Retail Inventory Efficiency Roadmap
In-depth assessment of retail store and corporate processes and development of a multi-year roadmap to support operating efficiencies and growth objectives
A privately held $72M omnichannel retailer specializing in wine, spirits and accessories with a significant online presence, multiple retail stores and an online auction house.
The client had experienced substantial growth but faced periodic cash flow shortages due to significant inventory commitments, inconsistent reporting and a gap in fundamental organizational roles and responsibilities. These issues prevented the company from effective strategic planning in areas such as growing their store base and executing initiatives designed to attract investors.
The Parker Avery Solution
The Parker Avery Group assessed the client's current retail operations, home office processes as well as buying and inventory management practices to identify cash flow bottlenecks, communications breakdowns and other issues that were inhibiting growth, purchasing consistency and accountability. Parker Avery synthesized these findings and assisted the client in creating a detailed, multi-year roadmap that addressed each pain point. Specific activities included:
• Conducted store visits and interviews to review product assortment, operations and inventory flow
• Summarized findings and presented a gap analysis against industry best practices, tailored to the client's optimal placement in the market
• Synthesized eleven areas of potential benefit into six key initiatives, outlining anticipated complexity / difficulty and return on investment for each initiative
• Prioritized the proposed initiatives and created a detailed roadmap, identifying "quick wins" that would build momentum while respecting the client's bandwidth
Parker Avery was subsequently engaged to support implementation of the roadmap, which upon completion will significantly improve inventory turnover, employee satisfaction, marketing effectiveness and company profitability, while positioning the company for continued substantial growth.