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Having a successful retail business - It’s all about organization Adele Curran, Real World Retail.

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Presentation on theme: "Having a successful retail business - It’s all about organization Adele Curran, Real World Retail."— Presentation transcript:

1 Having a successful retail business - It’s all about organization Adele Curran, Real World Retail

2 About the Speaker 25 years in the Retail Industry Shop Floor Retail – Stock Control / Visual Merch / Customer Service Buying / Merch Planning / Project Management / Office Manager Heatons / Dunne Stores / Tesco / Quinnsworth Real World Retail last 2 years Adele Curran – Customer Success Manager

3 What you will Learn: Structured Trading Meetings Which KPI’s to track? Managing Stock & Space Organising your buying Schedule, schedule, schedule!

4 Review Trade Top & Slow Sellers Actions & Decisions Reorder Order Tracking SELL IT! The Circle of Life – (Retail Life)

5 Trading Review Weekly meeting/conference call Key people in the business to have input – share the load Consistence & concise sales report packs Follow agenda

6 Meeting Agenda Topic Owner Check Review Total Sales Review +/- Departments Top Sellers Bottom Sellers Stockholding Week Ahead Promotions Review & Set Next Weeks Targets Actions for Week

7 Top and Bottom Performing Lines Top Sellers (80/20) - Units & Profit Is everyone aware of what they are? Ensure enough stock on shop floor Ensure Product Positioning Ensure forward orders are placed !!

8 Top and Bottom Performing Lines Bottom Performers (20/80) - Units & Profit Is everyone aware of what they are? How can we improve sales? Do we need to action price changes? Return on Investment – Take the Pain Can we move or cancel orders?

9 Decisions & Actions Corrective action based on recent trade Are markdowns or promotions needed Orders – move, cancel, increase Give ownership of relevant tasks Set time lines for updates / responses

10 Set Targets Looking ahead – what happened next 4 weeks LY What was the weather like? Did we have anything on promotion What were my competition doing? Set expectations! Use your past to plan your future!

11 Setting Targets Weekly Targets Week Number TargetsActuals SalesATVABSSalesATVABS Store Target Staff NameWorking HoursTargetsActuals SalesATVABSSalesATVABS

12 The Elephant in the Room Stock Issues Cost of overstocks Value of space Release Cash Flow Sell through

13 Reordering / Replenishment Reactive ordering Decide do you need to order? Based on your recent trade & current stock ask - Have I something else that will sell instead? - How long more do I want to sell it for? - What is the reason for last weeks sales?

14 Forward Ordering Based on forward trade (LY?) and future stock Schedule? When do I order? How long do I want this order to last? How long will it take to get here? What will happen between now and the time I next get an order?

15 Forward Ordering How much will I order? Take the number you think you can sell a week per store * the number of weeks you want to sell for * the number of stores you want to sell it in = Rate of Sale

16 Planning Calendar Marketing Calendar MONTHSWEEKSWEEK NOPublic HolsSchool HolsConsumer EventsTrading Events Secondary Event JANUARY W/C 4TH JAN2Dec 22nd-Jan 7th Kids Allowance Tues 5thJan SaleFitness / Diet W/C 11TH JAN3 W/C 18TH JAN4 W/C 25TH JAN5Pay Day FridaySpring Launch W/C 1ST FEB6 Kids Allowance Tues 2nd Valentines LaunchWOW Promo 1 FEBRUARY W/C 8TH FEB7 Valentines Day Sun 14th. W/C 15TH FEB8 Mid Term 15th- 19th W/C 22ND FEB9Pay Day FridayWOW Promo 2 10 Kids Allowance Tues 5thEaster Launch W/C 1ST MAR and so on for at least 12 months

17 Order Tracking Start with today, how am I performing? What is due to be delivered? What are my forward sales ? What promotions are due? (happened LY) Do I have enough/too much stock ? (Stock Target) Orders – Move,cancel or increase?

18 Cash Flow Open to Buy made simple: Opening Stock + Orders – Sales = Closing Stock Difference between Closing Stock and Target Stock = Available to Spend or Open to Buy

19

20 Space Productivity

21

22 What KPI’s should we track Sales growth on LY Profit growth on LY Margins both Sales and Intake Promotional activity and markdowns Stockholding

23

24 Contact Details: Unit 8, Fashion City Dublin 24 Ireland www.realworldretail.com adele.curran@realworldretail.com +353 1 427 0349 Q & A

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