If more inventory was the answer, retailers would just keep buying (and selling) and would be at a loss as to what to do with all of their money. But in reality, it doesn’t work like that. Your sales are determined by your promotions, your store environment, the items you carry, your sales staff, and your displays.
While every retailer is trying to grow sales, your store and the stores around you and your area will only produce a certain amount of business. You want as much of that business as possible, but increasing your inventory will not change anything except your payables. You need to have the right amount of inventory in each merchandise category to support the sales you expect at the turn rates you desire each month for the next 12 months.
If you can do that, your success is guaranteed and you’ll have a ton of happy customers. There’s only one way to do that – OPEN TO BUY PLANNING. This formula will develop a buying plan to insure your merchandise flows in AND OUT! Controlling your buying is the only way to be successful as a retailer. While buying is fun, a power trip, an ego trip and you are encouraged by the reps to buy MORE, don’t let those free lunches sway your decisions. Make your decisions based on SALES and TURNOVER, the two elements that drive your store. Learn how to say “NO” to reps by saying “YES” to OPEN TO BUY!
myotbplan.com 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. You have nothing to lose and so much to gain. 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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