Retailers: If you cut costs, you played defense. But to win in this (or any) economy, you must also play offense!
Name the sport: football, baseball, etc., and you’ll see that while you must play great defense, you cannot win without playing offense as well. (OK, maybe not badminton, but is that really a sport?)
The same is true for retailing!
If you want to win, if you want to be profitable, if you want to survive, you must also play offense. You cannot just cut expenses and hope for the best. You need to identify those areas that your business has a competitive advantage and push them.
How do you identify these areas?
Open to buy planning helps you identify those classes that are trending better, which are indications of potential growth. Without these plans, you’ll miss it.
I have seen it done both ways. I know what works for retailers now. Why do you think every major retailer has their own Open To Buy department? Because that is the science that makes the store run. Period.
Retail Smart Guys