Applied Concepts for Fashion Business Fall 2014
Overview On April 24, 2013 the apparel industry was changed forever. 1,129 people were killed during the collapse of Rana Plaza in Dhaka, Bangladesh had a lasGng impact on manufacturers of clothing at all price points. Rana Plaza like many other social, economic, and poliGcal events impact the fashion industry instantaneously. As students of the industry it is important to stay informed of those changes. This e-‐textbook is a step in keeping up the second-‐to-‐second changes of the industry. This e-‐text was created by the members of your Fashion Studies faculty to best suit your needs as Columbia College Chicago Fashion Business students. This text is an outline of course topics you can expect to cover throughout the semester, but also note that if your instructor needs to make a change, he or she can edit the book! This a unique and exciGng opportunity to learn using progressive pedagogy for the 21st century!
Semester Overview • Weeks 1 – 5 – Introduc1on to Excel • • • •
Store Management Sales Projec1ons Hiring Costs Conversions
• Weeks 6 – 10 – The Wholesale Sector • • • •
Basic Retail Calcula1ons Retail Buying Cos1ng a Collec1on Calcula1ng a Profit
• Weeks 10 – 15 – Marke1ng • Visual Merchandising • Styling • Budge1ng
Math Concepts •
A. Decimal form is oMen used in monetary expressions. For example: If Alex has $3.75, he would have 3 dollar plus 75 one-‐hundredths of a dollar. • Concepts here: Tenth, hundredth, thousandths
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B. How to add or subtract decimals, whole numbers: • $175 + $32.50 + $11.55 • $175 -‐ $32.50 -‐ $11.55 • $175 + $32.50 -‐ $11.55
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Online FREE resource: hXp://www.dummies.com/how-‐to/content/move-‐the-‐decimal-‐point-‐to-‐change-‐a-‐numbers-‐value.html
Math Concepts •
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C. Division: What is a dividend, a divisor and the quo1ent? • What does 12.00/3.05 equal to? • What does 1200/305 equal to? • Compare the two answers. D. Percentage (%), Frac1ons and decimals:
• 50% can also be denoted as 50/100 or 0.50 •
Convert the following percentages to decimals: • 25% • 100% • 33 1/3% • 75%
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Convert the following decimals into percentages: • 0.25 • 9.92 • 0.073 • 10.75 Convert the frac1ons into percentages: • ½ • 1 ½ • 33 1/3 • 4/5
Math Concepts •
Solve the following problems: • What would it cost you to buy 7 ¼ yards of a fabric if the fabric cost is $8.99/ yard?
• You forgot sales tax. How much would you have to pay more if 9.55% sales tax is added to the quesGon above?
Math Concepts & Microsoc Excel •
Problems for Classwork or Homework using both calculator and MS Excel: • Mary earns $7.75/hr at a Store, and earns $12/hr on baby-‐sidng. Week 1, Mary worked for 20 hours at the store and 12 hours baby sidng. The next week Mary worked 25 hours at the store and 10 hours baby sidng. Use MS Excel to find out • (a) how much did Mary earn in Week 1 and Week 2, and • (b) How much more or less did she earn on Week 2 compared to Week 1.
Math Concepts & Microsoc Excel •
Mike is training for 5K this year. Following is the Gme taken to finish 5K recoded by his trainer. • 75 mins • 73 mins • 68 mins • 69 mins • 60 mins • 66 mins • 63 mins • Using Microsoc Excel find out the average (arithmeGc mean) Gme taken by Mike to run 5K during his training.
Excel Basics Many of you have probably heard of, if not worked with the program Microsoc Excel in the past. For merchandisers and other fashion business professionals Excel is one of the most important programs used on a day-‐to-‐day basis. In this course we will work with Excel at the introductory and intermediate levels. Excel can feel monolithic if you do not know how to use it properly, but like any acquired skill once you gain a basic understand of the funcGonality you can unlock its power. We have designed a few basic Excel acGviGes for you to pracGce on, you will find those on the proceeding pages. For extra help with Excel you can also enlist the help of Lynda.com! See the link below, as a Columbia College student you have free access to Lynda.com! hXp://www.lynda.com/Excel-‐training-‐tutorials/192-‐0.html
Is Excel Fashionable? WHAT COURSES FROM YOUR MAJOR ARE MOST APPLICABLE ON THE JOB TODAY? • “Any courses where I worked in excel and did trend projects helped me the most. I work in excel all day, and it is important to be an expert. I would also say that retail math helped as well.” Assistant Manager, Outlet Retail Strategies, American Eagle OuoiXers
What is Microsoc Excel? • A basic spreadsheet applicaGon by Microsoc • Is a tool for compuGng easily • Understands hundreds of basic formulas, pivot table, linking etc • Is a mathemaGc tool, but not a magical one • Is definitely creaGve (when you know how to use it)
Why do you need it? • Any basic job requires competency in Excel now. • You cannot be a successful merchandiser, designer or even a store manager if you DO NOT know excel. • Other FREE spreadsheet socware are: Open Office, Google Docs!
Basics of Excel • How to open a file. • Basics of a spreadsheet: – Columns (designated with leXers) – Rows (designated with numbers) – And their intersecGons are called “Cells” (D5)
• Each cell can be: – – – –
Empty Text(Labels) Numeric data (Constants) Formulas (starts with a “=a”
Types of Data • Labels are text entries. They do not have a value associated with them. We typically use labels to idenGfy what we are talking about.
• Again, we use labels to help idenGfy what we are talking about. The labels are NOT for the computer but rather for US so we can clarify what we are doing.
• Constants -‐ entries that have a specific fixed value. If someone asks you how old you are, you would answer with a specific answer. Sure, other people will have different answers, but it is a fixed value for each person.
• Formulas are entries that have an equaGon that calculates the value to display. We DO NOT type in the numbers we are looking for; we type in the equaGon. This equaGon will be updated upon the change or entry of any data that is referenced in the equaGon. • Formulas OR Func1ons MUST BEGIN with an equal sign (=) • Again, we use formulas to CALCULATE a value to be displayed. • Eg: =(B1+C4)/D2
Basic Formulas • We reference informaGon from different cell(s) • Once entered, constants could be changed without changing the formulas. • Simple Example: – If you work for 23 hours and make $5.36 an hour, how much do you make? We can set up this situaGon using • three labels • two constants • one equaGon
• Both of these equaGons will produce the same answers, but one is much more useful than the other. DO YOU KNOW which one is BEST and WHY?
It is BEST if we can Reference as much data as possible as opposed to typing data into equaGons.
• Change in formula • Basic formulas
• Methods to type in data – =sum(Type In) or =sum(Click On) – You can drag and select several cells
Sum:
• Average:
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Other basic funcGon which you might use: Max (A1:A4, 20) Min (A1:A4, B1:B367) Count (A1:A35) -‐ -‐ Blank & labels are not counted Count A (A1:A35) -‐ -‐ Only blanks are not counted If (condiGon, value-‐if-‐true, value-‐if-‐false) – =IF (A2>1,"Yes","No")
• You can search for formulas on “FuncGon Wizard” – Menu>down to funcGon – You have to explore it yourself J
Copying Formulas • SomeGmes when we enter a formula, we need to repeat the same formula for many different cells. • In the spreadsheet we can use the copy and paste command. The cell locaGons in the formula are pasted relaGve to the posiGon we Copy them from. • Fill down funcGon
The $ sign • SomeGmes it is necessary to keep a certain posiGon that is not relaGve to the new cell locaGon. This is possible by inserGng a $ before the Column leXer or a $ before the Row number (or both). This is called Absolute PosiGoning.
Formadng • Always format.
• Make sure numeric values are properly formaXed in decimals (not 3.1452783), $, %, etc • Column width can be adjusted.
InserGng • InserGng rows and columns are simple and ocen required. • Graphs & pie charts can also be made, Try that at home!
Excel Resource YouTube Video: • Beginners (Acer the power point): • hXps://www.youtube.com/watch?v=8L1OVkw2ZQ8 • Explores Labels, Numbers & Sales • Auto Sum (Σ) opGon explored • BoXom Screen Tally number • Formadng – Merge, Bold, Background color • Add row • Edit > Clear Formadng. • Grid OpGon • Chart • Formadng: Number to Currency
What is Retail and what is Retail Product Management? • • • • • • •
Please read the following arGcle from the book. Scanned copy is also available on Moodle. Reading #1: Varley, R. (2006). IntroducGon: Scope and concepts. In Retail product management: Buying and merchandising (Revised/Expanded ed., pp. 3-‐20). London: Routledge Class discussion: • What funcGons do we need to manage retail? Review the NaGonal Retail FederaGon website hXps://nrf.com/ “NRF is the world’s largest retail trade associaGon, represenGng discount and department stores, home goods and specialty stores, Main Street merchants, grocers, wholesalers, chain restaurants and Internet retailers from the United States and more than 45 countries. Retail is the naGon’s largest private sector employer, supporGng one in four U.S. jobs – 42 million working Americans. ContribuGng $2.5 trillion to annual GDP, retail is a daily barometer for the naGon’s economy. NRF’s This is Retail campaign highlights the industry’s opportuniGes for life-‐long careers, how retailers strengthen communiGes, and the criGcal role that retail plays in driving innovaGon.”
Retail Pricing •
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In Keystone mark up, retail price is double that of wholesale price. Likewise, manufacturing cost should be half of that of wholesale price. • So, in manufacturing cost is $50 • Then, wholesale price should be $100 • & Retail price of the same product should be $200. Manufacturing cost should include labor, raw materials, overheads and profit for the manufacturer or the vendor. • Using Excel calculate the retail price of a basic t-‐shirt if the manufacturing cost is $ 4.50, considering they follow key stone markup. • Using Excel calculate the manufacturing cost and wholesale cost of a jeans that costs $49.99 at Macys’. What is Mark up (MU)? • Merchandising (the act of buying and selling) is performed by the retailer, who selects and buys merchandise that is offered for resale to the consumer. To make a profit, the retail merchandiser must set the proper price on the merchandise. This is done by applying the mathemaGcal concept of Markup. Mark up is the amount that is added to the cost price of the merchandise to arrive at a retail price. This amount should be large enough to cover the cost of the merchandise, the expenses incurred to sell it, markdowns, shortages, and the desired profit.
Retail Pricing •
Formulas • $ Markup = $ Sale price– $ Cost • Markup % = $ Markup / Retail
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Use Excel to solve: What is the markup % on a shirt when the markup is $10 and the retail is $18? What is the markup % on a shirt when the retail cost is $50 and the markup is $30?
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What is Markdown? • Markdown is an important type of price adjustment strategy. It is basically lowering of the original retail price of a product. Purpose of Markdowns: Markdowns are “a cure, and not a curse.” • SGmulate the sale of merchandise to which consumers are not responding. • To aXract customers to the stores. • To re-‐price merchandise compeGGvely. • For special promoGons and events like Sales, Black Friday, etc. • To provide OTB money (This concept will be discussed in Retail Buying class)
What are the Causes of Markdowns? • •
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Buying error, pricing errors, selling errors, remainder from special sales, broken assortment. Formulas: • $ Markdown = Original Retail -‐ New Retail • $ Markdown = % off x Original Retail Use Excel to solve the following: • A store adverGses 25% off on a group of 60 100% coXon shirts currently retailed at $100 each. What is the individual and total dollar markdown? • A buyer reduces 93 tank tops from $15 to $9.99. What is the individual and total markdown in dollars? Reading #2: Study Points To Retail Wage Gap: WWD This arGcle is also available online on the Library (Database: Business Source Complete)
What is Inventory? & How is it Calculated? Inventory is the reported on books by taking in account all the transac1ons that add to the retail value of the inventory (ins) and these that subtract from the retail value of the inventory (outs). • Ins – purchases, transfer in, customer returns, etc • Outs – discounts, sales, return to vendor, etc. •
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Ideally a store will have enough merchandise in hand to make all customers happy. But reality is that someGmes stores run out of few styles (hot styles) and someGmes stuck with a huge inventory of products. • Book Inventory – Retail value of stocks that has been determined from records. • Physical Inventory – The actual count of stock on hand at any given Gme. Discuss -‐ Why do you think book inventory might ever differ from physical inventory?
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Using Excel please solve the following: • If the physical count of inventory on March 31st in a store yielded a retail inventory value of $37,000, what was the book inventory on August 31st if all the ins during the period was $78,455 , and all the outs were $73,715? Inventory Management discussions in class: • Skeletal inventory • Zara’s strategy • Walmart’s strategy
How is Sales ProjecGon Calculated? • • • •
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Sales % Increase = (TY Planned Sales – LY Planned Sales) / LY Planned Sales. Sales can also be planned to decrease for a store. Why do you think so? Seasonal Planned Sales = LY Sales X Planned % Increase Solve the following using Excel: • Last year’s sales in the children’s apparel department was $100,000, and the buyers plans a sales figure this year of $120,000. What is the planned percentage increase for this year? A local scarf store in Detroit is planning sales for this year during an economic downturn that has caused a significant drop in consumer spending. The buyers feel that sales for this year can be expected to fall significantly. If sales are expected to fall by $50,000 from last years level of $300,000 to $250,000 this year, what will be the percentage decrease? Why do we keep track of actual sales?
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How is it done? • Remember the last Gme you bought something at a clothing store. Did they scan your product on the POS? POS is point of sale. That is where final monetary transacGon takes place in exchange for the product. Did you noGce the Bar Code that the cashier scanned? It is called UPC (Universal Product Code) that stores valuable informaGon about the product. For example: the arGcle number (SKU). SKU is Stock Keeping Unit. Every garment has a SKU, a unique idenGfier that denotes exact style number, size and color of a product. UPC also stores informaGon about the retail price of the product. • The POS systems are usually connected to decision support system (DSS), which is accessible to product managers like buyers, planners, managers, etc. DSS helps track sales of different products and informaGon can be tracked over a day, a week, a month, a season or even years. This helps buyers idenGfy SKUs that are selling well and that are not clicking with their customers. Using the data from the DSS, sales per square feet, average Gcket size, and so many informaGon can be available to the managers to made sound and intelligent decisions for seasons to come.
ProducGvity •
Foohalls or Foot Traffic -‐ Number of people who walk in to the store. High street fashion stores get more foot traffic than stores in the suburbs. Supermarts will get more foot traffic than specialty stores. Stores in Magnificent mile will have more foooalls than the store in Oak Park.
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Conversion – Percentage of people who walk into the store who actually make a transacGon in the same store.
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Average Ticket Size – Average $ value of each transacGon.
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Basket Size -‐ The raGo of sales volume to number of transacGons.
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SPSF – Sales per square feet. • Remember: Real Estate is very expensive.
• Each store designates a certain are to each brand or category.
How to Apply These Concepts? •
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Suppose 1000 people walk into a store on a Tuesday. From the POS, manager can find out the number of transacGons that has taken place that day. Suppose number of transacGons recorded on system was 709. So the conversion would be 70.9%. This would be considered a high % of conversion for an apparel store. For convenience stores like CVS Pharmacy, 711, etc. will have higher conversion than department stores like Macys’ etc. • Why is conversion rate important? If the store had foot traffic of 1000 on a day and 70.9% conversion rate was recorded. Net sales (= gross sales (minus) customer returns/allowances) was found to be $30,629. What was the average Gcket value or bucket size?
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Reading #3: Page 1-‐6 of Effect of Traffic on Sales and Conversion Rates of Retail Stores (Click here for file) Or click below the link hXp://public.kenan-‐flagler.unc.edu/faculty/kesavans/Effect%20of%20traffic%20on%20sales%20and %20conversion%20rates%20for%20retailers.pdf InteresGng Link: hXp://merchantwarehouse.com/glossary/average-‐Gcket-‐size
The 6-‐Month Plan •
Merchandise Planning and Open-‐to-‐Buy Video
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Sales: This will be the first thing done in 6-‐month planning. Remember the following: Gross sales – Customer returns and allowances = net sales. Last year’s sales are a good indicator for the next year’s planned sales. Season sales are a porGon of annual sales. The Fall season is slightly higher than the Spring season due to the holiday selling. The seasonal plan will cover the months of August through January or February through July. The season’s sales total is the first thing you will use in the calculaGon of the variables in the Six Month Merchandise Plan. In order to forecast monthly sales, figure the percentage each month is to the total season. Use the following formula: Monthly sales ÷ total sales = monthly sales %. All six months of sales must add to the season dollar total. All six months of percent must total 100%.
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The 6-‐Month Plan •
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Stock: EvaluaGng stock is important to maintain balance. Stock varies due to purchases or receipts, markdowns, return to vendors and sales. Stock-‐to-‐sales raGos are a helpful tool in planning. A buyer must consider the turnover rate (the Gmes the average stock turns over in a 7-‐month period). To determine the raGo: BOM stock ÷ monthly sales = monthly stock to sales ra1o. The raGo tells one how many dollars are needed on hand to achieve the sales plan. Given the raGo, calculate stock this way: Monthly sales X stock to sales ra1o = BOM stock. To calculate average stock: 6 months of BOM stock + EOM stock ÷ 7 = Average stock Average stock ÷ sales = turnover rate. The amount of turns per year will guide you in planning how much to stock at any given Gme.
The 6-‐Month Plan • Markdowns: ReducGons in stock reduce the retail value of the inventory. A smart buyer will use markdowns to his/her advantage. Markdowns are always expressed as a percentage of sales for planning purposes. • Monthly markdowns ÷ monthly sales = monthly markdown %. • Total markdown $ ÷ Total sales = Total markdown %. • Markdown % by month will vary due to promoGons and Gming of events.
The 6-‐Month Plan • Purchases: A conGnual flow of merchandise in a store is essenGal for a profitable operaGon. By Gming of merchandise purchases, a buyer is able to maintain a good flow of stock. The goal is to conGnually present fresh merchandise for maximum sales. • (Monthly sales + monthly markdowns + EOM stock) – BOM stock = retail purchases. • On your plan, these will be expressed in retail first, and the example will have you convert them to cost with a formula. • Retail purchases X (100%-‐ ini1al markup %) = cost purchases. • Purchases are not Open-‐to-‐Buy but rather an indicaGon of the flow of stock needed to meet the next month’s BOM stock level ulGmately leading to making your sales plan.
The 6-‐Month Plan • Average stock and turnover: This figure is very important in planning. If your stock is turning too fast, you are missing sales due to the replenishment not being there fast enough. If your stock is turning too slow, markdowns and other reducGons will erode the profitability. The healthy turn rate is something you as a buyer will conGnue to strive to achieve in order to meet your profitability goals. • (6 BOM + 1 End of Season stock) ÷ 7 = Average Stock. • Net Sales ÷ Average stock = Turnover rate.
Try It Out!
Answer These QuesGons! Using the six-‐month plan provided, answer the following ques1ons: • What are the planned sales, in dollars, for March? • What percentage of sales does the store plan to do in May? • What is the dollar amount planned for Markdowns in February? • What is the percentage of MDs planned for this year in July? • What is the average stock for this year? • What are the Planned Purchases at Retail for April? • What are the Planned Purchases at Cost for June?
What is Visual Merchandising? • It is everything you see in a store, from the exterior signage to the lights in the fidng rooms….wow, that is a lot! Think about your recent in-‐store shopping experiences. You may have noGced elements that you really liked, you definitely noGced elements that were confusing or not visually appealing, and you probably didn’t noGce if everything seemed to be in order.
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During your recent shopping trip, did you purchase more than you expected? If so, you can probably thank the visual merchandising team for that! The purpose of visual merchandising is to show merchandise and store concepts at their very best in hopes of making a sale. Visual merchandisers work to convince their audience of the value of the object, store, or organizaGon behind the concept. • For this reason, it is impera1ve to be aware of who the target customer is: What is their lifestyle? Consider color paleXe, silhoueXe, price point, and style. Show them why your store is the perfect place for them! Reading #4: Bailey, S., & Baker, J. (2014). Visual Merchandising For Fashion. London: Bloomsbury.
Visual Merchandising •
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Windows are exterior displays—it is a display for someone outside of the store. This will hopefully aXract potenGal customers to come into the store or keep it in mind for another Gme; grabbing their aXenGon is the first step! What types of elements do you see in window displays? Typically, mannequins or forms as well as decoraGve props. Mannequins look like you or I; they have been created to reflect the “actual” shopper. They can be short, tall, pregnant, peGte, plus-‐size, acGon-‐posed, or pig-‐tail wearing! They can have sculpted hair or wear a wig. They may have removable make-‐up, or none at all. They may have visible facial features, or none at all. Mannequins show apparel and accessories on an actual body.
Lavin Windows “Splash”
Visual Merchandising •
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Bergdorf Goodman, “Holiday Windows”
Forms, on the other hand, are now being brought out of the sewing rooms and uGlized as part of the displays themselves. Forms are 3D representaGon of a part of the human body. Forms typically do not have arms or leg. Their bodies are soc so merchandise can easily be pinned to them without The mannequins and forms should be the focal point of the window as they bring to life the merchandise that is for sale. The props, paint, and signage found in the window should play a supporGng role. Props can be purchased through wholesalers or retailers, repurposed, or built on-‐site. Visual merchandising budgets have decreased significantly over the years, so visual merchandisers must be cracy and thoughoul in their purchases. Everything must be repurposed!
Visual Merchandising •
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Interior displays are focal points, plaoorms, or groupings of mannequins inside the store. The viewer is inside the store, and these displays should be intriguing or tell a story to the customer (color, silhoueqe, texture, paqern vendor, lifestyle). Displays should emphasize current trends and highlight seasonally appropriate merchandise. We are a society of “buy now, wear now” so retailers are paying aXenGon. Displays may be strategically placed in ‘dead zones’, act as direcGves to subtly guide customers to different parts of the store, or featured next to the fixtures where products are found. Merchandisers work to create adjacencies among fixtures and displays; this makes for a convenient shopping experience as customers can easily find merchandise that has caught their eye. Product adjacencies also show merchandise works together to encourage increased consumer spending. These are non-‐verbal suggesGons for customers; it makes their shopping experience much easier.
Visual Merchandising • Next Gme you visit your favorite retailer or go to work, pay careful aXenGon to the types of fixtures that are used. The fixtures must be appropriate for the merchandise. Is it an item that is carried in several colors? Did the retailer really ‘buy into it’ for the season? It should go on a high volume fixture; this means lots of product can fit on one fixture. If it is a specialty item, make it feel special. Feature it on a smaller, more unique fixture. MINI Pop-‐Up Shop, London, UK
Visual Merchandising PracGce •
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How will you ouoit the interior of your store? Think about the places you shop and/or work. How is merchandise displayed? What are other elements of retailers? • Dressing room • Cash wrap • mirrors There are many resources available to purchase the necessary fixtures, furniture and mannequins for your store. One recommendaGon is ‘Store Supply’; they have a comprehensive website. • For the in-‐store VM, you have $10,000 to work with. Visit store supply. You have $5000 for in-‐store fixtures. When choosing your fixtures, you must keep in mind the merchandise the store will be carrying; think ahead to the different seasons so your fixtures accommodate these different products. (Wall fixtures? Furniture? Shelving units? Floor fixtures? Accessories?) You should have a balance between high volume fixtures and novelty fixtures. Will you use something different for various holidays? What about sale merchandise? Make sure you are creaGng a cohesive environment in terms of shapes and finishes. Have fun designing your store!
Visual Merchandising PracGce • •
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What about ‘pause points’ and in-‐store displays to make the store visually appealing? Will you use plaoorms, mannequin groupings, vitrines, window displays? You have $3000 for mannequins and dress forms. • Will you choose a pre-‐selected grouping? All the same? A combinaGon? • Keep in mind the different seasons, holidays, etc that you may want to make changes for. Use the last $2000 for addiGonal props, tools, etc that you will need. • Do some research…what is necessary for these installaGons? (PainGng supplies, hammer, nails, etc from a hardware store. • What about themes and seasonal items? Can you reuse different props for different displays?) Will you be uGlizing equal parts of your budget throughout the year, or will different seasons require more money? Here are a few resources that might help you get started in your research: • hXp://visualmerchandising.tumblr.com/ • hXp://www.waynesburg.edu/docman/32-‐visual-‐merchandising-‐checklist/file • hXp://walgeX.nsw.gov.au/community-‐walgeXcd/business-‐and-‐industry-‐walgeX/1152044-‐ mastering-‐visual-‐merchandising
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Styling PracGce Budget
Works Cited Bailey, S., & Baker, J. (2014). Visual Merchandising For Fashion. London: Bloomsbury. Erikson, P. (2010, October 25). Merchandise Planning and Open-‐to-‐Buy. Retrieved August 1, 2014, from hXps://www.youtube.com/watch? v=CZJFB8Ac2Gs Edelson, S. (n.d.). Study points to retail wage gap. Women's Wear Daily, 207 (111), 1-‐2. Maricopa Community Colleges. (n.d.). The sixth month plan and open-‐to-‐buy. Retrieved August 1, 2014, from hXps://learn.maricopa.edu/ courses/811448/pages/the-‐six-‐month-‐merchandise-‐plan-‐and-‐open-‐to-‐buy Mugnai, F. (2013, March 18). 30 winning retail window displays: Visual merchandising at its best! Retrieved from hXp:// blogof.francescomugnai.com/2013/03/30-‐winning-‐retail-‐window-‐displays-‐visual-‐merchandising-‐at-‐its-‐best/ Perdikaki, O., Kesavan, S., & Swaminathan, J. (n.d.). Effect of traffic on sales and conversions rates of retail stores. Unpublished Manuscript. Varley, R. (2006). IntroducGon: Scope and concepts. In Retail product management: Buying and merchandising (Revised/ Expanded ed.). London: Routledge.