the may department stores company explore a career in retail
TRANSCRIPT
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The MAY Department The MAY Department Stores Company Stores Company
Explore a Career in Retail.Explore a Career in Retail.
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What is a Career in What is a Career in Retail?Retail?STORES ORGANIZATION
BUYING ORGANIZATION
Advertising….Distribution….Finance….Sales Support….Legal
Consumer Research….Design & Technical….Merchandising
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What is Merchandising?What is Merchandising?Buyers & Assistant Buyers work to maximize sales Buyers & Assistant Buyers work to maximize sales and profitability through traditional marketing and profitability through traditional marketing avenues:avenues:
PRODUCT:PRODUCT: Selecting items and vendors the Selecting items and vendors the customer will respond to.customer will respond to.
PRICE:PRICE: Negotiating costs and retails to turn the Negotiating costs and retails to turn the product profitably and efficiently.product profitably and efficiently.
PLACE:PLACE: Determine which stores receive goods and Determine which stores receive goods and when the product hits the floor.when the product hits the floor.
PROMOTION:PROMOTION: Plan and execute advertising and Plan and execute advertising and promotional pricing strategies.promotional pricing strategies.
PRESENTATION:PRESENTATION: Enticing the customer to purchase. Enticing the customer to purchase.
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PRODUCTPRODUCT
Using Using LY SALESLY SALES to determine vendor/product mix to determine vendor/product mix Analyzing Analyzing TREND FORECASTSTREND FORECASTS prior to market prior to market Choosing best volume-driving Choosing best volume-driving KEY ITEMKEY ITEM
assortmentsassortments Understanding role of Understanding role of OPEN-TO-BUYOPEN-TO-BUY Managing Managing CARRYOVERCARRYOVER inventory and inventory and
understanding understanding STOCK/SALESSTOCK/SALES performance performance Prior, current and future Prior, current and future VENDOR PERFORMANCEVENDOR PERFORMANCE UnderstandingUnderstanding CLASSIFICATION CLASSIFICATION penetrationpenetration
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PRICEPRICE
Hitting key Hitting key PRICE POINTSPRICE POINTS Weight of customer Weight of customer PERCEIVED VALUEPERCEIVED VALUE of of
productproduct Using Using VOLUME DISCOUNTSVOLUME DISCOUNTS to build margin to build margin Researching Researching COMPETITION COMPETITION Analyze planned Analyze planned TURNOVERTURNOVER and and AVG. RETAILAVG. RETAIL
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PLACE (DISTRIBUTION)PLACE (DISTRIBUTION)
Determine Determine METHODMETHOD of delivery to warehouse of delivery to warehouse Negotiate delivery Negotiate delivery COSTSCOSTS Effect ofEffect of ADVERTISING ADVERTISING on deliveryon delivery Using Using DOOR TRENDS DOOR TRENDS and inventory statusand inventory status Understanding customer/door Understanding customer/door GEOGRAPHICSGEOGRAPHICS TRACKINGTRACKING all purchase orders all purchase orders Researching current Researching current U.S. CUSTOMSU.S. CUSTOMS and and
INTERNATIONAL INTERNATIONAL shipping conditionsshipping conditions
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PROMOTIONPROMOTION
Planning and executing Planning and executing ADVERTISINGADVERTISING campaigncampaign
Negotiating responsibility for advertising Negotiating responsibility for advertising COSTSCOSTS
Proof Proof LAYOUTLAYOUT and and DESIGN DESIGN of advertisingof advertising
Implementing Implementing MARKDOWNMARKDOWN strategy strategy MARGINMARGIN implication as a result of markdowns implication as a result of markdowns Planning the promotional Planning the promotional CALENDAR CALENDAR
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PRESENTATIONPRESENTATION
Mapping layout of Mapping layout of SALES FLOORSALES FLOOR Buying a presentation Buying a presentation (T-STAND, TABLE, (T-STAND, TABLE,
HANGING)HANGING) SIGNINGSIGNING the merchandise the merchandise Negotiating Negotiating SHOPSSHOPS Vendor supported Vendor supported COLLATERALCOLLATERAL
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DMM
GMM
Assistant Buyer
Area Sales Manager
Buyer
Executive Executive TraineeTrainee
BUYING CAREERPATH
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Assistant BuyerAssistant Buyer Work Directly with a BuyerWork Directly with a Buyer
Prepare Sales and Profitability AnalysisPrepare Sales and Profitability Analysis
Learn Product, Financial and Inventory Learn Product, Financial and Inventory ManagementManagement
Input Pricing, Sales and MarkdownsInput Pricing, Sales and Markdowns
Execute Advertising StrategyExecute Advertising Strategy Build Store and Vendor RelationshipsBuild Store and Vendor Relationships Learn Skills Vital to Success as a BuyerLearn Skills Vital to Success as a Buyer
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Area Sales ManagerArea Sales Manager Work Directly with a Divisional ManagerWork Directly with a Divisional Manager
Manage Customer Service, Monitor Manage Customer Service, Monitor Associate Performance & Sales Associate Performance & Sales ProductivityProductivity
Execute Merchandise Standards Execute Merchandise Standards (signing, sales events, merchandise flow, key item statements)(signing, sales events, merchandise flow, key item statements)
Screen, Interview and Hire AssociatesScreen, Interview and Hire Associates Maintain Shortage StandardsMaintain Shortage Standards Avg. Annual Volume: $2.5 MillionAvg. Annual Volume: $2.5 Million
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BuyerBuyer Forecast Trends, Analyze Buying Forecast Trends, Analyze Buying
Patterns, Produce SalesPatterns, Produce Sales
Monitor and Maintain Inventory Monitor and Maintain Inventory Levels & Pricing Plan, Plan Seasonal Levels & Pricing Plan, Plan Seasonal Promotions, Negotiate Prices & Promotions, Negotiate Prices & Allowances from VendorsAllowances from Vendors
Develop Assistant Buyers, Executive Develop Assistant Buyers, Executive Trainees & Interns into Successful Trainees & Interns into Successful MerchantsMerchants
Avg. Annual Sale Volume: $15 Avg. Annual Sale Volume: $15 MillionMillion
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Divisional Merchandise Divisional Merchandise ManagerManager Supervise & Develop a Group of BuyersSupervise & Develop a Group of Buyers
Allocate Financial ResourcesAllocate Financial Resources
Develop Advertising & Pricing StrategiesDevelop Advertising & Pricing Strategies Get Sales to the Bottom LineGet Sales to the Bottom Line
General Merchandise General Merchandise ManagerManager Supervise & Develop a Group of Supervise & Develop a Group of
DMM’sDMM’s
Conduct Market Analysis & Drive Conduct Market Analysis & Drive Market Penetration Market Penetration
Develop & Implement Strategies Develop & Implement Strategies
Profit & Loss ResponsibilityProfit & Loss Responsibility
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Why A Career in Retail?Why A Career in Retail? Utilize Marketing and FinanceUtilize Marketing and Finance Exposure to Multiple Business Exposure to Multiple Business
DisciplinesDisciplines Manage a Multi-million $ BusinessManage a Multi-million $ Business High Level of Decision MakingHigh Level of Decision Making Individual Performance CountsIndividual Performance Counts Opportunity for TravelOpportunity for Travel Product DiscountsProduct Discounts Challenging, Fast Paced and DynamicChallenging, Fast Paced and Dynamic
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A Family of America’s Finest A Family of America’s Finest Department StoresDepartment Stores
Headquarters: St. Louis, MOHeadquarters: St. Louis, MO
What is theWhat is the MAY MAY Department Department Stores Company . . .Stores Company . . .
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What is the What is the MAY Department Stores CompanyMAY Department Stores Company
12 Store Trade Names
8 Regional Headquarters
1 Specialty Store Division
State with May department stores
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Who is May Department Stores?Who is May Department Stores?NAME HEADQUARTERS SALES STORES
Filene’s/Kaufmann’s Boston $3.4 96
Robinson’s-May/ Los Angeles $2.7 71
Meier & Frank
Hecht’s/Strawbridge’s Washington, D.C. $2.5 80
Foley’s Houston $2.2 65
Lord & Taylor New York City $2.0 84
Famous Barr/ St. Louis $1.2 43
L.S. Ayres/
The Jones Store
The Bridal Group Philadelphia $0.3 400
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May facts. . .May facts. . . Operate 439 quality department Operate 439 quality department
stores in 44 states, the District of stores in 44 states, the District of Columbia and Puerto RicoColumbia and Puerto Rico
The Bridal Group operates 150 David’s The Bridal Group operates 150 David’s Bridal stores, 240 After Hours stores Bridal stores, 240 After Hours stores and 10 Priscilla of Boston storesand 10 Priscilla of Boston stores
Revenue over $14 Billion Revenue over $14 Billion
A Fortune 200 Company A Fortune 200 Company
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Retail Success Characteristics Retail Success Characteristics . . .. . .
Gets ResultsGets Results
Sets Challenging GoalsSets Challenging Goals
Energizes Others Energizes Others
Wants to LearnWants to Learn
Asks Probing QuestionsAsks Probing Questions
Does Good Analysis & is Well Does Good Analysis & is Well OrganizedOrganized
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The MAY Department Stores
THANK YOUwww.maycompany.com