Merchandise Assortment Options As we began this chapter we discussed the merchandise management process. You might remember we discussed assortment planning as a key function of merchandise planning. As the seasonal plan evolves, inventory dollars are broken down into categories and further down to specific items. This part of the process is known as assortment planning, Let’s talk about the What, Why, and How of Assortment Planning. What: Assortment Planning… Read More »Merchandise Assortment Options

Merchandise Planning Process What you’ll learn to do: Examine the merchandise planning process Imagine you are a Merchandise Planner for a large department store chain and you have been asked to help prepare the plans for the upcoming fall season. How will you assist the buyers in developing their buying plan? Where to start? You would probably start with a sales forecast by month for the 6-month season. What criteria would… Read More »Merchandise Planning Process

Merchandise Buying Systems As we end this module our last discussion will focus on the differences between staple and fashion merchandising systems. First let’s look at table 1, which shows the primary differences between the two systems: Table 1. Staple versus fashion merchandising systems Staple Merchandise Fashion Merchandise predictable demand unpredictable demand accurate forecasts inaccurate forecasts continuous replenishment open-to-buy We can think of staple merchandise as those items that are basic and… Read More »Merchandise Buying Systems

Retail Buying Organizations What are the characteristics and functions performed within the retail buying organization? As you think about the sheer size and the value of each individual industry within the global apparel market, imagine how many functions are performed due to all of the individual contributions. Retail organization merchandise management functions can be categorized into three main areas: Merchandise Operations Merchandise Planning Merchandise Buying Keep in mind that not… Read More »Retail Buying Organizations

Merchandise Planning and Management What you’ll learn to do: Identify the important aspects of merchandise planning and management Merchandise management and planning are an essential part of successful apparel retailers. Here are a few statistics to consider regarding the size of the apparel market on a global level. In total the global apparel market is approximately $3 billion dollars, 2% of the world’s GDP (Gross Domestic Product.  How does that break down… Read More »Merchandise Planning and Management

Merchandise Management You are the buyer of Mens activewear at Dick’s Sporting Goods  It is high-demand job as you are constantly chasing the biggest trends and working with your suppliers to ensure the inventory is delivered at the right time to your stores. You are facing increased pressure from discounters such as Walmart and Target on the low-end, regional department stores such as Macy’s, Dillards and Nordstrom on the high-end,… Read More »Merchandise Management

Putting It Together: Retail Operations and Managing the Store So human resources is a huge part of the retail business landscape. From screening potential employees, interviewing, hiring and training, each step of the process requires skill and planning.   New employees must be onboarded effectively to feel comfortable in their new role. Then continued training to maintain and improve skills must be organized, tracked and implemented. Employees make a retail… Read More »Putting It Together: Retail Operations and Managing the Store

The perfect work schedule is something many managers strive for. Unfortunately, few actually achieve it. This is despite the fact that technology makes it easier than ever to streamline the process and get it right the first time. Whether you use online scheduling apps, have your own tools like Excel, or rely on the pen-and-paper method, there are some important points to keep in mind. These points range from building shifts… Read More »How To Create The Perfect Work Schedule For Your Team

Operating Functions What you’ll learn to do: Describe the operating functions that can reduce costs You walk into your store on Monday afternoon, and there are three employees looking for something to do (and some are killing time on their phones). This is a typical occurrence on Monday afternoons, but what can you do? The employees all need their hours, so you are not sure how to schedule for the most… Read More »Operating Functions

When it comes to rewarding your employees, cash is king—but only for a few hours. Money is not a long-term motivator. Sure, employees love a check—who doesn’t?—but finding ways to engage with them rather than pay them off will result in more loyal, harder working employees. Here are 101 ways to say, “I appreciate you and all your hard work,” without breaking your budget. 1. Flexible Hours. Let your team work… Read More »100 Ways to Reward Employees