Retail is open! Week 1 stock bootcamp😀🌈

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Welcome to my new series of e-mails on reviewing stock as we come through lock-down.

The High Street
Having recently attended a webinar by the British Retail Consortium (BRC) I gained access to the latest results by some of the big high street retailers. They reported overall retail sales in May at -6% but none food faired far worse at -20% on last year. Much of this demand has of course moved online with high street footfall down 85%. Some none food industries have bucked the trend with computing for example up 50% as many moved to home working.
For many though this challenging time will have resulted in excess stock tying up cash and so here is our first bootcamp.

WEEK 1 STOCK BOOTCAMP -STOCK HIBERNATION

Hibernation may conjure up ideas of cute animals bedding down for the Winter but it has also become a key term in more recent times in the world of stock planning. Many big Retailers including M&S and Next are using this technique so they don't have to invest in as much stock next year and can liquidate this years stock at full price at a later date.
Put simply if you plan your business by Season is there any product that you can safely "put back" to sell next year rather than selling it off at a discounted price?

In order to do this here are the three tips:

1. Ensure this product is not highly trend led. This should be product with longevity that can sell on into the next Season. In my next e-mail we look at simple ways to classify your line.
2. Make sure it can be stored safely and will not deteriorate with age.
3. It must be included in all of your buying plans and decisions so you do not overbuy for the season you are planning. This product is just as important as next years selection treat it with love!

So will you be hibernating any stock? I am really interested to hear is this is something you are now going to do as part of your future seasonal planning. Get in touch and let me know.

This is my very first e-mail so if you have any feedback or ideas on what you would like to see featured in future e-mails don't hesitate to get in touch - links below.

The information provided is for educational and informational purposes only and solely as a self help tool for your own use. I cannot guarantee improvements on your financial position.

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