Going to a trade show or a merchandise mart is like staring at a dessert cart. Everything looks delicious and you want it in your store. But eating everything on the dessert cart will make you sick and ordering everything you want for your store will make you poor.
Your brain will (hopefully) limit your intake from the dessert cart, but it gets more complicated with your store. Since most of the deliveries are in the future, it seems that you will have the room for almost anything and certainly the dollars to pay the bill. But even if your store can hold the merchandise, you may not generate the dollars to pay for it. Your buying needs to be done based on sales and not available space.
It is also a stretch of the ego to think you can figure it all out in your head. There are 12 months to consider, anywhere from 10 to 30 departments with different sales and different turn rates for each month. Annual turn rates should be adjusted to reflect the sales impact of each month. Inventories need to grow to support strong selling months, but also need to shrink going into weak selling months. No matter how smart you are, you will get it wrong without open to buy planning.
Open to buy will insure that you get it right. You’re in business to make money, so why not employ the one retail business tool that will insure your success. And yet, retailers continue to do all of their figuring in their head, on spreadsheets, or with “open to buy” systems that are not accurate. Retailers fail – not because they don’t know WHAT to buy – but because they buy TOO MUCH. Markdowns are not the answer, myotbplan.com is the answer.
We are the only system that guarantees results. We are the only system with no contract. We are the only system with 10 hour support every day of the year.
Don’t buy merchandise without a plan – a good one. Know what you need and know when to say no. myotbplan.com has your answers. Let’s talk!