#IndustryInsights | Retail Reopenings: All About Inventory
INVENTORY RESET
As you reopen your store, evaluating your inventory as a first step is crucial for a strategic reset of your business.
Key questions to consider:
What do you have in stock?
What do you need to replenish?
You have a surplus of old product, need new product, and are fishing through invoices. During this unprecedented time, it is understandable and expected. This is why you need a moment to reset.
Here are a few recommendations:
Count your stock levels and find what products you need to push first. Display these products front and center. Highlight them in your store’s social media and newsletters.
Create bundles and re-merchandise your store to make these high volumes easy to shop, as well as appealing for gift-giving which continues to be a strong purchase despite the current times.
Small add-on items will be key, as customers want to start spending but will be cautious on larger purchases.
Ask your customers what they want and need right now. This will help you navigate your next, few inventory purchases. Former trends are in flux, so use your customers as your trend forecasters to bring in the right merchandise mix.
Rethink your merchandising. Create a plan of action to move your old surplus, and make room for new.
-Matthew, CMC Manager of Buyer & Community Relations
ABOUT MATTHEW
Serving as CMC's Manager of Buyer & Community Relations, Matthew Mathiasen's wealth of retail industry knowledge is gained from an extensive fashion industry background. From buyer and manager of renowned retail stores, to overseeing major fashion industry tradeshows, to owning his own fashion brand, Matthew's insights come from a unique and comprehensive 360 vantage point within the fashion industry.
Please feel free to contact us and connect with Matthew for questions and brand recommendations as you navigate LA Market.