What is the importance of planning in retail? Enumerate various steps in the planning process.

The ongoing challenge for every independent specialty retailer is the constant need to increase sales, control expenses and improve profitability. Because of these key business factors it is more important than ever for today’s retailer to effectively manage their largest investment: inventory.

Maximizing the return on inventory investment is the key to profitability in retailing. Profitability is achieved by optimizing stock turn rates by merchandise classification to assure that the inventory dollars are moved from slower turning under-performing classes to existing or new classes which represent profitable sales opportunities. Merchandise, which is ordered months before delivery _________ _________ _____ ____ _________ _________ ______ _______ __________ _________.
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