In light of what has happened on the High Street with BHS, it is important to re-emphasise that we are having a key retail asset which is not taken care of.
At BHS Limited from 2010 to 2014, sales went down 15% and stock went up by 50%.
Is that normal?
What is the issue faced by many retailers from large chain stores to independent retailers: Buying!
As you are placing orders for the SS or AW season, you must be having the following 2 questions in mind:
How can I make this buying process easier?
How can I maximise my profits on the stock I am buying – which is my number 1 asset?
Let’s focus on 2 key elements which will help you put more £ / € or $ in your pocket. Guaranteed!
You have the art of buying and you know what to buy, you now need to have the science part of buying which is “how much to buy” and “when to bring it in”.
Answering those questions as accurately as possible will put you ahead of your competitors and increase revenue while reducing stock.
So, what do you need to do to achieve better results when managing your stock?