Tips and Insight on becoming a profitable retail store

Why Retailers Fail!

Think about it. Retailers are falling by the wayside on a regular basis. And it’s not a new phenomenon. It’s been happening since there were retailers and the cause is almost always the same. Retailers know their customers, so they know what to buy for them. They know how to do displays that will entice … Read more

Commitment to the numbers.

To achieve your goals, you must commit to doing whatever is necessary, not just what is easy or pleasurable. Many things we must do are out of our “area of expertise” or we just don’t want to do them. But to succeed, we must grit our teeth and get the job done. Occasionally, we find … Read more

Too Good Not To Share!

Sunday I was watching a sports program and had just finished lunch. The phone rang and I figured it was a telemarketer, but happily it was a retailer from California who was trying to learn more about open to buy since she was totally dissatisfied with the consultant she had been using. She explained that … Read more

Too busy for open to buy?

One thing retailers do is to keep busy – too busy! Of the thousands of retailers I have spoken with over the years, their biggest problem is that they are so busy “putting out fires”, that they don’t have time to deal with the one thing that will solve their problems. Once a retailer is … Read more

Just back from Vegas?

Awesome, right? The merchandise, the shows, the glitz, the hype, the parties – phew, what a rush! Did you see everything? Or just your favorite suppliers? If you did your job right, you looked at everything in every site before writing your orders. Did you do that? Did you buy according to your open to … Read more

Enjoy the Parties, You’re Paying for Them!

Going to Las Vegas? Are you ready with your buying plan? Are you going to the parties thrown by your vendors and retail services companies? Do you know why they are having parties? Of course, you realize they want your business. They hope by showing you a good time, you’ll show them your money. Your … Read more

Can you make money with consignment merchandise?

Many retailers feel that having consignment merchandise to supplement their purchased inventory is a good thing, but is it really? They think this because if it doesn’t sell, they can return it for credit, cash or other merchandise. But in reality, every item of merchandise in your store, purchased or consignment, must carry its proportionate … Read more

Some tips for working the next show.

The intelligent way to work a show is to first be prepared with your open-to-buy plan. Next you have to find out what is available and then buy the best possible merchandise to fit your buying plan. Instead of entering the show, going to see your favorite supplier and writing an order, you should be … Read more

What is your store worth?

You’ve made quite an investment in your store. What part of that investment will show some dividends? Strange question? Think about it for a moment. When you went into business you transformed your landlord’s raw space into your dream store. Depending on how “raw” the space was, you spend quite a bit of your capital … Read more

Will your Reps be OK with your Open To Buy Plan?

As soon as you realize you can no longer keep guessing about your buying if you want to succeed, you’ve made a gigantic step forward. Your next step is to set up an open to buy plan. The first bit of information you’ll see is how over loaded your inventory is. Next, you’ll see your … Read more

Buying (Open to Buy) Facts.

1. The most important part of the retail process is buying. Everything revolves around your buying. If you do it right, everything else falls into place. If you do it wrong, you spend the rest of your time trying to correct your mistakes. 2. Buying is hard work, not fun. Your toughest job as a … Read more

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