Prior to the early part of the last century, when Professor McNair at NYU developed the Retail Inventory Method (RIM), the only method of evaluating the cost of inventory on hand was the Direct Cost Method (DCM). The DCM involved marking the actual invoice cost of each item in code on the item price tag. […]
Achieving Profits in Every Business Cycle, Part II
In the prior issue we laid the foundation for what we expect from our business for the risks taken. Let’s proceed to discuss the ways of insuring a healthy profit in every business cycle, maybe not a 25% return on capital every year but more than that in good years to offset less than 25% […]
Who’s Minding the Store
Based on the industry-wide spiraling decline in customer service, I am more encouraged than ever about the future for independent retailers who are paying attention and minding their store. When the Chicago Cubs and Florida Marlins met for the World Series in 2003, Sports Authority, who had just moved out of their Florida based corporate […]
Achieving Profits in Every Business Cycle, Part I
According to the most reliable news reports the economy, and retailers as well, are coming out of a deep slumber. Retailers had the best Christmas season in three years. But what of the intervening three years? Whether it was the bursting of the hi-tech bubble which dragged the entire stock market down, the war in […]
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