We’re all doing a bit of wishin’ and hopin’, but that’s not the way to run a retail store. To succeed, you must be pro-active and take control of every element of your business. You need a good promotional program to bring customers into your store. You need the right environment to make them comfortable once they’ve arrived. You need the right personnel to make them feel welcome and valued. You need the right displays to pique their interest and the right items satisfy their needs.
And even with all of that, too many retailers fail. Why? Because they’re wishin’ and hopin’ that they buy the right quantities so they don’t wind up with bloated inventories, excess invoices, profit killing markdowns and negative cash flow. But all that wishin’ and hopin’ won’t get the job done. No matter how creative a retailer may be, he still needs a solid numerical foundation on which to build a buying plan. It won’t come from a POS system; it can only come from open to buy planning.
Take that creativity and mate it with open to buy and you can forget the wishin’ and hopin’ because now inventories will be lean, balanced and faster turning with far fewer markdowns and cash flow will be positive. Now “open to buy” is retail jargon and there are many systems and services to choose from. You need a system that has it all, does it right, is always available, is supported 10 hours every day and is guaranteed to improve your buying, inventory position and cash flow.
Now close your eyes and imagine how your life would be if you could go to market or sit with a rep knowing exactly how much to buy to support your sales and give you the turnover you desire. Makes you want to smile, right?!