How to Buy Off Price
How to Buy Off Price
Retail Consultant and Location Expert Les Tepper owned, operated, and franchised several concepts of Off Price apparel stores, including Fashions Under $10 stores, for over 25 years. Hes successfully navigated through dozens of apparel shows across the country, discovering and securing new vendors and finding missing pieces to retail puzzles. The following 3 articles are from Les' column in our magazine THIS IS OFF PRICE that are an excellent introduction for buyers learning how to shop the Off Price Show and buy below wholesale clothing.
The Box Under the Table: Tips for How to REALLY Shop the Off Price Show
(from Issue 12.3 of THIS IS OFF PRICE Magazine)
By Les Tepper
Attending a trade show can be an overwhelming experience, even to a seasoned veteran buyer.
With more than 450 vendors offering Close-Out merchandise, this years Off Price Show can be even more overwhelming. Optimize your time and decisions by knowing that every vendor might have items that can make your buying trip a success.
Whether you are buying for one store or a chain of stores, EVERY vendor potentially has items that can translate into greater sales volume and higher margins.
Everyone has his or her own way of walking and shopping a trade show. Some buyers walk isles from left to right, while others swear by right to left. Some buyers start from the middle, only to realize later that they have no idea what theyve seen!
I learned how to navigate a trade show from one of the best buyers and deal makers in the Off price apparel industry, Ed Bernard, President of Bermo Enterprises, and co-founder of the Off Price Show.
For many years I attended apparel trade shows around the country with Ed. He was very attentive regarding each transaction, fueling his business one deal at a time. Ed has built Bermo Enterprises into the Power House Off price apparel vendor that it is today. We would spend lots of time in each booth making sure that each deal was understood and analyzed. Most of the time, we were first on the floor and last to go home as we would chuckle at the other people that would leave early. Every show was an adventure and learning experience.
At one show Ed noticed a box at the back of a booth, under a table with what looked like a denim strap or pant leg hanging out. We looked in the box and discovered a pair of denim bib overalls A hot item in mid-70s. Ed asked the salesperson about the bibs and was told that there were 3,000 pieces with slight mill flaws. Ed made an offer and bought them all. They turned out to be one of the best selling items of the year. Ed has an instinct for finding deals that no one else would find.
Dont be too quick to dismiss a vendor just because you dont see the type of merchandise you carry. Remember, vendors can only bring and display a small selection of the items they carry. They may have just what you are looking for back at their warehouse. Thats why its so important to take the time to stop at every booth and introduce yourself to a salesperson, exchange business cards and tell them a little about your business and what your looking for now and in the future. Jobbers are buying deals everyday, and they may have just what your looking for tomorrow. Encourage the salesperson to call or e-mail you with deals anytime.
Bring plenty of business cards to the show. Dont be stingy! Giving out your card to salespeople, sales managers, and especially other retailers is like planting seeds. The more cards you plant, the more deals youll be offered.
Networking with other retailers is another great way to hear about deals. The retail industry is very transient; people move from company to company.
Your business card and information will travel with them. You both have a common goal. You are always looking for deals and they want to sell you deals.
By keeping an eye out for details, taking time to investigate items and hunches, talking and networking, your show experience will be time well spent.
Remember, its not a race to see who finishes walking the show first. Success starts with the level of attention to detail you use while you walk the show, so start walking!
Ten Tips for Maximizing Opportunities at the Off Price Specialist Show
Lessons Learned from veteran Attendee and Retail Consultant Les Tepper (from Issue 12.1 of THIS IS OFF PRICE Magazine)
Position yourself for success by attending the Off Price Specialist Show. After attending the Off Price Specialist Show twice a year for the last 13 years, heres why:
Top Ten Ways You Can Benefit from the Show:
1. It is important to be at the show when it opens on the 1st day. Most vendors/jobbers offer Show Specials on the first day of the show. You cant afford to miss out on these specials. These specials are only offered to those who attend the show.
2. Show Specials and other great deals are on a first come basis. If you find a great deal, buy it. It will probably be gone when you come back. You are competing with many other buyers at the show who are looking for deals as well. Have a plan of who you want to see and in what order. Use the pre-show planner and the interactive floor plan on OffPriceShow.com to your advantage.
3. Navigate the show like a treasure hunt. Vendors/Jobbers can only display a few items that they consider important. If you dig below the surface and ask questions, the item you are looking for may be in a box under a table in the back of the booth.
4. A recession is a great opportunity to attract new customers who are looking for ways to stretch their dollars.
5. Leverage the domino affect caused by a recession. Manufacturers need to liquidate excess merchandise caused by cancelled orders, store closings, and customers not clearing credit. As a result, they will offer in season merchandise at a fraction of the original cost to Jobbers who have the ability to buy large quantities and pay at once. Its important to remember that all merchandise offered by Jobbers is in stock and ready to ship. Most Jobbers are able to ship orders within 48 hours.
6. One-stop shopping isnt just great for customers; its great for you, too. Over 450 vendors/jobbers will offer Spring 2009 close outs at a fraction of the original wholesale cost - under one roof - at this show.
7. You need to spend at least 2 days at the Off Price Show in order to make sure that you dont miss anything. I would normally walk as much of the show on the first day as I could. I would write orders as I went along and took notes of booths to return to later. On the second day I would finish walking the show and when I was finished I would return to the booths I had noted.
8. Gain a competitive edge. This show helps smaller retailers compete with big box discounters and other retailers who are already doing everything they can to bring customers into their stores.
9. Get a foot in the door literally and figuratively. Vendors/jobbers are buying new deals every day, and you have to maintain a close relationship with them in order to be offered deals as they become available.
10. It is important to add new vendors. Not to take the place of existing vendors but to allow you to broaden your product mix.
The Off Price Apparel Show is like a lottery ticket, with the odds stacked heavily in your favor. If you dont go to the show, you cant win.
Take advantage of Off Price Specialist Show Air/Hotel Packages: 3 days 3 nights for under $1000.
Just one deal found at the Off Price Specialist Show will more than pay for the trip.
Off Price Cost Analysis
There is no excuse not to attend the Off Price Apparel Show. No matter how tight things are you can spend as little as 2 days and 1 night. Call the Off Price Specialist Center at 262.782.1600 for tips and ideas on how you can spend 2 days at the show for under $1,000 in travel expenses.
The best scenario for buyers is to come to Las Vegas on Saturday so they can be at the show on Sunday when the show opens at 8am.
Its important for buyers to be at the show when it opens on Sunday morning at 8am. Most vendors offer Show Specials on a first come basis.
***Pay as many invoices as you can with credit cards (Amex-Visa-MasterCard) that offer free miles which can be redeemed at airlines, hotels, rental cars, and gifts. You can pay almost everything with credit cards like, cell and regular phone bills, merchandise from vendors, supplies, service companies, almost everything. When card credit line is filled you can pay it down or off on line and pay more bills. Once you learn how to play the game, you will be amazed how many miles you will accumulate.
Walking the show is like a treasure hunt. Dig below the surface, ask questions. Vendors can only display a few items that they think are important. The item you are looking for may be in a box under a table.
It is important to look for new vendors. Not to take the place of your existing vendors but to allow you to broaden your product mix. You may find that the vendor you are relying on for mens denim jeans has gone in a new direction and is focusing on Jr jeans.
Business models are always changing. The more knowledge you have about other similar concepts will give you the ability change and stay competitive and relevant with your customers.
Since jobbers are buying new deals everyday, you have to maintain a close relationship with them in order to be aware of these deals.
Regional shows cant take the place of the real thing. THE OFF-PRICE SPECIALIST SHOW.
For more articles from Les Tepper, visit THISISOFFPRICE.COM
