Today i’m happy to introduce Margo Kopman, owner of Insight Retail Solutions.  Margo works with retail businesses to help provide tools and strategies to grow your business by helping you tackle your inventory.   For those of us who opened a shop because we have a passion for what we sell – but don’t necessarily have retail training – this could be a huge help in creating greater profits.

 Without further ado – here is Margo’s story and “pitch”…..

 Most of us (I would say all, but that wouldn’t be fair) retailers sprint in to the business because of passion, creativity and desire to share our vision with the world around us.  The art of retailing isn’t hard work because it is what we love to do – buy and sell.  It’s not a “job” really, but a lifestyle.

 As I approached my 4th year in business, I hit a brick wall.  Taking the business to the next level was what I wanted to do, but just how in the world was I going to do that?  My “budget” was right on, my expenses in line.  I had an amazing mailing list and devout following, national and local press galore, what else did I need?  

 It is funny to look back and remember the times when I was so afraid to talk to other retailers in my area because I didn’t want them to know the good, bad and the ugly.  Once I opened up and started yapping, this bright light came in and my life has never been the same. 

 “Do you not use a consultant to help you with your open-to-buy?” she asked.  Um, no –  what in the heck is that and where would I find a retail consultant?  And, how in the world could I have been winging this for so long? 

 Quickly, I learned that there was not enough time in a day to do all of the things that I needed to do to analyze what was making the most profit in my business and how to move forward (meaning, buy more of what is selling at a maintained mark-up above my breakeven point) based on the demand from customers and overall trend information in the industry.  A little thing we like to call in the retail business – balance and flow.  Mine was out of whack.  What was my markdown strategy?  When I need cash – have a sale.  Wrong answer.  What were the profit centers inside my 900 square foot shop?  Well, jackets for the season were generating the most sales – so jackets.  Wrong, again.  Apparently, there is a science to this thing we call retail – who knew!?!?!

 Fast forward two years and voila – a well oiled, fine-tuned machine.  All I could think about was, why don’t people in the industry that know about these consultants and planners, share the good news with the independent retailers in this world? 

 That’s when I decided to share the wealth and go through training with the company that holds the key to more profits and cash – Management One®.  I was going to do both, be the shopkeeper and the voice of reason for other shopkeepers but, the passion I had for retail completely shifted – I started to LOVE the numbers – the science, if you will.  A big decision had to be made.  The shop went up for sale and 4 months later, I gave the key to the eager young buyer and said good-bye to my baby.

 In a time like today where business is tough for everyone, we hear the word consultant and think, if my business is doing ok and I can pay the bills and get new inventory, then I don’t need one.  I say, wouldn’t it be fabulous to GROW the business?  And for those who are having a tough time paying bills on time, and getting new inventory, they “can’t afford it.”  Let me assure you, you can’t afford NOT to know how to prioritize every single penny you spend on inventory and expenses. 

 The ability to take a boutique owners passion for the buying and the selling and turning that knowledge into profits and cash is undeniably the most rewarding part of what I do every day. 

 Ask yourself – as a retailer, do you have the ability to:

•  Predict the sales in each classification (most months with greater than 94% accuracy.)?
•  Establish the right inventory level in each classification?
• Create specialized reporting for multiple and chain store use?
• Create a dynamic cash flow management tool?
• Diagnose the data and predict suitable actions to take including markdowns, transfers etc?
• Create new marketing strategies and promotional ideas?
• Analyze expenses and make changes that will HELP cash flow, not hurt it?

 We can no longer fly by the seat of our pants.  The science of retail is a crucial part to the business, and one that often gets overlooked.  I do not replace a POS system or your accountant – but I work with both to get the information needed to generate an OTB budget and action plan each and every month. 

One of my clients has been in business for almost 7 years.  Her business (sales) is down 25% from her biggest year – but get this, her PROFITS are greater than ever.  Yup, that’s right, she’s making more money now than she ever has which is allowing her to open her second location in mid-October.

Margo Kopman works with independent retailers of all different sizes and types all over the country.  For a free business analysis consultation please contact her at margo@insightretailsolutions.com or 314.503.2607. 

when i first opened ooma – i was low, low budge.  i even made my own mannequins!  they were giant “paper dolls” fashioned after the various body types of my friends.  although adorable – i finally realized that 2-dimensional forms don’t show clothes that well.

my window displays – though fun – left something to be desired.  they generally included some seasonally appropriate backdrop, mannequins and tables for accessories.

once i saw the magic of what a professional could do – my windows went up in “ooh.. ahhh” factor a thousand-fold.  people looked forward to my windows and often came in just to give kudos. 

once again – we have some tips from Carlo Casareo about a particular Spring/Summer window he created for me at ooma:

PROJECT WINDOW: Botanical Blast!

For this summer project window, I will introduce you to the most basic and simple method of framing a store window. This method allows you to properly scale and size the window to a suitable viewing size making the product(s) more precious, more desirable, and more unique (not to mention – easy to change).

Tip #1-NEOMarker™ is water-base neon color marker, writes on nearly anything but easily removes with most window cleaner. They are available on Amazon.com or NeoPlex.

Please follow the instructions on the marker and run a test on the glass surface before proceeding to the actual design. Be comfortable using the angles of the marker tips/points.

Tip #2 - Simple drawings/illustrations you can easily copy. For this project, I used drawings inspired by an old bandanna scarf and I just added few vines and leaves to fill extra areas.

Tip #3 - Measure the height and the scale of the merchandise to be presented. Make sure that there’s enough frame opening to have an opportunity to change the merchandise display.

If you’re working with a big window, it’s safe to focus on the larger details of the design and work your way to the smaller features.

From the inside of window, start from the corner areas – that way it will be easier to add details when necessary (depending on the desired design). Have a piece of wet cloth (or face towel) handy for the few “oops” in case the marker bleeds.

Check your work progress regularly from the outside of the store window. Ask yourself:

-          Are you distributing all colors evenly throughout the window frame? (depending on the desired design)

-          Is the frame opening suitable to the height and scale of the merchandise to be presented?

Another option is to spread the design into the inside wall or ceiling of the store window, however, NEOMarker™ is not user friendly on semi-gloss painted walls so please double check.

Clean the area and focus the lighting before placing the merchandise in the window.

By using water-base markers, it should be evident that all it takes is some imagination and free-style drawings to make frames for window(s). The idea is to frame – to showcase your merchandise as art.

do you have a window that wows?  email me – we’d love to showcase your boutique!

opening my boutique was a wonderful way to express my creativity.  creating the layout and design, choosing and arranging the fixtures, all the merchandising….it was my dream come true.  my windows – though fun – were not the most creative.  enter Carlo Casareo – then a student at the Academy of Art – who became my Chief Window Designer for many years.

Not only does he do freelance work for local san francisco boutiques – but he has extensive visual merchandising experience for Banana Republic and now works at the Fine Arts Musems of San Francisco.

I’ve asked him to impart his wisdom and ideas – and am honored that he has agreed to be our first Guest Blogger!  without further ado – here are his opening comments about creating Windows that Wow!

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GREAT EXPECTATIONS:
The main purpose of any store window is to showcase store merchandise at their very best. Image is everything when it comes to window display strategies; I’m a firm believer of “Visual Display Presentations” that’s why it is very important for store owners to dress their window(s) as it is the front face of their store. Window displays is one of the best ways of promoting/selling your merchandise – not only it’s entertaining but it also encourages shoppers to enter your store, remember: You show in order to sell.

WINDOW FOCUS:
There are many ways of conceptualizing store window display, my main rule of thumb is to know your store’s vision and target customers first and the “image” you would like people to know you as (i.e. clever, young, smart, trendy, sophisticated, fun to be with, and so on).

WINDOW FORMULA:
Store display budget may be set big or small but like Andy Warhol once said “Art is what you can get away with”, if your store budget is small (which is usually the case – and it should be) it is always a good thing to be resourceful and learn how to be creative with the materials you may already have or simply finding/using existing merchandise assortment to convey a story. It’s safe to start with a small budget because it’s also wise to re-use and recycle!

 And it’s my duty to guide you with some tips and advice on how to best manage your window formula without punching a hole in your pocket.  Window displays should not be complicated – please don’t go plain and simple – but keep your window interesting and presentable.  

WINDOW SPARKS:
Brainstorming for window display concepts is done without limititations, just make sure it’s seasonally appropriate and plan accordingly (i.e.  Sales, tie-in events such as Valentine’s Day, school prom, holidays, and other store promotions).

I always like to start brainstorming with colors, (trust me – it is the biggest motivation for shopping). My creative sparks mostly come from modern artwork, lifestyles, photographs, floral arrangements, quotable quotes, graffiti, poems, nature, funny jokes, fond memories, and yes, even a trip to the Home Depot store is usually an inspirational force. Sometimes, emotions can be a powerful inspiration, I once did a Valentine’s window based on that “Sex and the City” episode when Carrie Bradshaw saw this pretty pair of shoes inside a window display and instantly gasped and said “Hello Loverrr!”

Conceptualizing is fun! Keep all your ideas in one file as they may come in handy in the future. Again, keep in mind that you’re doing this for your customers/shoppers and my guidance will only serve as a useful tool to learn how to better improve your store window(s), better educate your target customers with the end purpose of making a sale.

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**stay tuned on Friday for a glimpse of Carlo’s magic!