We interrupt our detailed explanation of OPEN TO BUY Planning so you can enjoy the Thanksgiving holiday before immersing yourself in the “Selling Season”! This is the time most retailers use to cover their mistakes and problems. Certainly many have been the fault of Covid, but many as well have occurred because of the lack … Read more
The results of the OTB Calculations is a buying plan in retail dollars for each delivery month for the next 12 months. Now it is up to you to fill the OTB Amounts with the best available merchandise. Because this is a LIMITED amount you must be as focused as possible on buying just the … Read more
Running the OTB Calculations will get your OPEN TO BUY Plan underway, and then run them again each month as close to the beginning of the month as possible. With your Projected Sales for each month and your Turn Rates, you have computed your Ideal Beginning Inventory in each Department. Along with your Current Inventory … Read more
With your projected sales and turn rates in each department for the next 12 month, you have been able to calculate your IDEAL BEGINNING INVENTORY for each month. Your Annual Turn Rate divided into 12 times your sales for each month yields the Ideal Beginning Inventory for each month. Once you have the ideal beginning … Read more
Your OPEN TO BUY develops a buying plan so you order and receive the correct quantities of merchandise before or during Month 1 to insure that you begin Month 2 with the right amount of merchandise to support your expected sales at the turn rates you desire. Even though the merchandise will arrive before Month … Read more
Turnover is the key to making money in retailing. It’s also the key (along with your sales projections) that your OPEN TO BUY will use to develop your buying plan. TURNOVER is the rate at which you deplete your inventory and is always considered in annual terms. If you divide your turnover into 12 (months) … Read more
Your inventory is not there to create sales, it is there to SUPPORT sales. Thinking that MORE inventory will lead to more sales is a costly mistake. Excess inventory leads to MARKDOWNS. The inventory you order must be based on reasonable or even conservative estimates of your sales. You can always get more merchandise, but … Read more
Everything in OPEN TO BUY is figured in RETAIL DOLLARS! You are building a retail dollar buying plan to support your retail dollar sales. And everything is figured by DEPARTMENTS. Each department must rise or fall based on it’s own productivity, so once you define your departments, they act as separate stores. Your departments should … Read more
To succeed in retail, you need SALES (obviously), but even more important is TURNOVER. Turnover is the key to making money in retail. The more you turn, the more you make. The only way to improve turnover is with OPEN TO BUY planning, so if you want to succeed, you need OTB. The ideal time … Read more
No matter what job you tackle, you need the right tools. As a retailer, the most important job you face is BUYING. Of course you need to buy the best items, but the most important part of buying is insuring you buy the RIGHT QUANTITIES. OPEN TO BUY planning is the tool you need for … Read more
Well, there you have it. When you use OPEN TO BUY planning, you’ll KNOW HOW MUCH TO BUY. When you DON’T, you’ll struggle with bloated inventories, excess invoices, MARKDOWNS, and cash flow problems. The choice is yours and it’s an EASY one! Some retailers think they can do all the planning in their head and … Read more
I know it’s hard to believe, but while Rocky and friends brought you smiles and some thought provoking laughter, our OPEN TO BUY will bring you MONEY! And money will always bring you smiles. You’ll smile when you trim down your inventory. You’ll smile when you don’t have excess invoices, MARKDOWNS or cash shortages. You’ll … Read more
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