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This resort did not have a retail inventory system. TW Squared went through the process from start to finish with this client on finding, implementing, and live training on using the new system for 10 retail shops. Evolved into an annual partnership to assist in all aspects of retail from supporting, buying, training, analyzing and planning. We perform the tasks needed remotely and onsite.
Timeline
This client needed buying services for a boutique gift shop on a pier which included fashion, logo, souvenirs, kids, fishing supplies and toys. For this client we provided a buying plan by category and vendor. We sourced and purchased the merchandise on behalf of the client. This included weekly communication with the managment and retail partners, inputting the orders into the retail inventory system, implemented standard operating procedures and assisted with inventory system issues and interface questions.
For this project we assisted in converting from one inventory system to another inventory system. TW² worked remotely on setting up the new database vendors, users and inventory items. For the inventory items we cleaned and mapped to the new categorizations and fields. Once this was completed we imported the items into the new database. After the completion of the data into the new system we traveled on-site to completely re-ticket the merchandise for 4 retail locations. When the re-ticketing was finished we performed a physical inventory for each of the 4 locations. The results were imported as the starting inventory balance. TW² also set up the general ledger codes and trained the finance team on exporting the cost and inventory information from the system for month end postings into the financial system. We were there for this team from start to finish on the system installation and training.
For this client we provide support for their retail inventory system users, I.T. teams, and financial teams. We assist with interfacing issues, system issues, and training. We participate in continued education and remote meetings for retail, purchasing, receiving, finance, and I.T. Our team provides physical inventory assistance and will prepare and deliver reports as requested. When requested our team will make system changes or enhancements in collaboration with the system development team. For this client we work together on new ideas or scenarios to ensure we are providing the best solutions and updates for their business plan.
TW² went onsite for this project and performed physical inventories for each of the 4 retail shops on this resort. This included freezing the current inventory, scanning all item, importing the scanned files, working through the variances, posting the inventory, and providing inventory value reports to the managment team. We completed this project in 4 days.
This team needed aged inventory analysis, year-end reports, and financial postings. We gained access to their retail inventory system to gather all necessary informtion and provide a well informed plan on how to proceed with their current inventory stock. Created export for all cost and inventory movement for the team to import into their financial system. Provided management with complete year-end reporting for ownership.
This project was completed remotely. We converted the retail inventory system from one owner to another using the same inventory system. The new owner used the system functionality differently from the prevous owner. The normal system conversion steps were followed, and we work closely with the inventory system development team to ensure importing the data didn't cause issues with the point of sale system. Mapped the data to the new categories, size grids, color families, and colors. Set up the database properties, vendors, and users. Built the general ledger within the system for cost and inventory exports to import into the financial system. Created the physical inventories for each of the 3 retail locations and imported for the beginning inventory balance. Collaborated with both owners and system teams. We provided remote go live support and training for the teams at the property and maintained a project schedule.
This project was completed remotely and on-site. The client needed merchandise moved from one store to another on the property, but the inventory system was different for each store. We remotely completed the extraction and conversion of the existing on hand products from one system and formatted to import into the system in the new location. We utilized the existing barcodes therefore not needing to reticket the merchandise.
While onsite TW² physically moved the products, displays and fixtures needed to merchandise the new store location. Test scanned the products to ensure the retail labels scanned in the new system at POS. Informed the store associates of the new brands, items, and floor plan to maximize the selling.
TW² analyzed a retail store operation. We reviewed the different parts of the operation that including sales floor, stock room, receiving department, management, and inventory control. In each of the areas we provided feedback and an improvement plans to the client. The scoring criteria deducts points for minor and major issues and weighs those points accordingly. Replenshiment not being completed is an example of a major issue, as it causes missing sales if a store is not stocked properly. This would result in a 100% deduction of points for this area. A minor issue is a unorganized stock room. 10% of points would be deducted from this category, because it does not directly cause issues for the customer. All parts of the review are important, but selling, inventory management, and customer experience are crucial to a successful retail business.
Lease
Operate
SUMMARY
In all cases, we recommend operating retail outlets vs. leasing them. Bottom line, the management company will earn the most fees and ownership will receive the most profit.
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