Cutting Costs
Q: I own a small store in Westport, Conn. and we have seen a huge drop in business since the financial fallout on Wall Street. In fact, Main Street looks like a ghost town. What should I do to cut costs keep my store in business?
In these trying times, you need to concentrate on fashion and conservative sales goals. Fashion is your only way out if this. Increase your planned turnovers and flow merchandise that you know is on-trend and in demand.
At the same time, you need to cancel any nonessential on-orders until you have enough open-to-buy to pick up off-priced items. There are already a lot of off-priced goods out there. Make sure that you ask about these goods when talking to vendors.
While you can’t do anything about the greater economy, the combination of on-target merchandise and lowered costs should help your situation.
Date answered: 10/06/2008
Question raised by: CT Store
