We are in uncharted waters, so updating your open to buy this month and next will be different from usual (if you have an open to buy – and you should). Since you were closed some or all of the month, even if you were selling from your web site or have an online presence, it’s probably true that your sales were down a large percentage. This situation will repeat itself in April and perhaps even May and June as the country continues in lock down.
We suggest that you reduce your Sales Projections in each of your Department for April, May, and June. But before you do that, make note of your current Sales Projections for those months so once this is over, you will be able to put back those numbers for next year. I don’t think it’s necessary to go beyond June right now as we’ll know more as things unfold. I would reduce your April, May and June figures to what you reasonably expect sales to be in each Department.
By making these changes your OTB Amount will be lowered and give you a better perspective on your outstanding orders for the upcoming months. Of course, you will want to reduce these orders if you haven’t already, but first you need to go through the actual orders and determine which styles will still be viable in a few months and which items will be out of season. Your manufacturers may actually be happy for the cancellations since their suppliers face the same problems as we do.
If the above sounds complicated, rest assured that it is actually quite easy if you use myotbplan.com which is the best open to buy system available! It’s easier, more accurate, more accessible, better supported, the only one that’s guaranteed and has no contract. Now more than every, you need our help. Call 310-829-5148 today with your questions or just fill out the no obligation Subscribe form online and we’ll call you. Why wait?
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