The mother of all replenishment challenges
According to shoppingcentre.co.uk, in the seven days leading up to Mother’s Day (March 26th), footfall jumped by an impressive 3.4% compared to the previous week. London-based retailers saw the strongest growth in the footfall with shoppers up by 7.2%. Retail parks across the country enjoyed a healthy 6.6% increase compared to the previous week.
While this movement was no doubt welcomed by retailers, it’s worth bearing in mind that only last month, reports indicated a 13-year slump in footfall: What a difference 4 weeks makes! Yet for retailers, such variation are the stuff of nightmares, especially for those responsible for keeping stores stocked.
No retailer wants to disappoint customers. But equally, holding extra levels of inventory, particularly of items with short shelf lives, can prove very costly. It’s vital that inventory levels are in-line with customer demand.
What steps can retailers take to ensure their replenishment processes factor in the impact of changing footfall as well as special events?