Tips and Insight on becoming a profitable retail store

Life is all about balance. Too much of a good thing is a bad thing. In your store, that means markdowns since you can only sell a certain amount of merchandise. Sure, you hope your sales will creep up, but that depends on a number of factors – none of which are more merchandise. You … Read more

As a retailer, you know how easy it is to slip and over buy. That simple act leaves you with bloated inventories and excess invoices. And of course, a negative cash flow. So your natural inclination is to start taking markdowns to raise cash to pay the bills. The problem with that is markdowns eliminate … Read more

Well, we all know nothing’s really easy. There are always bumps in the road, but you have most of the skills to be successful right now. You’re creative, you’re selling products that you love and understand, your displays and advertising are great. You love people and your employees love you and want to do whatever … Read more

It’s almost too easy. Just apply this patch to your retail store and suddenly you’ll know where your inventory is too heavy and your future orders are out of balance. You’ll know how much to buy for each of the next 12 months in each merchandise department. Not only that, but this is one cure … Read more

Everyone talks about their “open to buy” but very few retailers actually have one. They talk about it because they want to sound like they know what they’re doing (buying), but if you don’t really have a solid, accurate open to buy, you’re going to get it wrong. Open to buy is all about math. … Read more

Supposing you ran an orchestra and you had to negotiate salaries. Your true love was the woodwinds and you dealt with them first. When you were finished, you had the best woodwind section in the country, but no money left for the strings, the brass, percussion or any other section necessary to play the music … Read more

There may come a time we can drive our cars with blindfolds on or while we’re texting or watching a movie, but today, it’s insane. The same holds true about buying for your store. While you know your customers, your merchandise, your competition, the weather patterns, tourism, and your promotional schedule, without an open to … Read more

You know how easy it is. “Just one more item – or two – or three. They’re all so attractive, I know they’ll sell. I’ll just check one more booth/showroom and then I’ll leave. Or two – or three.” Sound familiar? It should, it sounds like YOU! (And me) We got into retail because we’re … Read more

As a retailer, you should be thinking about your open to buy plan. If you don’t have one, you should be thinking about getting one. Don’t waste your time with your own system or spreadsheet because you won’t get it right – there are just too many variables. Once you realize that you need open … Read more

The monster under the bed is really only in your head you tell your child. Well, the same holds true for avoiding open to buy. It’s not a monster, it’s probably your savior. The monster is thinking that GUESSING will allow you to be profitable when in reality, guessing is what causes most retail failures. … Read more

You’re there, you’re back, or you’re heading out. Every retailer has to get to the summer shows to see what’s coming for Fall, Winter and Spring. You don’t want to miss out! Every line will be displayed to the hilt and the reps will be looking to sit you down, dazzle you, and take your … Read more

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