You Need Space
- Too little attention is paid to space management within the retail sphere, which has a negative impact on the supply chain, Retail Leader reported recently.
- Aligning supply chain managers, store supervisors and planners in order to optimize space helps shape each store’s merchandise to its particular market. Retail stores should seek to simultaneously make room for merchandising, promotions and incoming inventory, according to a recent Martec International report.
- Integrating space, assortment, forecasting, and replenishment enables retailers to respond effectively to shoppers in each individual store and maximizes sales.
Is Data Making Us Dumber?
- Les Wexner, founder of Limited Brands, defined the skill of merchants as having a nose for finding latent demand and knowing what’s next. “Sometimes market research is like giving radar to a hunting dog. It makes him dumb,” he added.
- It should go without saying that fashion isn’t reducible to a spreadsheet or a database. But our era’s obsession with data-driven decision making demands it be said.
- Innate, gut-based knowledge has given way to data-driven decisions almost across the board, and not only in the fashion and retail industries, but consumer-package goods, advertising, media and entertainment.
- “Data can never predict what is next, only what has been. “ Or consider Nike’s flagship stores. If it had followed the data, if it had listened only to the accountants about ROI on sales per square foot, it never would have dedicated selling space to basketball courts.
- “The data on consumer behavior available, in specific industries, is available to almost everyone. Your competitor is likely trying to make sense out of the same piles of data.”
Grocery Store on Wheels
In Shanghai, a prototype of a new 24-hour convenience store has no staff, no registers, and the whole thing is on wheels, designed to eventually drive itself to a warehouse to restock, or to a customer to make a delivery.
The startup behind it believes that it’s the model for the grocery store of the future–and because it’s both mobile and far cheaper to build and operate than a typical store, it could also help bring better access to groceries to food deserts and rural areas.