ASK THE EXPERT: HOW SHOULD I HANDLE BASICS?

Q: In my store I’m frequently running low on basics like white dress shirts, and some dress pants and denim. What is your advice about how to treat basics?

 Should I look at a stock program by vendor, or by classification (like dress shirts)? It seems like a lot to manage when we run out of basic items.

A: Managing inventory for basics can indeed be challenging. Here are some strategies to help you keep your store well-stocked.

Many of our better menswear stores opt for stock programs by vendor since they offer consistency and help build strong vendor relationships. This is important when it comes to asking for better terms, priority restocking, and potential discounts. It also makes re-orders easier.

For some stores, a stock program by classification could make sense if you prioritize variety. Having different vendors gives you more styles and brands to entice different kinds of customers. You can also take advantage of sales and promotions across various vendors, but it can be more complicated to manage.

No matter which stock program you choose, make sure that you are doing regular inventory checks to identify low-stock items before they run out. This leads to revenue spill.

Seasonal planning will help you anticipate your needs for the season, avoid stock shortages during peak times, and maximize your revenue. Having an expert inventory planner on your team can help you manage these important tasks while you focus on other parts of your business.

Photo, at top: Jens Lindner.