The importance of planning ahead for retail success

This article first appeared in the Autumn 2017 issue of The Record. Fashion retailer City Beach, for example, operates an e- commerce outlet and 62 stores across Australia, adding 300-400 new lines to its 60,000-strong product portfolio each week. Meanwhile, US-based homeware and décor brand Pier 1 Imports has an online store, boutiques in Mexico and 1,000 physical stores across North America. But how do these retailers know which products will sell? And how do they choose the optimum product assortment and inventory level to ensure that they can always meet customer demand?