It’s really pretty simple. Everything that happens in your store boils down to your buying. Buy the right items in the right quantities and you’re going to be a rousing success. Buy the right items in the wrong quantities and you’re going to be behind the 8-ball.
Even if you buy the right items, you must buy the right quantities because too much of a good thing is a bad thing. Buying without a plan almost insures you will wind up with too much inventory, excess invoices, markdowns and cash flow problems. Using a solid open to buy plan insures the correct quantities, in the right categories at the right time. This means solid sell through, invoices you can deal with, higher turnover, fewer markdowns and a positive cash flow.
It’s not a tough choice, but retailers are still out there “winging it” and winding up in the hole. The reps are encouraging you to buy more because it’s better for them. If you go to market prepared with an open to buy plan based on YOUR anticipated sales and YOUR desired turn rates, you know how much to buy!
If you’re not working with open to buy, check out myotbplan.com. It’s easy, affordable, accessible, accurate, supported 10/7, guaranteed and has no contract. If you’re using some other open to buy, we can save you money and provide better figures. You owe it to yourself to make your retail life simple and your bottom line roar!