CEO | Board Director | Ex-Abercrombie & Fitch, Garage, Curaleaf | Talent Manager | Culture Warrior | Recruiter | Cannabis & Retail | Revenue Planning, Merchandising, and Strategy Executive | P&L Driver | Keynote Speaker
In cannabis retail, buying, assortment planning and inventory allocation are critical functions – but very different from each other. I honed my skills in these areas in global clothing brands Abercrombie & Fitch Co., Hollister Co., and Garage Clothing. In the clothing world: buyers/merchants choose the clothing assortment for the stores, assortment planners choose how much inventory to buy of each style, and allocators choose how much inventory goes to each store. In cannabis, these roles are relatively new and often disconnected from each other. Communication is often challenged as companies struggle to connect buying, planning, inventory management, retail stores, wholesale, operations, and logistics. Successful cannabis companies learn how to connect the functions and deliver on communication – ultimately meeting customer demand and optimizing inventory placement. In short: listen to the customer and use these functions to focus on customer needs #retail #assortment #planning #marketing #wholesale #sales #business #technology #inspiration #motivation #teaching #finance #socialmedia #digitalmarketing #cannabis #management iAnthus
David Tann
4w
Richie Proud this is a great post. Ironically, whenever I talk to students, I tell them that I learned to how be a good designer by sitting with my merchants. Those meetings when you would drop by and show me and Jeff Ma what was selling for Hollister Co. were invaluable.
What an insightful comparison between the clothing and cannabis industries! It's fascinating to see how your experience with established global brands is shaping your approach in a relatively new market. Bridging the communication gap between these critical functions in cannabis retail seems like a game-changer. Do you think technology can play a significant role in enhancing this communication and integration? Would love to hear more about specific strategies or tools you've found effective! 🌿👗 #Retail #Cannabis #Innovation
Marie Haido
4w
I always quote your 3 key components in Buying - assortment architecture, data analytics and vendor relationships. That at least applies across all industries!
Brandon Bobart 📈
1mo
I can only imagine managing inventory for those companies; how did a company like A&F decide how much to purchase of a given style; knowing how fickle fashion can be?
Loren Jacobs
4w
Yes and yes these plus other fundamentals from retail can be applied. It is surprising few cannabis chains have a mobil app which is a basic for todays customers. Mobil app increases loyalty with increased frequency and average orders.
Patrick McDonald
1mo
Popped up on my feed. Have you ever looked at foot traffic analytics to merchandise on a store by store basis
Sandra Bergman
1mo
Richie Proud in many cannabis companies these functions are often performed by one person or a very small team!
WinSavvy
4w
Absolutely! Connecting roles like buying, planning, and inventory allocation is key to optimizing operations in any industry. At Salt Buzz, we specialize in helping startups and B2B businesses streamline their operations and enhance communication across functions. Let's discuss how we can tailor strategies from retail to cannabis to better meet customer demands and optimize inventory management. Drop us a message or check out our page for more insights on effective business solutions. Looking forward to connecting and exploring synergies with you!
Peter Kim
4w
I’ve always said cannabis retail buyers are unique. They are expected to be buyers, analyst, revenue strategist, inventory managers, assortment architects, demand planers and sometimes even revenue planners. These skillsets I learned from you, Steve and Kelly Heinichen have helped my career in a big way! 🫡
Merchandise Planner at EXPRESS
1moWell said, Richie Proud. Sometimes the only thing we need to disconnect from is our own ego, and focus on what the customer is telling us.