Make no mistake about it: The retail landscape is undergoing a transformative shift towards data-driven inventory planning, catalyzed by technological advancements and changes in consumer behaviour.  ..read more

Effective inventory planning is critical for the success of any retail business. However, many businesses struggle with common mistakes that can lead to overstocking, stockout’s, and financial losses. Identifying and correcting these mistakes can significantly improve operational efficiency and profitability. Here are 10 common mistakes in inventory planning and how to avoid them… 1. Lack of Accurate Demand Forecasting Failing to accurately forecast demand can lead to overstocking or stockouts. Both scenarios are costly and can negatively impact customer satisfaction. Accurate demand forecasti ..read more

The retail sector demands diverse skills from its workforce to ensure outstanding customer service, improve sales effectiveness, and manage store operations efficiently. This comprehensive guide explores some of the fundamental skills necessary for thriving in the retail industry. It focuses particularly on retail inventory planning and provides practical tips and insights for retailers aiming to refine their craft and elevate customer satisfaction and loyalty levels.  Plus, you’ll discover how we can assist you in putting these best practices into motion to optimize your retail operation ..read more

1+1=3 is a metaphor expressing exponential benefits and results that are achieved through a collaborative effort or partnership. This is often accomplished through strategic partnerships, mergers and acquisitions, enhanced employee engagement and through the collaborative strength of cross functional teams. 1+1=3 is when these efforts lead to greater innovation, efficiency, and competitiveness in the marketplace, yielding significantly greater results than could be accomplished alone. Strategic Partnerships When two companies with complementary strengths partner up, they can create a competiti ..read more

In the dynamic world of retail, effective inventory management remains a crucial challenge for retailers aiming to stay competitive. Open-to-buy (OTB) planning is a strategic approach that empowers retail managers to utilize accurate forecasting and demand planning, optimizing stock levels, boosting sales, and minimizing costly markdowns.  This detailed guide explores the core elements of OTB, offering retailers a pathway to enhance their inventory success significantly. We’ll also explore how Management One can assist you with retail inventory management needs. Let’s begin. What is Open ..read more

In today's highly competitive retail market, transforming your store into a vibrant and attractive shopping destination is not just beneficial—it's essential. This retail merchandising transformation captivates customers, boosts sales, and sets you apart from competitors.  Advanced merchandising techniques are at the heart of this revitalization, providing innovative methods to enhance the shopping experience and stimulate consumer purchasing behaviour. Do you know which retail merchandising techniques are available? This guide dives into retail merchandising techniques to revitalize your ..read more

Here’s a question for retailers… Do you feel like you have hit your ceiling? or… You are not sure what to do next, and everything feels like a risk? This can also bring about a sense of being overwhelmed and therefore, not being able to focus on what will take your business to the next level. One solution that I have found is to look for low hanging fruit. And where to look for that is in places that are underperforming. Let's review some common reasons where and why underperformance might exist. The best place to start is in your people and in your products… People Motivation Long time emp ..read more

Retail inventory management is essential for optimizing cash flow and maintaining customer satisfaction.  This guide presents a step-by-step approach to calculating your retail inventory position. You’ll learn strategic insights and methods to drive significant improvements in your business operations.  Step 1: Determine Your Cost of Goods Available for Sale Start by calculating the total cost of your goods available for sale. This includes your beginning inventory plus any purchases made during the period. This step provides a foundation for understanding the total value of your sto ..read more

Stock to sales is a pretty crucial metric as it measures your investment in inventory. How much inventory do I need to meet my revenue? It is also called inventory to sales ratio. At a very fundamental level, it answers the question of how much inventory is required to drive sales. The basic and simplest calculation is Beginning of the Month Inventory/Sales. We use the beginning of the month instead of average inventory to focus on meeting beginning of the month stock levels. We know from 35 years of experience, that starting each month with the desired stock levels of fresh inventory drives p ..read more

I was communicating with M1 Retail Expert, Natalie Woods, about a client's unwillingness to let go of 2 classifications that were doing volume but losing money. Meanwhile, there were 4 other classifications that had the ability to grow, as they were turning quickly, had great sell-through at regular price, and had plenty of open to buy. However cash was tied up in those other non performing classes. The solution seems easy on the surface, liquidate, what is not selling and invest in the opportunity. I questioned Natalie and she expressed it well, “When you are emotional…your thoughts don’t alw ..read more