Here's how you can make strategic decisions in retail sales.

To make strategic decisions in retail sales, analyze market trends and customer data. Identify key opportunities and potential challenges. Set clear, measurable goals and prioritize actions that align with your business objectives. Consult with your team and consider their insights. Continuously monitor outcomes and be ready to adjust your strategies as needed.

It is very important to understand trends when planning a business. However, I always say “it is an evolution / not a revolution “. So, it is critical to use the DATA to inform the TRENDS. The consumers will vote on product they like if it is a great value/ quality proposition. So, ensure you are not taking too high of an IMU.. this will cause significant markdowns… Be sure to always be a keen “ student of YOUR CUSTOMER/BUSINESS. Be true to the Brand !

I hold the belief that every store should be mindful of the unique characteristics and preferences of the neighborhood it serves. This is especially important in the case of multi-store chains, where there is a tendency to apply a uniform merchandising approach across all locations. However, it is important to recognize that what works in one store may not necessarily be effective in another, particularly if the customer base and demographic profile are different. It is essential to customize your store's layout and product selection to cater to the specific needs and desires of the local community. By highlighting products that resonate with your target market, you can ensure that your store remains relevant and attractive to customers.

It’s the sales plan that will determine how much inventory is needed. The sales plan is based on EBITDA projections. Retailers must sell enough inventory to cover their overhead costs and then sell MORE to make a profit ! One of the biggest costs to a retailer is their cost of goods . So, it is critical to price the goods to SELL them . Many retailers will often price product too high .,thinking they can make more profit by doing so … this can be the case , but needs to be TESTED. Planning professionals are essential in this process . The more pressure put on the product to drive a profit by pricing it too high , can dilute the product , as often quality is taken out of it to hit a certain cost . Be confident , yet customer centric!

" Competitive " pricing has become more and more important in the digital time we live in as consumers have the ability to compare prices at the tip of their fingers on their mobile devices as they shop . However, if the product is innovative and compelling - there is really nothing to compare it to! So, rather than build an assortment that is 90% basics and 10% novelty, think about bringing the penetration of basics down . A retailer can take a higher mark up on interesting product verses basic, boring product...As we shop the retail landscape ( both ecommerce and brick and mortar ) notice the brands that are taking market share , vs those who are losing . It is about great PRODUCT, BRANDING, SERVICE, PRESENTATION.