Everything in OPEN TO BUY is figured in RETAIL DOLLARS! You are building a retail dollar buying plan to support your retail dollar sales. And everything is figured by DEPARTMENTS. Each department must rise or fall based on it’s own productivity, so once you define your departments, they act as separate stores. Your departments should be defined enough so you get good information, but not so defined that you’re limited in the marketplace. Most retailers operate with between 10 and 30 departments. You will want to emphasize your strong selling departments (and maybe divide those) and perhaps combine those that are not very productive. You cannot be all things to all who shop with you, and if you try to do that you will be left with excess amounts of unsold inventory. You never want to miss a sale on inventory in stock, but missing some sales for sizes or products you don’t regularly carry is much better than MARKDOWNS.
If you were at a party and someone asked what you carried in your store, your answer would be your departments. When you buy, you want the newest and the best items available in those departments that meet your retail dollar buying plan. Do not use items or vendors as Departments.
The information in this and the following blog posts will help you on your way to an OTB plan and we are always available to answer your questions. The truth is that it is dramatically more cost and time efficient to subscribe to myotbplan.com. But whatever gets you using open to buy, we want to help.
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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