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Buying for Different Types of Stores

Richard Clodfelter

Source: Retail Buying. From Basics to Fashion, 6th Edition, 2018, Fairchild Books Library

Book chapter + STUDIO

buying,different types of products,buying,at different retail formats,Almost all the duties that are described in the last chapter are performed by a buyer at any type of retail store—no matter what products are sold. As you start to plan your career in retail buying, one of your first decisions should be to determine the types of merchandise that would interest you the most. Are you more interested insoft lines,soft lines orhard lines,hard lines? Soft lines are typically the apparel and accessor

Controlling Inventories

Richard Clodfelter

Source: Retail Buying. From Basics to Fashion, 6th Edition, 2018, Fairchild Books Library

Book chapter + STUDIO

shrinkage,perpetual control system,inventory control systems,After deciding on the merchandise assortment that is to be carried, inventory control systems must be established. These controls involve the maintenance of stock levels in relation to changing consumer demand. The type of inventory control system used by a retailer will vary by type and size of the business and the kind and amount of information required. Inventory control for a department, such as hardware with thousands of different

Making the Purchase

Richard Clodfelter

Source: Retail Buying. From Basics to Fashion, 6th Edition, 2018, Fairchild Books Library

Book chapter + STUDIO

The most important terms that you will negotiate include (1) price, (2) discounts, (3) transportation, (4) allowances, and (5) return privileges.

Pricing the Merchandise

Richard Clodfelter

Source: Retail Buying. From Basics to Fashion, 6th Edition, 2018, Fairchild Books Library

Book chapter + STUDIO

retail prices adjustments to,determining markup percentage,markup,cost of goods sold,Retail price includes (1) the cost of merchandise, plus (2) an additional amount known as markup. Markup must be large enough to cover the operating expenses of the retail organization while providing a profit.

Fashion Retailing

Elaine Stone and Sheryl A. Farnan

Source: The Dynamics of Fashion, 5th Edition, 2018, Fairchild Books Library

Book chapter + STUDIO

Since the earliest days of civilization, people have been swapping, trading, or selling good to each other. Trade centers evolved, primarily out of convenience, as bazaars, markets, and fairs, where buyers and customers could come to a single location to compare and shop for a wide variety of goods. Not until the mid-1800s and the opening of the first department store—the Bon Marché in Paris—did modern merchandising as we know it begin to develop. Even then, it developed differently in the United

Defining the Customer

Linda Tain

Source: Portfolio Presentation for Fashion Designers. Fourth Edition, 4th Edition, 2018, Fairchild Books Library

Book chapter

The importance of focusing on a specific market and customer is directly linked to the job search process. Each clothing company has a reputation for a particular kind of clothing. This is not to say a company cannot make more than one product. Those that have divisions or licensees offer a variety of merchandise. Some companies have diffusion or secondary lines that capture “the look” the designer is known for while serving a different price point and category. For example, Ralph LaurenRalph Lau

Marketing Communications

Fiona Armstrong-Gibbs and Tamsin McLaren

Source: Marketing Fashion Footwear. The Business of Shoes, 2017, Fairchild Books Library

Book chapter

Establishing and maintaining a fashion footwear business, brand, or service requires consideration of various marketing activities and how to blend them together. Although awareness of the customer, the product, pricing, and where the product is sold is essential, it is also important to know how to communicate and promote the brand.

Layout and Fixtures for Fashion Apparel

Judy Bell and Kate Ternus

Source: Silent Selling. Best Practices and Effective Strategies in Visual Merchandising, 5th Edition, 2017, Fairchild Books Library

Book chapter + STUDIO

Think of a retail store as a box that’s enclosed by ceiling, walls, windows, and floor. The strategic design of the store involves its exterior aspect (storefront and surroundings) and its interior (walls, floors, windows, doors, signage, lighting, furniture, and fixtures) as well as the arrangement of merchandise, fixtures, and displays on the selling floor. The total effect of these elements creates a statement about what shoppers will find in the box— retail atmosphere.

Retailing Formats

John Donnellan

Source: Merchandise Buying and Management, 4th Edition, 2014, Fairchild Books Library

Book chapter

Some retail stores are classified by characteristics of their assortments. Breadth refers to the number of unique items in a selection of merchandise. An extensive selection is described as wide or broad in terms of breadth. A limited selection is described as narrow. Depth refers to the assortment within a selection. An extensive assortment is described as deep. A limited assortment is described as shallow. Walmart offers its customers a broad selection of merchandise that includes sporting good

Retail Pricing

John Donnellan

Source: Merchandise Buying and Management, 4th Edition, 2014, Fairchild Books Library

Book chapter

A retail price has two components: cost and markup. Cost is the portion of a retail price that is paid to the supplier. The terms wholesale cost and wholesale price are used synonymously with cost to refer to a supplier’s price. Markup, or markon, is the amount added to cost to establish a retail price. The relationship between cost, markup, and retail price is as follows:

Case Study Dolan’s Department Store

John Donnellan

Source: Merchandise Buying and Management, 4th Edition, 2014, Fairchild Books Library

Book chapter

The first Dolan’s Department Store opened in Providence, Rhode Island, in 1885 as Dolan’s Dry Goods. By the early years of the Great Depression, the founder, John M. Dolan, had opened downtown stores in Hartford, Connecticut; Poughkeepsie, New York; and Portland, Maine. Upon Mr. Dolan’s death in 1940, the stores were sold to four members of Dolan’s management. To provide capital for an expansion program into strip shopping centers in the 1950s, Dolan’s issued several thousand shares of stock to t

Purchase Terms

John Donnellan

Source: Merchandise Buying and Management, 4th Edition, 2014, Fairchild Books Library

Book chapter

A purchase order is a contractual sales agreement between a retailer and a vendor in which items of merchandise, prices, delivery dates, and payment terms are specified. Purchase orders are often categorized by factors such as the type of goods ordered and order status.

The life cycle of a garment

Alison Gwilt

Source: A Practical Guide to Sustainable Fashion, 2014, Fairchild Books Library

Book chapter

‘I think it’s important to educate one’s self, to try to provide a high-quality product for the consumer and not to lose any of the desirability, and yet also to try to be more responsible in the way that you think and the way you source your materials.’

Design Piracy Legislation: Should the United States Protect Fashion Design?

Guillermo C. Jimenez, Joseph Murphy and Julie Zerbo

Source: Fashion Law. A Guide for Designers, Fashion Executives, and Attorneys, 2nd Edition, 2014, Fairchild Books Library

Book chapter

Over the past century, the U.S. Congress has been the scene of approximately 100 failed attempts to pass legislation introducing intellectual property protection for fashion designs. Currently, American law provides minimal legal protection for fashion designs per se. While original fabric prints and surface designs, creative jewelry and accessories designs, innovative sculptural or ornamental elements, and novel fabrics and fibers may be protectable under trademark, trade dress, copyright, desig

Pricing: Identifying and Promoting Customer Value

Patricia Mink Rath, Richard Petrizzi and Penny Gill

Source: Marketing Fashion. A Global Perspective, 2012, Fairchild Books Library

Book chapter

Price is an especially important part of the marketing mix. It is the easiest component to change, perhaps the most difficult to understand, and it may carry the greatest responsibility for a company’s profits. Pricing depends in large part on demand, that is, the amount of a product that consumers want, and supply, the amount of a product that is available. But it is also based on a marketer’s costs, its competition, its marketing mix, and a whole range of external elements, including issues of

Reductions

Linda M. Cushman

Source: A Practical Approach to Merchandising Mathematics Revised First Edition, 2011, Fairchild Books Library

Book chapter + STUDIO

Markdowns are the most common type of repricing. Markdowns are a reduction in the retail price of an item or group of items. They can be temporary (e.g., a 25% back-to-school special on tennis shoes), in which the price adjusts back to the original retail price after a specified period of time, or they can be permanent (e.g., an “every day low pricing” strategy results in a permanent markdown to a lower retail price).

The Jeans that Don’t Fit: Marketing Cheap Jeans in Brazil

Rosana Pinheiro-Machado

Source: Global Denim, 2011, Berg Fashion Library

Book chapter

In the Denim Manifesto anthropologists are challenged to study denim – something that is commonplace in our everyday lives but notably absent from ethnographic analyses. As a manifesto, the authors refute the ontological philosophical logic that an element, such as clothing, that is located on the surface of bodies is intrinsically a superficial problem. Instead they consider the philosophical implications of the use of jeans – a clothing resource that resolves the anxiety and the contradictions

Planning Reductions

Rosetta S. LaFleur

Source: Merchandise Planning Workbook, 2010, Fairchild Books Library

Book chapter + STUDIO

After reading this chapter you should be able to:

Brick-and-Mortar Retailing

Jay Diamond and Sheri Litt

Source: Retailing in the Twenty-First Century, 2nd Edition, 2009, Fairchild Books Library

Book chapter

Best known among the traditional retailers are department stores and specialty chain organizations. These are among the largest retail classifications both here and abroad. Each type serves a specific merchandising need, with the former offering a wide array of products and the latter a more narrow range of merchandise. Every classification of consumer products, ranging from apparel to foods, is available through one of these two types of retailers.

The Concepts and Mathematics of Merchandise Pricing

Jay Diamond and Sheri Litt

Source: Retailing in the Twenty-First Century, 2nd Edition, 2009, Fairchild Books Library

Book chapter

Once the merchandise has been purchased, it is necessary for each item to be priced at an amount that will hopefully bring a profit to the company. It begins with the concept of markup, which is the difference between the amount that is paid for the goods by the merchant and the price for which they will be sold to the consumer. It is essential that all of the company's expenses be carefully considered so that the markup will be sufficient to render a profit.

Vendor Analysis: Measuring Profitability

Steven Lindner

Source: Retail Accountability. Advanced Retail Profitability Analysis, 2004, Fairchild Books Library

Book chapter

Many retailers and vendors use these terms interchangeably, but the terms have slightly different meanings.

Retailer’s Report Card

Steven Lindner

Source: Retail Accountability. Advanced Retail Profitability Analysis, 2004, Fairchild Books Library

Book chapter

A retailer usually takes markdowns, either permanently or for a short period of time. A permanent or “hard” markdown is physically recorded on the ticket price. If a retailer wishes to promote a selection of merchandise to stimulate sales, but does not wish the merchandise to remain at the markdown price, a “point of sale” markdown is put into effect.

Markdowns and Markdown Cancellations

Richard Clodfelter

Source: Making Buying Decisions. Using the Computer as a Tool, 3rd Edition, 2003, Fairchild Books Library

Book chapter

The same markup is usually not achieved on all items within a product category during a selling season. Many times, the retail prices of items sold near the end of the season have to be reduced. In other words, a markdown has occurred. Because markdowns reduce the planned markup, anticipated profits are also reduced; therefore, mark-downs must be carefully controlled. Athough markdowns reduce profits, they are a fact of life in retailing. Moreover, most retailers use mark-downs as a promotional t

The Founder’s Day Special

Nancy J. Rabolt , Judy K. Miler

Source: Bloomsbury Fashion Business Cases

Level: Introductory

Business case

An annual Founder’s Day sale for a Florida specialty retailer has always been successful for the store, moving merchandise to make room for holiday purchases and improving customer satisfaction by providing great bargains for customers. A coat buyer added a previously unsuccessful item on the Founder’s Day sale list only to be vetoed by the general merchandise manager (GMM) who insisted they be marked down even further. Very few of this promotional merchandise had sold at 50 percent off at the la

Creating a Six-Month Merchandise Plan for a Founding Department Store

Nancy J. Rabolt , Judy K. Miler

Source: Bloomsbury Fashion Business Cases

Level: Intermediate

Business case

A family-owned department store has had a successful 120-year history. They have moved with the times and faced competition well, however, recently some departments within the store have been met with decreasing sales and profits primarily due to increasing competition from fashion brand companies selling their products online. The women’s designer department hasn’t been met with these challenges, is profitable and continuing to grow but is wary of the threat of increased competition. The store’s

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