Perry’s Department Store Buying Simulation.
Task At Hand
Prompted to take on the role as an Assistant Buyer for Perry’s Department Store and given the store history as well as its current financial state, I was tasked with developing a six month buying plan for the upcoming year to increase Perry’s overall profit margins through proper product assortment, vendor suppliers, planned monthly sales, and justify my findings to present to the Head Buyer and CEO of Perry’s. My executive plan calculated for a total sales increase of 3% from last year and implementing 58% markup on all purchased items.
Process
Developing a strategic buying plan for Perry’s consisted of market research based on the target customer and trends with the main focus being on increasing overall customer experience and satisfaction. Keeping in mind Perry’s target market being associated with Millennial shoppers, the executive plan focused on vendor implementation of prevalent designer labels such as Burberry and Chanel for classic timeless pieces; and luxury brands such as DKNY, Madewell, & Ralph Lauren for casual staple pieces. My plan also incorporates adding a Perry’s Private Label, “Perry’s Basics” to add basic cotton tops into the assortment plan increasing versatility and improve customer loyalty. The buying plan also calls a new customer loyalty program into action as well as new training programs for all employees to improve the overall customer in-person experience. The last focus will be on increasing Perry’s Omni-Channel presence allowing for maximum efficient E-Commerce strategies.
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Impact
Simulating an Assistant Buyer at Perry’s Department Store taught me the fundamentals behind the buying process, formulating the annual 6 month plan, assortment plan, monthly sales, and planned mark downs. The first hand experience researching, analyzing, and calculating the proper inventory and sales methods to reach Perry’s targeted market encapsulated the strategic depth to carrying out the buying process for any major retailer.