Management of inventory at the store is a key focus area for all
retailers. There is an increasing evidence of a partnership between
the operations and finance functions with both process and policy
being tuned to inventory management. Perpetual stock takes are
outsourced to specialist firms by an increasing number of retailers
who seem to have reaped significant benefits from this move.
Retailers are also looking at decreasing shrinkage levels by
focusing on process, policy and technology initiatives. Visual
merchandising (VM) viewed as additional revenue driver. It is being
viewed as a function that should drive sales rather than just
enhancing the ‘look’ of the store. To this end, some retailers are
starting to correlate the performance of specific VM displays with
the sales of the respective categories. It is interesting to note that
value retailers had a significantly higher process maturity than their
department store and fashion counterparts. Space management
tools are slow to take off for large format lifestyle retailers, space
efficiency assumes great importance, and, given the high real
estate cost, slight deviations can significantly affect revenues.
Management of inventory at the store is a key focus area for allretailers. There is an increasing evidence of a partnership betweenthe operations and finance functions with both process and policybeing tuned to inventory management. Perpetual stock takes areoutsourced to specialist firms by an increasing number of retailerswho seem to have reaped significant benefits from this move.Retailers are also looking at decreasing shrinkage levels byfocusing on process, policy and technology initiatives. Visualmerchandising (VM) viewed as additional revenue driver. It is beingviewed as a function that should drive sales rather than justenhancing the ‘look’ of the store. To this end, some retailers arestarting to correlate the performance of specific VM displays withthe sales of the respective categories. It is interesting to note thatvalue retailers had a significantly higher process maturity than theirdepartment store and fashion counterparts. Space managementtools are slow to take off for large format lifestyle retailers, spaceefficiency assumes great importance, and, given the high realestate cost, slight deviations can significantly affect revenues.
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