WELCOME TO RETAIL SPA from Tony Scott
As a retailer in 2022, it is easy to get consumed in the day to day and over run by a mass of social media, google analytics and systems. Giving less and less time to the absolute foundation of running a successful retail business – buying and selling stock.
At Retail Spa, we get back to the retail basics - working with retailers to increase profitability through improvement of the buying process and stock management
The Challenge: Retail is a risk because you can’t accurately predict customer demand. The more you reduce this risk, the more profitable you will be.
The cardinal sin therefore is to buy “blind” – buy stock without knowing the detail of what has sold and then not buying to a plan based on your findings. Working like this will paralyse your cashflow as you end up holding the wrong mix of stock- overstocking the business, leading to discounts and reduced profit
The Solution: Detailed analysis of performance will lead to targeted buying & a more accurate stock investment as a result.
It works: These methods were proven throughout Tony Scott’s 20 year career in Buying and Merchandising at George Clothing in the nineties and at per una in the noughties- a foundation for both brands phenomenal success in those periods. This has continued over the past 12 years with Retail Spa clients and now in 2022, where an uncertain marketplace makes these techniques all the more critical.
What does this approach give you?
- Increased sales and profit
- Reduced stockholding & improved sustainability
- Better balanced product ranges
- Excellent returns from space / web pages
- Simpified way of working
Your Next Step!: Whatever the product or size of your company, whether online only or bricks and mortar, retail spa can help you realise your retail ambitions! If you would like to have a chat via mail , phone or zoom, just e mail firstname.lastname@example.org or call on 07894 222557. We would love to support!
If you don’t, how do you know where you have come from and where you are going? Set one up ensuring you include sales and stocks versus last year.
What are your best and worst product categories vs last year? Why? Have you improved the range? Found some new winners? Invested in more stock? Project your sales forward by category to the end of the season based on your performance to date.
How much stock have you got & how long will it last using your new forward sales estimates. What products are driving your over and under stocks? Your forward trading strategy should reflect this finding.
How much stock have you on order by product category? Is it enough for your light areas or is it making a current overstock even worse? Get on the front foot and take action!