An introduction or refresher on retail math and industry best practices. A helpful tool for wholesale and retail planners, new hires or anyone interested in learning about the retail industry. The 3rd Edition adds Price Elasticity Modeling, SKU Rationalization, Store Level Analysis and more. Key topics the Primer covers:
- Understanding a buyer’s point of view, expectations and openness to vendor involvement.
- Looking for opportunities for growth (statistics, retail assortment, demographics).
- Retail math and measurement definitions and standards. Terminology guide included.
- Fundamentals of planning- forecasting, item planning and tracking of KPI’s.
- Assessing risk on margin guarantees and markdown negotiations.
- How to set up a Vendor Managed Inventory program.
- How to competitive shop and look for white space.
- A guide to Price Elasticity Modeling.
- How to conduct SKU Rationalization.
Whether you are a retailer, manufacturer, brand or just interested in how retail math works, the primer is an excellent way to learn.
James E Lewis, a former JC Penney buyer who has managed and bought key categories in mens, children’s and home textiles throughout his 20 year career, founded Enhanced Retail Solutions in 2002 to help improve the retail business acumen of suppliers.