Retail Buying Math

These basic concepts are the foundation for buying planning and allocating retail merchandise. Cost of Goods Retail Markup Retail Price Retail Price Cost of Goods Markup.

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From counting inventory to managing your open to buy numbers will be a big part of your day.

Retail Buying Math. Bridging the gap between current merchandising math textbooks and retail buying textbooks The Fundamentals of Retail Buying with Merchandising Math incorporates both buying philosophies and merchandising math. Computing the total amount of a sales transaction also involves calculating percentages to determine discounts sales tax and shipping charges. This popular textbookworkbook meets the needs of students who will be directly or indirectly involved in the activities of merchandising and buying at the retail level.

Retail buyers need to have a strong foundation in math concepts that involve decimals percentages and fractions. I try to find commonalities across my best-selling styles to help identify trends. If you want to figure out your COGS on just those shoes over a one-year period.

Retail math is used daily in various ways by store owners managers retail buyers and other retail employees to evaluate inventory purchasing plans analyze sales figures add-on markup and apply markdown pricing to plan stock levels in the store. Retail Math 101 Not the sexiest title to ever cross your news feed but this is an area where you absolutely need to have clarity and understanding. Providing a full broad view of the retail buyers role the text also includes the key merchandising math formulae that is the basis of all retail buying analysis.

COGS is a figure that reflects the costs involved in selling a product. I also compare the percentage of a product we have on hand to the percentage of sales it produces to understand which products have the greatest impact on sales. The most basic component of this calculation is the difference between the costs of your starting inventory and sales minus your ending inventory.

Mathematics for Retail Buying. Additionally the order of the chapters and content within each chapter mimic the training of an assistant buyer in a corporate buying office. Initial Margin is the difference between retail and cost Retail Cost IM expressed as a percentage of retail.

At its simplest retail math is basic arithmetic such as counting money and making change. Retail math is necessary for. Bundle Book Studio Access Card 11302 Only 11 left in stock more on the way.

Critical thinking - apply relevant concepts to examine information about retail math tools in a different light Problem solving - use acquired knowledge to solve sales per square foot practice. After all my guess is while you love your shop youre also in it just a little bit for the money. Retail math refers to the math skills that managers and sales associates use to perform tasks both at the retail level and the manufacturer level.

So if you buy a shirt for 3 and sell it for 7 your initial margin is 4 or 591. You will learn how to add multiple and divide decimals and then convert them to fractions and percentages. The texts problem-based method of learning incorporates questions and problems that train the reader to think like a buyer and encourage group collaboration and critical thinking.

Open-to-buy OTB Open-to-buy determines the amount money available to purchase goods for specific period of time in the future. Selling Price of Merchandise is what your customers pay the store for these goods. Providing a full broad view of the retail buyers role the text also includes the key merchandising math formulae that is the basis of all retail buying analysis.

Initial Margin. The retail sales for a period divided by the average inventory value for that period. Problem Solving sets and simulations offer examples of real-life buying problems which promote critical thinking and increase retention of information.

Its not about the money money money We dont need your money money money. What is retail math. Math is used at every level of retailing from the part-time sales clerk to the executive suite.

Today I use retail math to look at sell-through to see which styles are selling the most rapidly. Most retailers are in the range of two to four turns a year. Retail Math Reference and Glossary of Terms Name Description Formula Example Age Weeks Active The amount of weeks an item is on the selling floor.

Below is a break down of the basic math formulas retailers should know in order to run their business effectively. Average Stock sum of each periods Beginning of Period stock the last End of Period stock of periods Breakeven Fixed Costs Revenue. With coverage of math concepts integrated throughout the text this new edition contains up-to-date coverage of important retailing trends including more coverage of international buying and sourcing integration of product development concepts throughout and more math practice problems in chapters.

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