Straighten up and buy right

The countdown: Top 10 buying tips
10. Take an accurate inventory two times a year.

9. From the inventory, evaluate each department and list each classification within each department.

8. Within each classification, evaluate how many vendors you use for each classification and how each one is performing.

7. Calculate the turnover for each vendor by taking your monthly sales for that item and divide by the monthly average stock. Sounds like a lot of work so far? It’s worth the effort. This analysis will give you a true picture of which products and styles are truly popular with your customers. Only merchandise that performs should have space on your shelves. “Once you see the numbers, you can honestly tell vendors why you’ve dropped them,” Obarski said. “You can show, ‘here’s how your competition is performing’ and ‘here’s what we’re seeing for your products.’”

6. New statistics are showing successful retailers are working tighter with their inventory at no more than two times their sales plan. This strategy will encourage you to have better discipline in your ordering tactics.

5. Check pricing to see that you are over “keystone” or doubling of your cost. Merely doubling won’t pay the bills. If you are trying to match competition by “keystone-ing,” then find another vendor or product that is unique, allowing you to dictate your retail price.

4. Become proficient in all the capabilities and reports that your POS registers can produce, and use them.

3. Before you purchase, know where you plan to stock and display the new merchandise.

2. Watch “sell through” on your merchandise. If sales on specific items slow down, move them around in the store.

1. Become savvy in using every marketing channel, and vow to keep your customer informed about your store.

Your merchandise and events will keep them coming back.