Buying Tip 46

Good buying should extend to your wrapping paper, bags, till rolls, racking etc. search the market or use www.costco.com also in UK

Buying Tip 45

"One off" promotions of lines slightly outside your normal stock range can increase foot fall.

Buying Tip 44

Know where you earn your highest weekly  margin. Best sellers may not even be near the top earners  -  80 / 20 rules apply.

Buying Tip 43

If a supplier offers a LIVE in-store demonstration TAKE IT! Sales will jump. (even static video presenters can do wonders for a while).

Buying Tip 42

Concession space can be let on an ongoing basis or just for a day, a week, or other short period

Buying Tip 41

If you have a lot of space take in a concession - no stock cost, just a share of the take.

Buying Tip 40

Great display opportunities can be built around Chinese New Year, Halloween etc. but check stock volumes carefully

Buying Tip 39

Take care with "one day" promotions such as Mothers Day, Valentines, etc. I love the "buzz" but waste can be a problem

Buying Tip 38

A few Brand Name items may be needed to give authority to your offer but go for higher margin alternatives if possible.

Buying Tip 37

Go on factory visits if they are offered. Always a good thing for both sides!

Buying Tip 36

Allow suppliers to visit & merchandise (re-order) stock, if they will take back slow lines.

Buying Tip 35

Ask brand suppliers  to dress your windows or in-store display FREE

Buying Tip 34

Ask your suppliers for FREE staff training. Worth 5% - 10%

Buying Tip 33

Unless you have EPOS be very carefull when listening to staff tell you what is / is not selling.
Even your own impressions can be plain wrong when you look at the figures.

Buying Tip 32

Don't be too proud to advice from the representative, give him a chance (at least once) to guide you.

Buying Tip 31

Visit suppliers show rooms, it may be quite a distance, but you might find some real gem products had passed you by.

Buying Tip 30

Is your supplier the actual manufacture? Cut out the middle man.
Look for 10%

Buying Tip 29

At exhibitions, ask what is behind the scenes. You may find new unreleased products and clearance lines not on show.

Buying Tip 28

At exhibitions, spend most of your time looking for new ideas rather than with known suppliers

Buying Tip 27

Look for suppliers going into liquidation. Attend the auction.
Look for 70% - 80%

Buying Tip 26

Try new products, unless you are in a tourist area your clients get tired of seeing the same things every week.

Buying Tip 25

If unsure about a line, ask for sale or return!

Buying Tips - Half Way There

Buying Tips
I am about to publish No25 of 50 Tips to grow your retail margin http://ping.fm/IPrcX
They will all appear on the Blpog page!

Buying Tip 24

Always find time to meet potential new suppliers, NEVER refuse to meet at least once.

Buying Tip 23

Ask for your company to be mentioned in suppliers advertising. Free publicity.

Buying Tip 22

Agree a "no returns" policy (with established supplier).
Look for 3% - 6%

Buying Tip 21

Using these techniques I increased the margin from 35% to 55% with a sale per sq ft increase of 30% and a line reduction of 45%.

Buying Tip 20

Keep a "review" card for each supplier, detail all the Buying Tip headings on it and talk them through with with your rep.

Buying Tip 19

Would you consider "seconds" imperfect items. Look for 30% - 60%

Buying Tip 18

Look out for "frustrated export orders". Look for 15% - 30 %

Buying Tip 17

Ask about "end of line" discontinued items.
Look for 10% - 20%

Buying Tip 16

Can you supplier offer "own label" start to build your own brand.
Look for 2.5%

Buying Tip 15

Do your suppliers offer a "White Label" same product at a cheaper price.
Look for 5%

Buying Tip 14

Seek exclusivity in your town or area. Can be worth a fortune.

Buying Tip 13

Early (pre-season) stocking can earn you margin. Look for 3%

Buying Tip 12

Extended credit is as good as a discount.
Equal to 2% - 3%

Buying Tip 11

Place a larger order for "call off" during the year. Look for 5%

Buying Tip 10

Ask for prompt payment settlement discount.
Look for 2.5%

Buying Tip 9

Offer to buy a full carton, or "outer" or pallet or container. Look for 3% to 30%

Buying Tip 8

Seek a retrospective discount if you buy above an agreed target. Look for 3%

Buying Tip 7

Ask for Promotional Support. This is a different budget at many suppliers.
Look for 3%

Buying Tip 6

Form or join a buying group. Look for 10%+

Buying Tip 5

Take advantage of special trade exhibition deals and discounts. Look for 7%+

Buying Tip 4

If you decide to stock wide range of a suppliers products (rather than cherry picking) you should gain an extra discount.

Look for 5% +

http://buying-tips-bryanmwilkes.blogspot.com/

Buying Tip 3

Can you collect? if you can pick up the goods you should get a discount!
Look for 5%

Buying Tip 2

Sometimes a "small wholesaler" can get far better prices than a even a large retailer.
Ask for the Wholesale price list and terms, say you belong to a buying group and want to offer the range to the members. You may find a substantial buying price difference.
Look for 20% +

Buying Tip 1

New supplier? Always ask for a "first order" discount. They are gaining a new retail outlet, that must have value to them.
Look for 5% +