Mary Liz presented this topic to retailers this summer as part of OneCoast's Summer Seminar Series. This article, reprinted with permission by Giftware News, touches on many of the points she made in her highly-regarded sessions.
What is the difference between professional buying and just ordering a lot of stuff? Planning, organization and good information make the distinction. A successful store needs the right amounts of the correct inventory at the right time of year to stay in business and remain profitable.
Naturally, a successful merchant starts with an open-to-buy budget, choosing the merchandise needed based on rates of sale, historical information, and projections. If you just walk the aisles and order anything you like, your stock will never be properly balanced.
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