This last year has been crazy for retailers, and it’s certainly been a rocky ride, hasn’t it?
The “new normal” does not mean that we’ve all succombed to living inside a mental prison filled with worry, remorse (“Why did I get into this business?”) and disaster. There are bright spots, you know. But you have to set yourself up to take advantage of those bright spots.
At the beginning of the season do you know that you will have cash to pay your bills at the end of the season? Are you worried about buying too much inventory and losing money by having to sell it off below cost? Are you missing huge opportunities by not buying enough?
Many retailers share these same concerns. They are very skilled at the art of buying the right goods for their customers but lack the statistical analytical skills to accurately forecast the amount needed to match demand. They don’t take the time to identify the timing that will assure money is in the bank to pay the bills that are due.
If this sounds like you (or someone you know), then save their lives by getting them into a statistically sound open to buy program. That will ensure that they have the proper forecasts and measurements to really keep their business profitable.
THAT, not fear, is the new normal!
Retail Smart Guys