two most important items you’ll need are comfortable shoes and your open to buy plan. Lucky for you, is online and totally accessible from your computer, tablet or smartphone. Comfortable shoes are a must since walking the show floor and SEEING EVERYTHING BEFORE YOU … Read more

It’s not your merchandise, it’s your MONEY!

As you look around your store do you see a rainbow of colors? Or do you see GREEN? Let’s hope you see green, because it’s not merchandise you see, it’s your MONEY! You’re a merchant and you love your store and your customers and your merchandise. And that’s all good. But as we all know, … Read more

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