Retail is the kind of endeavor where you never have enough time or help to get everything accomplished. Most of the problems are because of merchandise – TOO MUCH merchandise. You are constantly figuring out where to put it, how to display it, and how to sell it. And while you’re doing that, more is … Read more
I’ll be the first to suggest that a full bank account is a wonderful thing! But it only has value in paying the bills and SHOULD NOT ENTER INTO DETERMINING HOW MUCH YOU BUY! Your buying needs to be to support your anticipated sales at your desired turn rates. More will only create problems. Sales … Read more
Let’s face it, you’re buying by the seat of your pants. Sadly, this only creates problems no matter how talented you are at picking items. You’ll always buy too much and you’ll certainly be buying some “dogs”. Open to buy planning will help in both areas. With a solid buying plan based on sales and … Read more
If I could drop into your store and hypnotize you so you’d start using open to buy planning, you’d thank me once you were underway – just like all of my subscribers. I won’t be knocking on your door, but I hope my blog posts are knocking on your noggin. Some retailers will do anything … Read more
There’s nothing as rewarding as doing what you enjoy AND MAKING MONEY WHILE YOU’RE AT IT! This is exactly what my subscribers are doing and you can as well. Retail is a lot of work – and while it’s the work that you love, you should be rewarded with regular and substantial profits. If that … Read more
There is nothing as powerful for keeping your store alive as open to buy planning. There are many things you can do to help your survival and move you to success, but none of them will serve you like open to buy. Your store is about buying and selling. But you spend much more of … Read more
Without a solid buying plan based on anticipated sales and desired turn rates – the two elements driving every retail store – you are destined to OVERBUY. Of course, you know what your customers like and you have a plan for your store, but when you are faced with unlimited choices, discount plans, dating plans, … Read more
Life has changed since February and many stores are gone. It’s a shame because they could still be here. The smart money is on open to buy planning to keep inventories lean and turning. If you’re not using open to buy or struggling with some other OTB system, now is the time to join us. … Read more
Many years ago, I gave a seminar in New York explaining the open to buy process. About half way through my presentation, an attendee raised his hand and asked: “Isn’t there just a formula like A + B = C to determine your buying?” Sadly, there’s not since you want your answers (buying plan) to … Read more
Sure you’re busy and can’t afford the time to work with open to buy planning, but the truth is that you can’t afford NOT to. Your retail store is about selling and buying. You probably spend most of your time figuring out how to be more effective in your selling. Better promotions, better displays, better … Read more
All the talent in the world will not insure a retailer’s success, but open to buy will. How can that be? It’s simple really. All of your skills in merchandising, staffing, store layout, advertising, displays and customer service go out the window if you can’t pay your bills. So, cash flow is critical and the … Read more
As you well know, retailers love to buy. They never want to miss a sale, so they always seem to buy too much. If you’re doing a good job as a retailer, you will always miss some sales. If you never miss a sale, you have too much merchandise and will be missing profits. The … Read more
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