In this episode, Stephanie talks to Dane Cohen, Director of Sales and New Business Development, Management One, LLC.
3:14: Dane joins the family business, Lesters, a multi-store location in New York, New Jersey, and Connecticut!
4:06: A shift to Management One LLC, Dane uses his diverse background to help strengthen independent and family-owned retail businesses with open to buy and inventory management.
5:31: Motto, “Onwards and Upwards" - guiding clients to success through learning, growth, and evolving together.
6:05: The optimistic approach to business. Play offense when it comes to being a merchant. To grow the business, you need to attack success!
7:10: The state of independent retail is growth!
10:38: Cash flow and Inventory. The simple fact is that more than 50% of your cash is going back into inventory.
13:12: Two big factors for good inventory Budgeting - How much product do you really need and when do you need it to hit your store?
16:00: The need to take risks! If you have a budget and understand when the product will land, you can take calculated risks!
18:19: Distribution! Trade shows are critical to source new products and manage relationships with suppliers to ensure you can get product to your store on time!
23:56: Transparency, communication, and problem solving!
24:58: Sourcing! ASD launched Sourcetique, a dedicated platform with vetted manufacturers that can offer lower MOQ and drop shipping fulfillment to large and small boutique buyers.
26:40: Private Label is a genius way for retailers to compete in this economy! It is your own method of vertical distribution.
28:58: What can you learn from big box retailers. How data driven decisions help retailers make smart decisions when purchasing inventory.
31:56: Go in with a plan! Dane dishes on how to best prepare to optimize success at tradeshows!
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