Look Book

54 www.thejewelrybook.com Creating the perfect product mix is an elusive goal. But it is certainly worth shooting for! The high energy of a show is not always conducive to strategic purchasing – factors such as poor lighting, rushing around, late nights, etc. – can affect smart buying decisions. In addition, we always see more compelling product than we have dollars for, which is why you want to have a plan and stick to it. 1 month before the show: • Review your Strategic Plan and your Merchandising Plan to refresh your memory as to your objectives. • Or, brainstorm with your staff on unclosed sales and missed opportunities. • Compare your YTD results with your objectives - at fi ve months you should have a pretty good idea if you are on track • Ask yourself what you are trying to accomplish at the show. Think about what type of product will fulfi ll your objectives. • What buying strategies will get you to your 2017 goals? A few examples: 1. Attract female self-purchasers with bold, fun fashion rings. 2. Expand your bridal clientele with new bridal product. 3. Increase margin with in- house branded collections. 3 weeks before the show: • Calculate your Open to Buy (OTB), making sure that you allocate dollars to replenishment (don't forget to factor in your on-order, accounts payable commitments, GL inventory adjustments, and pending return to vendor). The Edge Retail Academy can help you create your OTB, if needed. • Start running the appropriate reports that you will need for your buying decisions – by vendor and by classifi cation – to get a general idea of what you need to procure. • Determine what are your top selling products, and what are your best performing vendors. • Equally important, review your aged inventory visually – you want to learn from these buying mistakes. • Start setting up your vendor appointments – don't count on "swinging by". 2 weeks before the show: • Now it is time to get specifi c! If you have determined a need for bridal semi mounts – drill down in your reports – what metal, shape melee, head shape/size, price point range? • Lower your risk by leveraging your top selling product – is it available in another diamond total weight, with a different size/shape center stone, in a different metal? • Print out your Vendor Appointment forms for your existing vendors that you will be seeing at the show. • Run reports so you can fi ll in the Vendor Appointment form completely. • Print out several sets of the New Vendor forms, and any of the Agreement forms that you think you may need – remember negotiate upfront. 1 week before the show: • Re-calculate your Open to Buy – based on sales and receiving your dollars may have gone up or down. • Do not underestimate the importance of being organized and professional in front of your vendors – prepare all your reports and forms. • Re-confi rm your appointments, and get cell phone numbers so you can contact if you need to. At the show: • It is pretty easy to get behind schedule at times, but do call your vendors for a heads-up or to reschedule. • Ideally, get pictures and pricing, so you can review back at your offi ce or store. • Gather information on potential new vendors, even if you don't have the OTB dollars this season – start a fi le for the next show you will be attending. Post show: • Once you have all your pictures and pricing, fi ll out a New Purchasing Analysis Form for each designer, collection or group of like-product. • Review the forms with your manager, or with your staff and decide what kind of a fi t you have with the vendor and which product will help you accomplish your goals. • Send in your purchase orders with specifi c ship dates. • Develop a Product Launch plan, or schedule trainings to ensure the successful sell through of the wonderful product you have just purchased! David Brown is President of The Edge Retail Academy, a highly effective jewelry industry consulting company that provides customized strategies for retailers and vendors to increase profi ts, optimize growth, reduce debt, create profi table inventory solutions, build effective teams and enhance brand loy- alty and profi tability. Brown and the Academy are committed to helping jewelry businesses improve their bottom line while reducing uncertainty and stress. Edge Retail Academy software and the unique talent pool of their business advisors provide real world knowledge and advice for guaranteed results, all on a "no-contract" basis. www.edgeretailacademy.com Merchandising Checklist For the upcoming show M E R C H A N D I S I N G C H E C K L I S T T R A D E N E W S By David Brown

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