Process and Product. Logical and Creative. Left Brain and Right Brain.
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We have a process. It’s based on Knowledge, not data. Knowledge has context and insight. Knowledge begins to answer the question of “WHY?”. Planning = Beginning With The End In Mind. The Execution has constraints. Respect them. Solve = Solve the problem. Design with the Execution in mind. Execute = Respecting the Time/Action Calendar that different aspects of the business. Learn = Understanding the WHY? of best sellers and worst sellers.
There are multiple, multiple inputs into any product development effort. How those inputs are filtered and focused is critical to the outcome. The first filter, “Finding Commonality - Understanding Differences”, is all about how the Brand Promise unifies and clarifies the Attitude & Aesthetic, but leaves enough room to understand regional needs…probably driven by climate differences. Developing 5R product across a wide geographic area means that there are a lot of variables involved that have to all perform under the umbrella of one Brand Promise. And a profitable business has to go 5 for 5, every month, often in different climates.
RISK. You never have enough data or knowledge. There are only so many knowns, only so many truly predictable paths to take. And then very quickly you are dealing with ever decreasing levels of predictability and at some point enter into areas of ever increasing levels of unpredictability and risk. Balancing the knowns and unknowns, the high predictability and low predictability becomes the whole trick. Now do it every month. Now do it every month across different climates.
The apparel business is a business of change. So LY data can only take you so far in building TY’s business. Today’s Reality is more important that ever. Social media and ‘fast fashion’ have complicated life. Today’s Reality is an ever shifting platform. But you know you have to perform along side the rest of the market. Maybe you can aspire to be the driver of Today’s Reality. And then you also have to be predicting…guessing…what Tomorrows Reality will be. That’s the land of unknowns and high risk. But you have to go there.
Holiday 2015 Countdown Week 8
Holiday 2015 Weekly Q/S Profile
Every Floor Set has Outliers
You research and plan and edit. And yet every Floor Set has its share of worst sellers and best sellers. Embracing that reality and anticipating that outcome is the key to Maintained Margins.
Maintained Margin is What It's All About
And Maintained Margin only comes from SELLTHRU. Many will say it's about Initial Margin. They're wrong.
Essentials versus Fashion
EE = Core Items in Core Colors. Very Low Risk. Supply Chain Mgt.
EF = Core Items in Fahion Colors. Updates on Core Items. Low Risk in the right depth. Test-able.
FE = Fashion treatments in known bodies/fabrics. Seasonal must haves. Medium to High Risk. Test-able.
FF = New and unexpected. Probably not testable. HIghest risk. Buy accordingly.
Risk is a Choice...Choose Wisely
The amount of risk taken on is any given floor set is a matter of choice. The temptation to skew to fashion and novelty is sometimes overwhelming. Retailers prove that every season. Smart retailers don't get seduced with their own design process.