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 $$$)
I’m leaving Sunday to spend more time with Paul in Curacao to help one of our shared clients improve their business. Beautiful country and climate aside, I’m thrilled to get to see Paul’s approach to consultation. I’m sure he’ll be great!
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