Remember our two merchandise buyers from last month? One held out for higher profits and the other unloaded and reloaded. Another major benefit of the second approach was that there was fresh merchandise coming in to the shop throughout the year and it attracted potential customers to come in to see the new inventory. The other shop had the same stale merchandise and people stopped looking.
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Remember, you are unique. Just like everybody else.
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62.7% of all statistics are made up.
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There are 3 types of people in this world–Those who are good with numbers and those who aren’t.
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I have nothing but respect for you…and very little of that. (Groucho)
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Last month, I pointed out that most golf retail systems were focused in the wrong direction when it comes to inventory management. So what is missing? A lot of valuable statistics, that’s what. But if I could only have one statistic from a retail package, it would be the Stock Turn Rate (STR) and you should hear the Hallelujah Chorus in the background when these words are spoken. It measures how many times an invested dollar is sold over a year.
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99% of lawyers give the rest a bad name.
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As a veteran of systems sales in both golf and specialty retail, I am amazed to see what many software providers believe inventory management is. I guess I should not be surprised since many of these companies have sought the advice of customers to build and modify their products. Let’s face it; green grass golf retailers did not get into the business to open a retail store. They did it because the golf course had to have a place to collect green fees and sell some products needed by golfers. Retail experts, they are not. But don’t feel slighted; most retailers have little more insight into inventory management.
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