RETAIL QUICK TIPS
RETAIL AND INVENTORY MANAGEMENT IS A TEAM EFFORT Inventory management doesn ’ t have to be managed by just one person .“ A lot of people are involved , and we have our own warehouse ,” said Taylor .“ We have a supply chain director , and each location has a retail coordinator who handles the day-to-day components with retail and inventory .”
Williams also employs a team approach .“ I have a retail accountant that handles all the invoices and helps with inventory and then I do all the buying ,” he said . before the pandemic ; now our supply chain team is looking at average sales and demand at each location . We ’ re ordering more frequently and purchasing smaller quantities … and working with our vendor partners to project our orders .”
For Williams , the pandemic was the busiest time ever for his properties between services and retail .“ We had more of an issue with getting products in as opposed to sales selections ,” he noted .“ Post-pandemic levels have gotten back to normal ; we ’ re trying to not be too aggressive with back orders and keeping our spending down .”
BE AWARE OF RETAIL TRENDS With retail , keeping up with trends and making sure you have the appropriate products available is critical . “ Don ’ t miss out on an opportunity on something that is new and could be a benefit to your spa ,” said Williams . “ I don ’ t like to have too many competing lines within different categories , but I do want to make sure I have good products that are attractive to our guests .”
Taylor again found value in collective effort .“ Our vendor partners are wonderful at looking at current products and finding the white space ,” she said .“ The more transparent you can be with your vendor and have open conversations , the more support you ’ ll get and feel really good about your buying decision .”
Wayland-Smith advised ,“ Always ask your vendor partners questions : Are there any new products or apparel that is coming out that you need to be aware of ? Is there anything that is going away ?” She also noted ,“ A lot of products changed after the pandemic , and you want to be prepared so you can move out old products to make room for new products and updated packaging .”
MARKDOWNS AND WRITE-OFFS ARE A RETAIL REALITY Rojas recently had great success with an employee sale to get some of her sale products out the door .“ Items were marked down 50 to 60 percent and in the first day I had $ 2,000 worth of sales ,” said Rojas .“ I also take advantage of our cabana and do occasional weekend pop up sales or trunk shows by one of the pools , and those have been very successful .”
Taylor suggested that “ the first step is always working with your vendors partners as they may have some ideas on how to move the product . Then , have a process in place to have a first set of markdowns in a small area with 30 percent off .” She sees an opportunity for great customer service with these markdowns .“ Sometimes we ’ ll even call our clients that use the products that are on sale and let them know they are on sale .”
Regarding manufacturer ’ s pricing , Wayland-Smith stated , “ The days of MSRP are over . When you markup to MSRP , you aren ’ t able to cover the cost of shipping and commission and still make the profit that is expected .” n
RETAIL PARTNERS CAN BE EXCELLENT RESOURCES FOR TRAINING “ Anytime a new line comes out , I try to get video presentations from our vendor partners to train our team ,” stated Williams .“ You want your team to know about each new product so they can speak to your guests .”
“ Training is key ,” agreed Taylor .“ W \ e have a great learning management software that we can upload videos to . The more employees you get cross trained , the more successful your products will be .”
THE PANDEMIC ALTERED THE RETAIL LANDSCAPE “ It has changed our buying habits completely ,” said Taylor . “ Because we had a warehouse it was easier to buy in bulk
RETAIL QUICK TIPS
l “ Write the order , review it , step away and then
review it again before you send it .” — Jennifer Wayland-Smith
l “ Build a strong collaboration and get everyone involved in the process so you ’ re not a one-man show .”
— Maylin Rojas l “ Inventory management is all year- ‘ round ; if you don ’ t manage it and cycle count your top moving
products , that ’ s going to be a game changer .” — Jamee Taylor
l “ Make sure you know your best sellers and keep them in stock .”
— Timothy Williams
OCTOBER 2023 n PULSE 55