Retail Round Up

Pricing OTC products correctly is critically important. One way to spot a product that may not be priced properly is if the last digit of the price is inconsistent with your rounding code. If you utilize a rounding code of "9" and see price stickers with a last digit of "7", that is a red flag to check it. Errors in pricing show up most frequently when there are substitutions in a private label source, BOGO deals, and receiving floor or counter displays—items in displays are often billed as a display rather than individually. Don't know your rounding code? Check with your wholesaler then communicate the rounding code information to the entire staff. Having a consistent pricing methodology is an important management technique and knowing your rounding code is an easy way to spot potential problems.

Heart Health Month

February is the perfect month to promote Heart Health! Supplements like CoQ10, Omega-3 and Vitamin D-3 are a great start. You can also advertise screening services you offer like blood pressure readings or point-of-care cholesterol tests.

Sweet Inventory

If you sell Valentine’s candy, the best practice is to inventory the remaining candy on the shelves after Valentine's Day before putting it on clearance. Remember to use this worksheet to take notes on this year’s merchandising to help with next year’s planning.

Holiday Storage Strategies

Whether you're packing up Valentine’s, Easter, Halloween, or Christmas items and greeting cards for storage, make sure to label the outside of each storage box with large letters, a brief description of its contents, the total retail value, and the date of storing.

Keep in mind that when storing items for the next selling season, you're not storing the best sellers—they've already been sold. Next season, instead of putting these stored items on sale, simply lower the price. This way, the product will appear as bargains, not clearance items.

Monthly Retailer Category Tips—Eye & Ear Care

Provide your eye & ear care department customers with a better shopping experience with these tips. Read more.