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The Art and Science of Buying

In light of what has happened on the High Street with BHS, it is important to re-emphasise that we are having a key retail asset which is not taken care of.

At BHS Limited from 2010 to 2014, sales went down 15% and stock went up by 50%.
Is that normal?

What is the issue faced by many retailers from large chain stores to independent retailers: Buying!

As you are placing orders for the SS or AW season, you must be having the following 2 questions in mind:

How can I make this buying process easier?
How can I maximise my profits on the stock I am buying – which is my number 1 asset?

Let’s focus on 2 key elements which will help you put more £ / € or $ in your pocket. Guaranteed!
You have the art of buying and you know what to buy, you now need to have the science part of buying which is “how much to buy” and “when to bring it in”.
Answering those questions as accurately as possible will put you ahead of your competitors and increase revenue while reducing stock.
So, what do you need to do to achieve better results when managing your stock?

#1 mistake Brands make when launching wholesale

Building a fashion Brand does not come by chance especially in the current economic climate and with the increased competition you face.

So let's prevent this #1 mistake that many Brands make from Young Designers / Start Ups to established Designer Brands.

They start at wholesale and start connecting with trade buyers. The problem starts just here!

How to get successful delegation?

As a Business Owner, there will be a time when you cannot do everything.
The sooner you know it, the sonner you can put in place a process and training to make delegation effective.

Isn't that your goal to grow the business?

How does delegation happen? 

House of Fraser - The Harrods of the High Street

After challenging times for House of Fraser and a roller coaster ride over the CVA (company voluntary arrangement) which failed, the Department Store went into liquidation.

Mike Ashley, owner of Sports Direct, bought the 59-store House of Fraser and mentioned that HOF would become the Harrods of the High Street.

How to negotiate with Brands?

Many retailers feel that they are too small to voice out their needs and therefore say nothing.
Brands need you as much as you need them.

Finding a good Brand who values the partnership and treats you well is to be treasured. 

At the same time, YOU must be in control of your store, your stock and your cash. You cannot therefore accept the under-performance of the Brand or let her decide on your faith and say nothing.

Over the last few weeks, we had to work alongside 2 Clients because the collection and partnership did not work for the Boutique owner.
The stores were losing money with these Brands.

How to manage your store? The CEO's dashboard

Our last retail appointments have highlighted a serious issue when dealing with Business Owners.
They do not have a dashboard to look at and therefore they fail to understand what is happening in their business.

On occasion,  they have a dashboard but it is the wrong one (make sure that there is enough critical thinking in the business and therefore the question is "who is coaching or mentoring the top management?" - Call us for advice). 

The purpose of this blog post is not to be THE dashboard you need to implement but it can certainly be a minimum you want to look at.

By sitting down together, we will understand your business, your goals and set up the dashboard in NO MORE THAN 4 HOURS. 
Let's not waste time or money.
Let's not delay taking action as we are never far away from some key months and retail has high fixed expenses from rent, stock and salary.

What should you review every 2 weeks or every month:

Pure London - SHOW TIME!

Pure London Trade Show has started (July 22nd to 24th 2018).

As the Fashion Industry is becoming more challenging, the question we all have is "how will we maintain or grow sales"?
At GFM, we prefer to focus on profits with the clients and act as operations improvement specialists.

They see us as Change and Growth Accelerator.

• Did you reach your measurable goals for 2017? First semester of 2018?
• What have you changed in 2018 to ensure you can see noticeable positive impacts on the results for this year?
• Do you believe we would gain better progress if we had a sounding board, coach or mentor to work with us when we face difficult decisions?

Even at GFM, we work with our partners who act as sounding board. Let's share some more questions and solutions...

Fashion Trade Shows - It's show time so get it right!

MAXIMISING YOUR TRADE SHOW INVESTMENT

We have represented the MAGIC Show for several years and we have walked for over 20 years the various trade shows around the world.
In addition, we give advice and join our Brand clients at the shows. We also work with retail clients visiting the shows and placing orders.
Finally, we regularly deliver business seminars at key shows such as
BIFF in Bangkok, Bubble, Moda UK and Pure in London and Who's Next in Paris ...
We act as Retail / Brand Expert for Whos Next and you can therefore benefit from a free 1-2-1 meeting to discuss your challenges at Retail and Wholesale. 

Discover below some key rules to ensure your Brand can get the most from the Trade Show investment you are making. 

I - HAVE AN OBJECTIVE

This objective has to be a measurable one in terms of orders to be placed and sales leads to be obtained ( include connections with the press / agents / distributors and other Fashion stakeholders including consultants ).

A successful selling strategy is about traffic and conversion. As nobody can convert 100%, you need to make sure you have enough names in the database.
The names of buyers in the database must be relevant and targeted ones otherwise you will be losing your time.

Happy Bastille Day

GFM is operating in different countries and has experience and contacts from all around the world.

Due to our French background, we like to celebrate 
BASTILLE DAY, the French National Day that takes place on July 14th.

We wish all French Nationals and France Lovers a wonderful day and we remain at your disposal to help you set up and grow your Fashion and Retail businesses.

As we love to share as much as you love to build a successful global Brand or Retail business, we will be doing a lucky draw finishing this Sunday July 15th at midnight BST and the winner will gain a 1h-free consulting.

Good Luck.

REGISTER YOUR INTEREST HERE.
Just indicate your name/ email / tel and code 147 - comments welcomed.

A bientôt, Vive la France!

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