I’ve seen Paul Erickson (Senior VP of Client Services @ RMSA) present several times, but not to a live audience of retailers. I, like everyone else, was locked into Paul’s presentation from beginning to end. He’s a great speaker, but his content made the room fall silent (save for quite a few laughs along the way).
Here are some of the highlights:
1. Inventory Productivity (i.e., how fast something sells) will make or break you as a retailer
2. Time is the enemy of profits. The longer a product sits in your store, the more likely it is to not sell or be sold a steep discount.
3. Women’s Boutiques need to turn their inventory every 10 weeks or they’re at risk.
4. An increase in inventory turn of just 1 week’s supply will result in a 1% cashflow improvement for retailers
5. Retailers need technology to control their inventory and make smart decisions (e.g., RICS + RMSA = More $$$)