Issue link: https://viewer.e-digitaledition.com/i/1523608
MASTERING THE SHOE SHOW BUSINESS INSIGHT: SHOE SHOW TIPS TIPS AND STRATEGIES FROM INDUSTRY VETERANS BY ALAN MIKLOFSKY AND MAURICE BRETON One of the most exhilarating and essential aspects of the footwear industry is attending a shoe show. It's where innovation meets commerce, and fashion intersects with function. As individuals who have each been in the shoe business for over four decades, we've mastered the art of navigating these events to maximize business opportunities and impact our assortments in a positive way. Here's a glimpse into our strategy for working a shoe show effectively. PREPARATION The Foundation of Success Preparation is key. Before the show, we make sure to: 1. Research and Plan: We try and see our top vendors in our office ahead of the show, but we prefer to see a new vendor at the show so that we can understand best where they fit in against the competition. We study the exhibitor list and floor plan meticulously. 2. Set Goals: Whether it's finding a new supplier, or networking with industry peers, setting clear objectives helps keep our focus sharp. 3. Make Data-Driven Decisions: A. e first thing you need to do is dra a plan to make the profit you deserve. I. Plan your store's operating profit ratio first and work up to the maintained margin goal necessary to meet your profit goal, and that will tell you the initial average margin you need. II. Discounts over dating, especially when interest rates are low B. Sales Data Analysis: Use historical sales data to guide your purchasing decisions. Look at trends, seasonal performance, and changes in customer preference to fine tune your buys. A data- driven approach will ensure that your inventory aligns with market demand. C. Seasonal Review: We perform an extensive review of the season that just ended. Insights gained will likely apply to the same season next year. D. Open to Buy Planning: Prior to attending the show, invest time in detailed open to buy planning. is involves calculating how much inventory you need to purchase to meet sales targets without overstocking. Analyze past sales data, current inventory levels, and future 28 Footwear Insight Business Report Quarterly ~ Q2 July 8 2024 footwearinsight.com