BUSINESS PLAN SPRING 2015
BIRMINGHAM • PHOENIX • BEVERLY HILLS • COSTA MESA • PALM DESERT • SAN FRANCISCO • SANTA BARBARA • GREENWICH
EANS • CHEVY CHASE • BOSTON • TROY • ST. LOUIS • LAS VEGAS • HACKENSACK • SHORT HILLS • NEW YORK • HUNTINGTON
RICHMOND • BIRMINGHAM • PHOENIX • BEVERLY HILLS • COSTA MESA • PALM DESERT • SAN FRANCISCO • SANTA BARBAR
NAPOLIS • NEW ORLEANS • CHEVY CHASE • BOSTON • TROY • ST. LOUIS • LAS VEGAS • HACKENSACK • SHORT HILLS • NEW YO
ANTONIO • MCLEAN • RICHMOND • BIRMINGHAM • PHOENIX • BEVERLY HILLS • COSTA MESA • PALM DESERT • SAN FRANCISC
CHICAGO • INDIANAPOLIS • NEW ORLEANS • CHEVY CHASE • BOSTON • TROY • ST. LOUIS • LAS VEGAS • HACKENSACK • SHORT
HOUSTON • SAN ANTONIO • MCLEAN • RICHMOND • BIRMINGHAM • PHOENIX • BEVERLY HILLS • COSTA MESA • PALM DESERT
OTA • ATLANTA • CHICAGO • INDIANAPOLIS • NEW ORLEANS • CHEVY CHASE • BOSTON • TROY • ST. LOUIS • LAS VEGAS • HAC
PHILADELPHIA • HOUSTON • SAN ANTONIO • MCLEAN • RICHMOND • BIRMINGHAM • PHOENIX • BEVERLY HILLS • COSTA MESA
BEACH • SARASOTA • ATLANTA • CHICAGO • INDIANAPOLIS • NEW ORLEANS • CHEVY CHASE • BOSTON • TROY • ST. LOUIS • LA
UMBUS • TULSA • PHILADELPHIA • HOUSTON • SAN ANTONIO • MCLEAN • RICHMOND • BIRMINGHAM • PHOENIX • BEVERLY H
NAPLES • PALM BEACH • SARASOTA • ATLANTA • CHICAGO • INDIANAPOLIS • NEW ORLEANS • CHEVY CHASE • BOSTON • TR
CINCINNATI • COLUMBUS • TULSA • PHILADELPHIA • HOUSTON • SAN ANTONIO • MCLEAN • RICHMOND • BIRMINGHAM • PHOEN
MYERS • MIAMI • NAPLES • PALM BEACH • SARASOTA • ATLANTA • CHICAGO • INDIANAPOLIS • NEW ORLEANS • CHEVY CHAS
BEACHWOOD • CINCINNATI • COLUMBUS • TULSA • PHILADELPHIA • HOUSTON • SAN ANTONIO • MCLEAN • RICHMOND • BIR
BOCA RATON • FORT MYERS • MIAMI • NAPLES • PALM BEACH • SARASOTA • ATLANTA • CHICAGO • INDIANAPOLIS • NEW ORL
TATION • RALEIGH • BEACHWOOD • CINCINNATI • COLUMBUS • TULSA • PHILADELPHIA • HOUSTON • SAN ANTONIO • MCLEAN
GREENWICH • BOCA RATON • FORT MYERS • MIAMI • NAPLES • PALM BEACH • SARASOTA • ATLANTA • CHICAGO • INDIANAP
HUNTINGTON STATION • RALEIGH • BEACHWOOD • CINCINNATI • COLUMBUS • TULSA • PHILADELPHIA • HOUSTON • SAN ANT
ANTA BARBARA • GREENWICH • BOCA RATON • FORT MYERS • MIAMI • NAPLES • PALM BEACH • SARASOTA • ATLANTA • CHICA
NEW YORK • HUNTINGTON STATION • RALEIGH • BEACHWOOD • CINCINNATI • COLUMBUS • TULSA • PHILADELPHIA • HOUST
RANCISCO • SANTA BARBARA • GREENWICH • BOCA RATON • FORT MYERS • MIAMI • NAPLES • PALM BEACH • SARASOTA • AT
SHORT HILLS • NEW YORK • HUNTINGTON STATION • RALEIGH • BEACHWOOD • CINCINNATI • COLUMBUS • TULSA • PHILADE
DESERT • SAN FRANCISCO • SANTA BARBARA • GREENWICH • BOCA RATON • FORT MYERS • MIAMI • NAPLES • PALM BEACH •
HACKENSACK • SHORT HILLS • NEW YORK • HUNTINGTON STATION • RALEIGH • BEACHWOOD • CINCINNATI • COLUMBUS • TU
MESA • PALM DESERT • SAN FRANCISCO • SANTA BARBARA • GREENWICH • BOCA RATON • FORT MYERS • MIAMI • NAPLES • PA
LAS VEGAS • HACKENSACK • SHORT HILLS • NEW YORK • HUNTINGTON STATION • RALEIGH • BEACHWOOD • CINCINNATI • CO
HILLS • COSTA MESA • PALM DESERT • SAN FRANCISCO • SANTA BARBARA • GREENWICH • BOCA RATON • FORT MYERS • MIA
• BOCA RATON • FORT MYERS • MIAMI • NAPLES • PALM BEACH • SARASOTA • ATLANTA • CHICAGO • INDIANAPOLIS • NEW OR
STATION • RALEIGH • BEACHWOOD • CINCINNATI • COLUMBUS • TULSA • PHILADELPHIA • HOUSTON • SAN ANTONIO • MCLEAN
RA • GREENWICH • BOCA RATON • FORT MYERS • MIAMI • NAPLES • PALM BEACH • SARASOTA • ATLANTA • CHICAGO • INDIA
ORK • HUNTINGTON STATION • RALEIGH • BEACHWOOD • CINCINNATI • COLUMBUS • TULSA • PHILADELPHIA • HOUSTON • SAN
CO • SANTA BARBARA • GREENWICH • BOCA RATON • FORT MYERS • MIAMI • NAPLES • PALM BEACH • SARASOTA • ATLANTA
T HILLS • NEW YORK • HUNTINGTON STATION • RALEIGH • BEACH WOOD • CINCINNATI • COLUMBUS • TULSA • PHILADELPHIA
RT • SAN FRANCISCO • SANTA BARBARA • GREENWICH • BOCA RATON • FORT MYERS • MIAMI • NAPLES • PALM BEACH • SARA
CKENSACK • SHORT HILLS • NEW YORK • HUNTINGTON STATION • RALEIGH • BEACHWOOD • CINCINNATI • COLUMBUS • TULSA
A • PALM DESERT • SAN FRANCISCO • SANTA BARBARA • GREENWICH • BOCA RATON • FORT MYERS • MIAMI • NAPLES • PALM
AS VEGAS • HACKENSACK • SHORT HILLS • NEW YORK • HUNTINGTON STATION • RALEIGH • BEACHWOOD • CINCINNATI • CO
HILLS • COSTA MESA • PALM DESERT • SAN FRANCISCO • SANTA BARBARA • GREENWICH • BOCA RATON • FORT MYERS • MIAM
ROY • ST. LOUIS • LAS VEGAS • HACKENSACK • SHORT HILLS • NEW YORK • HUNTINGTON STATION • RALEIGH • BEACHWOOD
NIX • BEVERLY HILLS • COSTA MESA • PALM DESERT • SAN FRANCISCO • SANTA BARBARA • GREENWICH • BOCA RATON • FORT
SE • BOSTON • TROY • ST. LOUIS • LAS VEGAS • HACKENSACK • SHORT HILLS • NEW YORK • HUNTINGTON STATION • RALEIGH
RMINGHAM • PHOENIX • BEVERLY HILLS • COSTA MESA • PALM DESERT • SAN FRANCISCO • SANTA BARBARA • GREENWICH
LEANS • CHEVY CHASE • BOSTON • TROY • ST. LOUIS • LAS VEGAS • HACKENSACK • SHORT HILLS • NEW YORK • HUNTINGTON
• RICHMOND • BIRMINGHAM • PHOENIX • BEVERLY HILLS • COSTA MESA • PALM DESERT • SAN FRANCISCO • SANTA BARBARA
POLIS • NEW ORLEANS • CHEVY CHASE • BOSTON • TROY • ST. LOUIS • LAS VEGAS • HACKENSACK • SHORT HILLS • NEW YORK
TONIO • MCLEAN • RICHMOND • BIRMINGHAM • PHOENIX • BEVERLY HILLS • COSTA MESA • PALM DESERT • SAN FRANCISCO
AGO • INDIANAPOLIS • NEW ORLEANS • CHEVY CHASE • BOSTON • TROY • ST. LOUIS • LAS VEGAS • HACKENSACK • SHORT HILL
TON • SAN ANTONIO • MCLEAN • RICHMOND • BIRMINGHAM • PHOENIX • BEVERLY HILLS • COSTA MESA • PALM DESERT • SAN
TLANTA • CHICAGO • INDIANAPOLIS • NEW ORLEANS • CHEVY CHASE • BOSTON • TROY • ST. LOUIS • LAS VEGAS • HACKENSACK
ELPHIA • HOUSTON • SAN ANTONIO • MCLEAN • RICHMOND • BIRMINGHAM • PHOENIX • BEVERLY HILLS • COSTA MESA • PALM
SARASOTA • ATLANTA • CHICAGO • INDIANAPOLIS • NEW ORLEANS • CHEVY CHASE • BOSTON • TROY • ST. LOUIS • LAS VEGA
ULSA • PHILADELPHIA • HOUSTON • SAN ANTONIO • MCLEAN • RICHMOND • BIRMINGHAM • PHOENIX • BEVERLY HILLS • COSTA
ALM BEACH • SARASOTA • ATLANTA • CHICAGO • INDIANAPOLIS • NEW ORLEANS • CHEVY CHASE • BOSTON • TROY • ST. LOUI
OLUMBUS • TULSA • PHILADELPHIA • HOUSTON • SAN ANTONIO • MCLEAN • RICHMOND • BIRMINGHAM • PHOENIX • BEVERLY
AMI • NAPLES • PALM BEACH • SARASOTA • ATLANTA • CHICAGO • INDIANAPOLIS • NEW ORLEANS • CHEVY CHASE • BOSTON
TABLE OF CONTENTS 01 ABOUT SAKS
06 SPRING 2015 TRENDS
02 SCOPE & SIZE
07 CULTURAL TRENDS
03 CUSTOMER PROFILES 08 BUYING PLANS 04 PRODUCT CATEGORY 09 ASSORTMENT PLAN 05 KEY COMPETITORS 10 STATEMENT
01 ABOUT SAKS
ORIGINAL SAKS • First opened on September 15, 1924 by Horace Saks and Bernard Gimbel in the residential Upper East Fifth Avenue blocks. • The first specialized retailer to offer the finest quality of men and women’s fashions.
SAKS TODAY • Hudson’s Bay Company bought out the company for $2 billion. • Recruited Marigay Mckee as the new President to renovate the company to bring it back up the market. • Her plans include: -To attract younger, trendier customers. -To add new contemporary designers for her younger target market. -Renovate the flagship store.
SAKS TOMORROW • Saks will be opening their second New York City store in lower Manhattan at the Brookfield Place in 2016. • Saks is expanding into Canadian borders during mid 2016.
SAKS MISSION
“
At Saks Fifth Avenue, our mission is to strive to always look ahead. With new talent on our side, we will be re¬emerging to take our position again as the top luxury retailer in the United States. With three short promises we stand by, we hope to gain our customers confidence when shopping at our store retailers. First, we promise our full loyalty will always be to the customer before anything else. Secondly, we will stay consistently creative and innovavtive when it comes to our merchandise. Lastly, we will help create a shopping experience throughout our stores that is enjoyable and memorable.
”
02 SCOPE & SIZE
LOCATIONS • Saks Fifth Avenue has 39 stores servicing customers in 22 states (without counting OFF 5th Stores).
The states highlighted in red are home to a Saks Fifth Avenue store.
WHO WE CARRY
WHAT WE CARRY
Kid’s Apparel
Handbags Beauty
Women’s Apparel
Men’s Apparel
Shoes
Jewelry & Accessories
Home Decor
SALES PER DEPARTMENT 3.30% 12.10%
37.50% 12.80%
Women's Apparel Men's Apparel Accessories Women's Shoes Cosme>cs Other
18.90% 15.20%
03
CUSTOMER PROFILES
REBECCA
-Age: 20 -Occupation: Student -Favorite Brands: Rag
& Bone, DKNY, The Row, Vince -Hobbies: Scouting for the newest “It� band, blogging and trying new restaurants. -Believes in: Investing in quality basics, quality vs. quantity is her motto.
LOUISE
-Age: Mid 60’S -Occupation: Retired -Favorite Brands: Louis
Vuitton, Ralph Lauren, Carolina Herrera -Hobbies: Participating in Benefit Galas, teat time with longtime friends. -Believes in: Investing money in timeless pieces. Loyal Saks customer since her early 20’s.
MONICA
-Age: 40’s -Occupation: Lawyer -Favorite Brands: Givenchy,
Valentino, Narcisco Rodriguez, Burberry Prorsum -Hobbies: Yoga, Social Events, Family Sunday Brunch, frequenting the MET. -Believes in: A polished look, mixing and matching high quality pieces that are longer lasting. It is important for her to invest in leather goods, such as shoes and handbags.
MATHIEU
-Age: 37 -Occupation: Investment Banker -Favorite Brands: Giorgio Armani, Ermenegildo Zegna, Hermes -Hobbies: Drinking bourbon, weekends at the Hamptons, car shopping. -Believes in: Portraying a professional image, a polished look, and a well constructed suit.
MIRJAM
-Age: 29 -Occupation: Stay at home Mom -Favorite Brands: Prada, Jimmy Choo, Miu Miu -Hobbies: Book club, cooking, traveling, luxury shopping -Believes in: Sees shopping as an investment. Sees importance in beautiful things.
04
PRODUCT CATEGORY
PRODUCT CATEGORY: WOMEN’S SHOES
Saks Fifth Avenue is known for their extensive and diverse shoe department. Their flagship store in New York City carries such a vast inventory of shoes, the department has its own zip code. An essential in every women’s wardrobe and ensemble, shoes play a role in every woman’s daily life. Choosing shoes as a product category for our retailer, we decided it was the most appealing choice.
05
KEY COMPETITORS
BRICK & MORTAR
E-COMMERCE
TOP 3 COMPETITORS:
1
BARNEYS NEW YORK
SCOPE & SIZE: 35 Locations, including eight full-sized flagship stores in New York City, Beverly Hills, Boston, Chicago, Dallas and more. They also handle several Co-Op and outlet stores around the States. Strenghts: • Appeal to a younger customer as they keep constant track of innovative ideas. • MICA Bracelet. • Renovation of their Madison Avenue and Beverly Hills Flagships. • Have resided in their Downtown location in Soho for a considerable amount of time.
Competing against: • Barneys New York unveiled a new shoe floor in its flagship store where the men’s and women’s footwear will be displayed on the same floor in a 22,000-square-foot space. • Travel accessories and iPad stations, with access to Barneys.com and The Window, are displayed throughout the department floor. • The women’s department will carry a number of new exclusive brands.
2
NORDSTROM
SCOPE & SIZE: 117 full-line stores in 36 states and Canada. They also run 151 Nordstrom Rack stores. Serving customers online in 46 countries. Strengths: • The brand is constantly evolving and moving forward. • Exclusive collaborations with Topshop and SJP give them advantage over the younger customer. • Positive reputation that has built customer loyalty. • Technologically advanced. • The retailer is the first company to launch Like2Buy platform on Instagram.
Competing against: • While most department stores sell about 4% to 5% of total sales in shoes, most Nordstrom stores sell between 11% and 13% of total sales in shoes. • Newest store opening in Jacksonvlle, FL has a total 5 shoe departments. • Their plan is for a larger area of selling space for more shoes to hold, resulting in more sales.
3
BLOOMINGDALES
SCOPE & SIZE: 37 stores around the US. The Outlet in 13 states. Flagship store and HQ in New York City. Strenghts: • Strong and well-known luxury brand. • Technology led innovations. • Very strong connection to benefitting charities.
Competing against: • The Women’s shoes department in its flagship store has doubled in size, from 7,000 square feet to 14,000 square feet. The store has picked up a few new brands, including Christian Dior, Giuseppe Zanotti, Chloe, Sigerson Morrison, Superga, and Nike. • The first fully mobile Bloomingdale’s store just opened in Palo Alto, CA where all selling associates have mobile devices allowing them to complete transactions, assist shoppers with instant access to product availability information, along with the ability to call, email and text with customers.
06 SPRING 2015 TRENDS
THE SNEAKER The “Active Lifestyle� is now hitting the runway, not only is it worn to the gym, but it is also being paired with cocktail dresses and business attire.
THE LACE-UP SANDAL These strappy, skin-baring heels are incredibly alluring, either enhancing an already glamorous outfit or lending a feminine counterpoint to a casual ensemble. Casual outfits to work, lace up shoes are the perfect wardrobe essential.
THE OXFORD Oxford shoes, a once Catholic school shoe, has been brought to the world of fashion as a casual, counter balance to the work attire. New interpretations of color block and capped toes really brighten up a simple shoe.
THE MULE This season the mule, once a signature shoe for the over-60 set, has received a youthful makeover. Whether a floral adorned flat, a chunky heel, or a sleek stiletto, the new mule is something you’ll want to slip into.
07
CULTURAL TRENDS
YOUNGER GENERATION How to bring in the Millennials? • With new President, Marygay McKee, in charge there will be many transformations, including high-luxury items and services, new branding and attempts to bring in younger, trendier customers. • She plans to hone in on cities with large populations of college students and young professionals, but she also wants to target shoppers based on location (stores shouldn’t have the exact same merchandise). • In youth-oriented stores, you can expect to see more emerging international, contemporary designers. The homepage on Saks’ website currently showcases its “New and Emerging Designers” category, featuring cool labels like MSGM, Ostwald Helgason, Carven and Antonio Marras.
SAVVY SHOPPERS How to adapt to a smarter shopper? • Consumers, especially young working people, are less interested in store visits that requires an ample amount of time driving to the store. However, the Internet allows for a leisurely shopping experience at a personally convenient time for the customer. • Customer is accustomed to mobile commerce shopping through mobile websites or smartphone apps. • Saks Fifth Avenue has marketed themselves to a younger, more technologically advanced generation by creating a company app where one can buy products, see customer reviews, location of stores, view catalogues and lookbooks, and enjoy special offers. • By associates at Saks having direct access to iPads and other technologies, it allows them to be up-to-date with the savvy shoppers.
08 BUYING PLANS
6 MONTH BUYING PLAN (000’s)
SPRING 2015 Plan Net Sales, Spring 2015 Est. Net Sales, Spring 2014 Plan % Last Year: Average Stock, Retail: Inventory Turnover: Planned Reductions, $: Reductions % Sales: Plan IMU %:
Net Sales % Spring Plan BOM Stock Stock / Sales Ratio Plan EOM Stock Plan Reductions % Spring Purchases, Retail Purchases, Cost
230,000.00 195,000.00 17.95% 113431.429 2.03 48,300.00 21.00% 55.00%
February
March
April
34,500.0 15.00% 106,950.0 3.1 115,920.0 6,762.0 14.00% 50,232.0 22,604.4
41,400.0 18.00% 115,920.0 2.8 113,390.0 7,728.0 16.00% 46,598.0 20,969.1
39,100.0 17.00% 113,390.0 2.9 117,300.0 7,245.0 15.00% 50,255.0 22,614.8
May
June
July
Spring 2015
39,100.0 17.00% 117,300.0 3.0 120,060.0 9,660.0 20.00% 51,520.0 23,184.0
41,400.0 18.00% 120,060.0 2.9 110,400.0 9,660.0 20.00% 41,400.0 18,630.0
34,500.0 15.00% 110,400.00 3.2 110,000.0 7,245.0 15.00% 41,345.0 18,605.3
230,000.0 100.00% 113431.4
48,300.0 100.00% 281,350.0 126,607.5
NEW YORK CITY, NY BUYING PLAN FOR SPRING 2015 Product Category: Women’s Shoes
Plan Net Sales, Spring 2015 Est. Net Sales, Spring 2014 Plan % Last Year: Average Stock, Retail: Inventory Turnover: Planned Reductions, $: Reductions % Sales: Plan IMU %: (000’s) Net Sales % Spring Plan BOM Stock Stock / Sales Ratio Plan EOM Stock Plan Reductions % Spring Purchases, Retail Purchases, Cost
45,000.0 38,000.0 18.42% 19,383.6 2.32 9,450.0 21.00% 55.00%
February
March
April
7,200.0 16.00% 19,440.0 2.7 19,440.0 1,323.0 14.00% 8,523.0 3,835.4
8,100.0 18.00% 19,440.0 2.4 19,125.0 1,512.0 16.00% 9,297.0 4,183.7
7,650.0 17.00% 19,125.0 2.5 19,890.0 1,417.5 15.00% 9,832.5 4,424.6
May
June
July
Spring 2015
7,650.0 17.00% 19,890.0 2.6 19,890.0 1,890.0 20.00% 9,540.0 4,293.0
7,650.0 17.00% 19,890.0 2.6 18,900.0 1,890.0 20.00% 8,550.0 3,847.5
6,750.0 15.00% 18,900.00 2.8 19,000.0 1,417.5 15.00% 8,267.5 3,720.4
45,000.0 100.00% 19,383.6
9,450.0 100.00% 54,010.0 24,304.5
HOUSTON, TX BUYING PLAN FOR SPRING 2015 Product Category: Women’s Shoes Plan Net Sales, Spring 2015 Est. Net Sales, Spring 2014 Plan % Last Year: Average Stock, Retail: Inventory Turnover: Planned Reductions, $: Reductions % Sales: Plan IMU %: (000’s) Net Sales % Spring Plan BOM Stock Stock / Sales Ratio Plan EOM Stock Plan Reductions % Spring Purchases, Retail Purchases, Cost
18,000.00 15,200.00 18.42% 9,102.0 1.98 3,780.00 21.00% 55.00%
February
March
April
3,060.0 17.00% 9,180.0 3.0 9,396.0 529.2 14.00% 3,805.2 1,712.3
3,240.0 18.00% 9,396.0 2.9 9,396.0 604.8 16.00% 3,844.8 1,730.2
3,240.0 18.00% 9,396.0 2.9 9,486.0 567.0 15.00% 3,897.0 1,753.7
May
June
July
Spring 2015
3,060.0 17.00% 9,486.0 3.1 9,216.0 756.0 20.00% 3,546.0 1,595.7
2,880.0 16.00% 9,216.0 3.2 8,640.0 718.2 19.00% 3,022.2 1,360.0
2,700.0 15.00% 8,640.0 3.2 8,400.0 567.0 15.00% 3,027.0 1,362.2
18,000.0 101.00% 9,102.0
3,780.0 99.00% 21,142.2 9,514.0
09
ASSORTMENT PLAN
Assortment Plan: Spring 2015
Product Category: Women’s Shoes Planned Purchases, Retail: Average Retail Price:
$281,350,000 $513
Sizes 6 6.5 7 7.5 8 8.5 9 9.5
Total 5% 10% 13% 15% 17% 15% 14% 9%
Purchases $14,067,500 $28,135,000 $36,575,500 $42,202,500 $47,829,500 $42,202,500 $39,389,000 $25,321,500
Purchases 27,422 54,844 71,297 82,266 93,235 82,266 76,782 49,360
10
2%
$5,627,000
10,969
TOTAL:
100%
$281,350,000
548,441
Classification Ballet Flats Boots Evening Lace Ups Pumps& Slingbacks Sandals Sneakers Wedges & Espadrilles
Total 9% 12% 15% 9% 13% 14% 15% 13%
Purchases $25,321,500 $33,762,000 $42,202,500 $25,321,500 $36,575,500 $39,389,000 $42,202,500 $36,575,500
Purchases 56,270 51,942 58,615 72,347 69,668 88,515 101,693 65,902
TOTAL:
100%
$281,350,000
564,950
Retail $450 $650 $720 $350 $525 $445 $415 $555
10
STATEMENT
STATEMENT OF OPPORTUNITY Labeled as a steady retailer for the past 90 years, Saks Fifth Avenue is now an up and coming powerful competitor. With so many changes, Saks Fifth Avenue can only be labeled as an opportunity. Our 6 month buying plan is aggressive due to our highly competitive market. Marigay Mckee has been brought in as president and with her ideas to attract both a contemporary crowd and luxury seeking customers, we planned towards a hopeful outcome. Due to these big changes, our buying plan would be considered an opportunity to purchase a wide range of shoes to attract all customers.
SOURCES www.businessoffashion.com www.fashionista.com www.style.com www.glamour.com www.nordstrom.com www.saksfifthavenue.com www.neimanmarcus.com www.barneys.com www.bloomingdales.com
BIRMINGHAM • PHOENIX • BEVERLY HILLS • COSTA MESA • PALM DESERT • SAN FRANCISCO • SANTA BARBARA • GREENWIC
EANS • CHEVY CHASE • BOSTON • TROY • ST. LOUIS • LAS VEGAS • HACKENSACK • SHORT HILLS • NEW YORK • HUNTINGTO
RICHMOND • BIRMINGHAM • PHOENIX • BEVERLY HILLS • COSTA MESA • PALM DESERT • SAN FRANCISCO • SANTA BARB
NAPOLIS • NEW ORLEANS • CHEVY CHASE • BOSTON • TROY • ST. LOUIS • LAS VEGAS • HACKENSACK • SHORT HILLS • NEW
ANTONIO • MCLEAN • RICHMOND • BIRMINGHAM • PHOENIX • BEVERLY HILLS • COSTA MESA • PALM DESERT • SAN FRANC
CHICAGO • INDIANAPOLIS • NEW ORLEANS • CHEVY CHASE • BOSTON • TROY • ST. LOUIS • LAS VEGAS • HACKENSACK • SHO
HOUSTON • SAN ANTONIO • MCLEAN • RICHMOND • BIRMINGHAM • PHOENIX • BEVERLY HILLS • COSTA MESA • PALM DES
OTA • ATLANTA • CHICAGO • INDIANAPOLIS • NEW ORLEANS • CHEVY CHASE • BOSTON • TROY • ST. LOUIS • LAS VEGAS • H
PHILADELPHIA • HOUSTON • SAN ANTONIO • MCLEAN • RICHMOND • BIRMINGHAM • PHOENIX • BEVERLY HILLS • COSTA M
BEACH • SARASOTA • ATLANTA • CHICAGO • INDIANAPOLIS • NEW ORLEANS • CHEVY CHASE • BOSTON • TROY • ST. LOUIS
UMBUS • TULSA • PHILADELPHIA • HOUSTON • SAN ANTONIO • MCLEAN • RICHMOND • BIRMINGHAM • PHOENIX • BEVERLY
NAPLES • PALM BEACH • SARASOTA • ATLANTA • CHICAGO • INDIANAPOLIS • NEW ORLEANS • CHEVY CHASE • BOSTON •
CINCINNATI • COLUMBUS • TULSA • PHILADELPHIA • HOUSTON • SAN ANTONIO • MCLEAN • RICHMOND • BIRMINGHAM • PHO
MYERS • MIAMI • NAPLES • PALM BEACH • SARASOTA • ATLANTA • CHICAGO • INDIANAPOLIS • NEW ORLEANS • CHEVY CH
BEACHWOOD • CINCINNATI • COLUMBUS • TULSA • PHILADELPHIA • HOUSTON • SAN ANTONIO • MCLEAN • RICHMOND • BIRM
RATON • FORT MYERS • MIAMI • NAPLES • PALM BEACH • SARASOTA • ATLANTA • CHICAGO • INDIANAPOLIS • NEW ORLEAN
RALEIGH • BEACHWOOD • CINCINNATI • COLUMBUS • TULSA • PHILADELPHIA • HOUSTON • SAN ANTONIO • MCLEAN • RICH
WICH • BOCA RATON • FORT MYERS • MIAMI • NAPLES • PALM BEACH • SARASOTA • ATLANTA • CHICAGO • INDIANAPOLIS
TINGTON STATION • RALEIGH • BEACHWOOD • CINCINNATI • COLUMBUS • TULSA • PHILADELPHIA • HOUSTON • SAN ANTON
BARBARA • GREENWICH • BOCA RATON • FORT MYERS • MIAMI • NAPLES • PALM BEACH • SARASOTA • ATLANTA • CHICAG
NEW YORK • HUNTINGTON STATION • RALEIGH • BEACHWOOD • CINCINNATI • COLUMBUS • TULSA • PHILADELPHIA • HOU
RANCISCO • SANTA BARBARA • GREENWICH • BOCA RATON • FORT MYERS • MIAMI • NAPLES • PALM BEACH • SARASOTA •
SHORT HILLS • NEW YORK • HUNTINGTON STATION • RALEIGH • BEACHWOOD • CINCINNATI • COLUMBUS • TULSA • PHILA
DESERT • SAN FRANCISCO • SANTA BARBARA • GREENWICH • BOCA RATON • FORT MYERS • MIAMI • NAPLES • PALM BEACH
HACKENSACK • SHORT HILLS • NEW YORK • HUNTINGTON STATION • RALEIGH • BEACHWOOD • CINCINNATI • COLUMBUS • T
MESA • PALM DESERT • SAN FRANCISCO • SANTA BARBARA • GREENWICH • BOCA RATON • FORT MYERS • MIAMI • NAPLES •
LAS VEGAS • HACKENSACK • SHORT HILLS • NEW YORK • HUNTINGTON STATION • RALEIGH • BEACHWOOD • CINCINNATI •
ICH • BOCA RATON • FORT MYERS • MIAMI • NAPLES • PALM BEACH • SARASOTA • ATLANTA • CHICAGO • INDIANAPOLIS • NE
ON STATION • RALEIGH • BEACHWOOD • CINCINNATI • COLUMBUS • TULSA • PHILADELPHIA • HOUSTON • SAN ANTONIO • MC
BARA • GREENWICH • BOCA RATON • FORT MYERS • MIAMI • NAPLES • PALM BEACH • SARASOTA • ATLANTA • CHICAGO •
W YORK • HUNTINGTON STATION • RALEIGH • BEACHWOOD • CINCINNATI • COLUMBUS • TULSA • PHILADELPHIA • HOUSTON
CISCO • SANTA BARBARA • GREENWICH • BOCA RATON • FORT MYERS • MIAMI • NAPLES • PALM BEACH • SARASOTA • ATL
ORT HILLS • NEW YORK • HUNTINGTON STATION • RALEIGH • BEACH WOOD • CINCINNATI • COLUMBUS • TULSA • PHILADE
SERT • SAN FRANCISCO • SANTA BARBARA • GREENWICH • BOCA RATON • FORT MYERS • MIAMI • NAPLES • PALM BEACH •
HACKENSACK • SHORT HILLS • NEW YORK • HUNTINGTON STATION • RALEIGH • BEACHWOOD • CINCINNATI • COLUMBUS • T
MESA • PALM DESERT • SAN FRANCISCO • SANTA BARBARA • GREENWICH • BOCA RATON • FORT MYERS • MIAMI • NAPLES
• LAS VEGAS • HACKENSACK • SHORT HILLS • NEW YORK • HUNTINGTON STATION • RALEIGH • BEACHWOOD • CINCINNAT
Y HILLS • COSTA MESA • PALM DESERT • SAN FRANCISCO • SANTA BARBARA • GREENWICH • BOCA RATON • FORT MYERS •
TROY • ST. LOUIS • LAS VEGAS • HACKENSACK • SHORT HILLS • NEW YORK • HUNTINGTON STATION • RALEIGH • BEACHW
OENIX • BEVERLY HILLS • COSTA MESA • PALM DESERT • SAN FRANCISCO • SANTA BARBARA • GREENWICH • BOCA RATON
HASE • BOSTON • TROY • ST. LOUIS • LAS VEGAS • HACKENSACK • SHORT HILLS • NEW YORK • HUNTINGTON STATION • RAL
MINGHAM • PHOENIX • BEVERLY HILLS • COSTA MESA • PALM DESERT • SAN FRANCISCO • SANTA BARBARA • GREENWICH
NS • CHEVY CHASE • BOSTON • TROY • ST. LOUIS • LAS VEGAS • HACKENSACK • SHORT HILLS • NEW YORK • HUNTINGTON ST
HMOND • BIRMINGHAM • PHOENIX • BEVERLY HILLS • COSTA MESA • PALM DESERT • SAN FRANCISCO • SANTA BARBARA • G • NEW ORLEANS • CHEVY CHASE • BOSTON • TROY • ST. LOUIS • LAS VEGAS • HACKENSACK • SHORT HILLS • NEW YORK
NIO • MCLEAN • RICHMOND • BIRMINGHAM • PHOENIX • BEVERLY HILLS • COSTA MESA • PALM DESERT • SAN FRANCISCO •
GO • INDIANAPOLIS • NEW ORLEANS • CHEVY CHASE • BOSTON • TROY • ST. LOUIS • LAS VEGAS • HACKENSACK • SHORT H
USTON • SAN ANTONIO • MCLEAN • RICHMOND • BIRMINGHAM • PHOENIX • BEVERLY HILLS • COSTA MESA • PALM DESERT
ATLANTA • CHICAGO • INDIANAPOLIS • NEW ORLEANS • CHEVY CHASE • BOSTON • TROY • ST. LOUIS • LAS VEGAS • HACKE
ADELPHIA • HOUSTON • SAN ANTONIO • MCLEAN • RICHMOND • BIRMINGHAM • PHOENIX • BEVERLY HILLS • COSTA MESA
H • SARASOTA • ATLANTA • CHICAGO • INDIANAPOLIS • NEW ORLEANS • CHEVY CHASE • BOSTON • TROY • ST. LOUIS • LAS
TULSA • PHILADELPHIA • HOUSTON • SAN ANTONIO • MCLEAN • RICHMOND • BIRMINGHAM • PHOENIX • BEVERLY HILLS •
• PALM BEACH • SARASOTA • ATLANTA • CHICAGO • INDIANAPOLIS • NEW ORLEANS • CHEVY CHASE • BOSTON • TROY • ST.
• COLUMBUS • TULSA • PHILADELPHIA • HOUSTON • SAN ANTONIO • MCLEAN • RICHMOND • BIRMINGHAM • PHOENIX • BE
FASM 245-RETAIL BUYING SIMULATION ERIN KELLY CLARISSA KOPPEL ANNETTE ZUOZO