Kohl's: Buying Simulation
The Ask
This project replicates the responsibilities of a merchandise buyer for Kohl’s Women’s Department . The objective was to develop a 6-month buying plan that aligns with Kohl’s brand identity, target audience, and competitive landscape. The process included conducting market research, designing product strategies, generating purchase orders, and performing financial analysis.
The Class
FASH-342: Buying Simulation
SKILLS
Retail Math
Financial Analysis
Microsoft Excel
Market Research
Product Development
Professional Writing
Creating an effective 6-month buying plan requires a thorough understanding of the target market, including its demographics, psychographics, shopping behaviors, and core values. Equally important is gaining insight into Kohl’s strategies for customer retention and loyalty, as these are critical to driving sustained success.
TARGET MARKET
After identifying Kohl’s target market, we created a detailed 6-month Fall 2024 buying plan. This plan outlines projections for total sales, monthly sales, stock-to-sales ratios, beginning-of-month inventory, turnover rates, planned markdowns, and purchases.
Using Microsoft Excel and key retail math formulas, we strategically calculated the season's figures, adhering to the 4-5-4 calendar and factoring in relevant industry events.
6-Month Plan
ASSORTMENT PLAN
Once the 6-month plan was finalized, we developed the assortment plan, outlining key classifications, their anticipated sales, and the corresponding purchase quantities.
This plan acts as a strategic guide for buyers during market appointments, enabling informed purchasing decisions and maintaining optimal inventory levels across all classifications.
The project successfully produced a comprehensive 6-month buying plan tailored to Kohl's brand identity and target market. Key accomplishments included detailed market analysis, strategic product development, precise financial forecasting, streamlined vendor selection, and the creation of a well-structured buying plan.
THE OUTCOME
