Retail Planning to Maximise Profitability

Course details

When you fail to plan, you are planning to fail.  The essence of success in any retail venture rests on having a clearly articulated, consistently understood and diligently executed retail strategy.  It is very easy to get caught up in tactical responses rather than firsttaking the time to formulate the plans that will allow you to execute your strategy well.  Retail Planning to Maximise Profitability is designed to help retailers plan their business in such a way that they can consistently achieve their financial goals and build a strong and resilient business through effective and efficient planning.

OBJECTIVES

After completion, participants will be able to:

• Understand the context for retail planning 
• Understand the planning process 
• Construct a workable assortment plan   
• Accurately forecast sales targets 
• Build a range that is relevant for your target customers
• Ensure the right stores get the right stock
• Develop process that enable you to get that stock to right stock at the right time 

COURSE CONTENT

Process Roles and Responsibilities

• The context for planning - why there is a greater need for accurate planning, not just more analysis.
• Understanding the process - what needs to take place to ensure profit is maximised and not eroded by unnecessary markdowns, wastage and shrinkage 

Planning Tools and Concepts

• Strategic vision - the need for a clear and consistent understanding of the company goals and objectivies and how the participant's area of responsibility fits in to that overarching plan
• Product assortment planning - developing a product plan that ensures a range is bought that is relevant to your target customers
• Financial plans - planning the various KPIs within the business.  These will include sales, margin, markdowns, inventory levels and productivity
• Forecasting - accurately predicting sales levels for future periods to ensure that appropriate purchases are made.
• Range building - Having planned what needs to be part of the range, the buidling process can begin
• Allocation - taking the overall range plan and tailoring store ranges to meet local requirements. 

Monitoring

• Monitoring - developing processes that enable you to ensure that the stock you want is where you want it; when you want it.  

WHO SHOULD ATTEND

This course is for Buyers, Planners and Merchandise Managers who have to develop financial, range and/or assortment plans to ensure profitability for their businesss.