Where Are You Going This Fall?

 By: Marc Weiss

As retailers, we are about to put another season behind us. Now is a good time to take a hard look at the markdowns you are taking and about to take.

There is something to be learned, and something to build on, as new deliveries for transitional and early Fall will be at your back doors before you know it.

As you scan the merchandise that will be sold on sale, ask why these? And ask that question 7 times until you have a REASON.

• Did I go to the well one too many times? 
• Did the goods arrive late? 
• Did I accept incomplete shipments? 
• Did I overbuy this vendor? 
• Is this just a duplicate of similar looks that sold better by another vendor? 
• Was it a bad fitting item? 
• Was it too expensive? 
• Was it too cheap? 
• Was it fairly presented? 
• How did my staff react to this when it arrived? 
• What about the color? 
• Did it merchandise well within the store? 
• Did other items like it sell better? 
• Am I just too early on it for my market? Is this look going to happen later? 
• Is it just a few pieces left of something that really sold well? 
• As I look around is there a lot of broken stock? 
• Am I buying too deep into collections and not enough items? 
• Did I try and drive more business with more inventory? 

I am sure you can add to the list. Look at the top 3-5 reasons why those goods are being marked down. Once you have determined the top reasons go back and look at what you have placed for Fall. Are you making the same mistakes? Is your buy over your budget? It is not too late to make decisive decisions. When next October and the first wave of markdowns are taken, you do not want to be looking to raise cash to pay for an overbought Fall season. Call your consultant, develop clear actions and discuss the best ways to implement those actions.

This Fall more than ever, as we look to find the right products to stock, leave yourself open to react to the season as it unfolds. This could be the best strategy for Fall 2008. Stay lean and leave yourself open for the right merchandise. When you go to the Holiday and Spring 2009 shows take some extra time and tweak your buys. Trends are in constant change, Are You?

Marc Weiss is Managing Director of Management One , an international management consulting company with affiliates throughout the United States, Ireland, and the UK. He may be reached at marc@management-one.com

(The Hallman Company is an affiliate of Management One )