OK, no one has a crystal ball and if they do, you should probably avoid them. But everyone is interested in knowing what the future holds, especially retailers. And since retailers have to predict the future several times a year when they do their buying, they need the closest thing to a crystal ball and that’s open to buy planning.
Open to buy is a forecasting process that will project future needs in your store based on anticipated sales and desired turn rates – the two elements that drive your store. With open to buy planning, you will be totally prepared to write orders for the next 12 months when you sit with your reps at a trade show, merchandise mart or in your store.
Think about how much simpler your life would be if you actually had this information. Think about the money you’d make by reducing the amount of markdowns you take. Think about the time you’d save not remarking all that old merchandise and moving it around the store to make it look better. Think about how much more productive your staff would be if all they had to talk about was the NEW arrivals.
If you’re like most retailers, you’re usually overwhelmed with excess invoices, bloated inventories, markdowns and cash flow. What if there’s something to eliminate those problems and make your life all about the creative energy which got you into retailing in the first place. Well, open to buy planning is the answer.
A good open to buy plan – like MYOTBPLAN.COM will enable you to have the answers you need to tell the future and attain it. Not only will you have your plan, but you will have the ability to revise it as you go forward seeing trends develop. Until you get underway with open to buy, you won’t realize how much fun (and how profitable) retailing can be.
Let open to buy be your crystal ball!