Most of the apparel retailers we know got into the business because they love fashion.They enjoy going to market, finding new brands, putting outfits together, and helping customers look their best. That’s the fun part of the business.
But if you’ve been in retail for any length of time, you know that loving fashion isn’t enough because you also have to love the business side of things.
The retailers who seem to have the best stores usually aren’t just better buyers, they are also better businesspeople.
Fashion Gets the Attention, But Retail Pays the Bills
It’s easy to get excited at market. The hard part is making sure those purchases fit your sales plan, your inventory levels, and your cash flow.
That’s where retail comes in. The numbers aren’t there to take the fun out of buying. They’re there to help you make better decisions.
Balancing Act
Buying is part instinct and part discipline.
You need an eye for product. You also need to know what’s selling, what isn’t, and where your opportunities are. Sometimes the numbers tell you to buy deeper into a category you already believe in. Other times they tell you it’s time to move on. The trick is listening to both your experience and your data.
Planning Offers Flexibility
One of the biggest benefits of planning is that it leads to flexibility. When your inventory is balanced and your cash flow is healthy, you don’t have to pass on opportunities.
You can buy into a hot trend, or take the big swings in investment-heavy categories, such as luxury Italian menswear. With the right planning and cash flow management you can say yes when a vendor shows you something special.
Retailers who don’t dedicate themselves to planning often don’t have that choice. Their current inventory and cash flow have already made the decision for them.
It’s Never Been Retail or Fashion
Our best client stores are good at both. They have exciting merchandise because they run a disciplined business. They can invest in fashion because they’ve taken care of the retail side first.
That’s why we spend so much time talking about sales plans, inventory, margins, and cash flow. Not because the numbers are more important than the merchandise, but because the numbers give you the freedom to buy the merchandise that your customers want, and the products that got you so excited about this business in the first place.
Have the passion, but are missing the discipline? Give us a call.
