Hardware Retailing

OCT 2018

Hardware Retailing magazine is the pre-eminent how-to management magazine for small business owners and managers in the home improvement retailing industry.

Issue link: http://www.hardwareretailingarchive.com/i/1030469

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Page 88 of 102

HARDWARE RETAILING | October 2018 84 Move It Out B eware of slow-moving inventory. It lurks in nearly every retail operation. Often called dead inventory, slow-movers are items that, for whatever reason, are just not selling. You know you need to get them off the shelves, but you also need to do everything else, such as help the next customer, write your next order and pay the bills. A few dead items sitting on the shelf never hurt anyone, right? The truth is, slow-moving inventory may be doing you more harm than you realize. The way you manage your inventory will affect the overall productivity of your business and the customer experience. In an age where online stores have made retailing more competitive, it's more important than ever to have a product mix that is fresh and not burdened with unproductive merchandise. To help you tackle this issue in your own business, Hardware Retailing turned to Kelly Hollingsworth, who is part of a sister trio that directs operations at Griffin Ace Hardware, a business with three locations in southern California. Hollingsworth has been working full time in the family business for more than 25 years. As vice president of merchandising for all locations, one of her duties includes managing inventory. She analyzes unproductive inventory every month, making her company a good example of a business that has made purging dead items a smooth process rather than a dreaded project. On the following pages, we'll look at how Hollingsworth handles the challenges that come with managing slow-moving inventory. Having a system of your own, and sticking to it, will keep your store alive with activity as products move off the shelf, How to Manage Unproductive Inventory Process & Procedure: Dead Inventory By Jesse Carleton, jcarleton@nrha.org CLEARANCE

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