This blog introduces the fourth step, of the “10-steps to retail success“, Range Planning. 10-steps to retail success is a process / methodology I’ve developed for my 1-2-1 mentoring clients. Over the coming weeks / months I’ll be introducing each step with a little more detail.
The Range Plan is one of THE most important tools for a retailer
The range plan is one of the most important planning tools for a retailer. It helps you to define how many items to buy to give you a credible offer in each category.
With your range plan you can plan the outline structure of your range – the item count, the number of options, the target price points. Using this at trade shows means you can populate the plan with products you think fulfil the customers’ expectations.
Range Planning ties into pricing and promotions and stock planning
As you move closer to range launch you can add average weekly rates of sale to the plan and determine initial order quantities. This will really help you to plan your stock quantities, cash flow and supplier commitments. It also enables you to plan price points, to make sure you have an effective price ladder and that the offer is congruent.
The range plan is a very valuable tool for you to have visibility of the next seasons’ range, and what it will deliver in terms of margin performance, BEFORE you commit your orders to your suppliers.
Introducing Step 5 of the 10-steps to retail success – Pricing and Promotions
In the next blog about the 10 steps to retail success I’ll be introducing step 5, pricing and promotions. If you can’t wait then don’t forget that I’m also offering the “Be a retail champion by next year” programme, which includes 52 FREE weekly retail tips by email.
To sign up for that visit www.retailchampion.co.uk/retail-tips