Jamestown InventoryWednesday, July 01, 2009 | Filed Under: News | Posted by Wade - CEO on 07/01 at 01:45 PM
On Monday and Tuesday we were down in Jamestown doing an inventory. I don't think anybody really enjoys it, but we all know it needs to be done. We don't think we can be a great store without accurate inventories. One classic saying of the retail industry is having the right product at the right time. Without an accurate count in the computer we have no way of reaching that. A store like Home of Economy has a much harder time than your mass merchants with this. We sell a lot of specialty items that you don't need that often. In many cases we need to have two of an item on the peghook. If we have one we lose sales. If we have three we don't make money on that one particular product. Having a bad inventory whether it shows more or less than we actually have loses us money. Doing inventories isn't cheap. We have to close for more than a day. (We usually close early on the first day, work until 11pm and are closed the next day.) That costs us a lot of money and disappoints some customers which we hate to do. It also costs us a lot to move our team members around and to pay overtime we wouldn't otherwise be paying. Not only that we have an opportunity cost of what we would have accomplished during that time if we hadn't been doing inventory. We scheduled 3 inventories this summer. We'll do all of the stores in January and February. I have to say this inventory went well in Jamestown, but it's still a ton of work.