Last month at Spring Fair, I spoke to Independent Retailers about how to manage stock effectively and grow sales, profitably. One of the key things you need in order to do this is to understand your shop space...
Here's my advice on how to map the space, and then how to optimise it for the year ahead:
- Draw a plan of the shop floor marking on the different fixtures but not the products in the space.
- Colour the spaces to reflect the ‘ value’ of the areas ie those you sell a lot from, those that are slower/less visible/less accessible. Think about…
- Which are best to promote new products?
- Which areas are good for ‘core’ products that you stock on an ongoing basis?
- Which are difficult for customers to access which can be used for products they will ask for?
Now you understand the space, it's time to plan the space for the year ahead, using this template:
Creating a plan doesn’t mean you can’t change it if you find a range you feel is a 'must have' for 2018, but it helps you understand the impact of the change on the stock you may have bought already and the other ranges you want to stock that you will need to move etc.
What are your core lines that you want to continue stocking over the next 6 months and where is the best place to locate them to maximise sales?