Pre-Market Panic

Q: My sales have been horrible and now it’s time to go back to market. What should I do? A: There are two things you have to remember—you need to flow new merchandise to give your customers a reason to buy, and you have to stick with what you stand for. The customer base that […]

Adding Off-Price

Q: My expenses are starting to move up as sales are falling off, so I’m trying to increase my margin. How can I go about getting off-priced goods? A: Number one, you have to have open-to-buy (OTB) before you can go looking for off-priced goods. Secondly, you need either cash on hand or open credit […]

Using One’s Own Money

Q: How do you know when to stop putting your own personal fortune into the business in unpredictable economic times? Do you let go at a quarter million or a half million, etc.? A: To answer this question you first have to ask yourself a series of questions. For instance, how much money have you […]

Cutting Costs

Q: I own a small store in Westport, Conn. and we have seen a huge drop in business since the financial fallout on Wall Street. In fact, Main Street looks like a ghost town. What should I do to cut costs keep my store in business? In these trying times, you need to concentrate on […]

Markdowns

Q: I’ve started landing goods earlier in the season. Should I adjust when and how I take markdowns? A: The quick answer is yes—you should take markdowns earlier. If you are landing goods early, the merchandise is aging earlier in season and needs to be cleared out. But make sure that you are competitive with […]

Fall Deliveries

Q: Business has been slow for us this summer. Should I delay delivery of my fall merchandise or cancel orders until business picks up? A: Absolutely no – you should not delay or cancel deliveries. You need to land new merchandise so that your core customers have a reason to come in and buy. We […]

Overseas Vendor Price Increases

Q: Prices on goods made in Europe and Asian have skyrocketed. How should retailers deal with vendor price increases? A: Like with anything in life, you have a choice – you can either look at price hikes as an opportunity or as a problem. If you look it as a problem, you may have a […]