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Slideshow: 2012 ISPA Conference & Expo
The second day of the 2012 ISPA conference started off with another set of Professional Development Sessions, and by the early hour of 8 a.m., several rooms were quite bustling. Kim Matheson Shedrick of Natural Resource Spa Consulting and Myspashop.com co-presented with Charles Compton of MARS Solutions in a session entitled “Lifestyle Retail – Smarter, Not Harder.” Compton and Shedrick covered strategies for proper retail management, including setting open-to-buy budgets and determining how to achieve the appropriate retail mix.
Two basic questions for retail management:
1) Know What is Selling—regularly study your retail sales reports and know the average age of your inventory. Top retail performers sell 20% more $ with 20% less inventory than average performers.
2) Know What is Not Selling—identify your non-performing inventory items, put them on sale and keep reducing until you get rid of them, or donate them out of your inventory. Then put that money back into the top-performing products.