The Ask
Over the course of a semester, I was asked to simulate being a merchandise buyer for Nordstrom with my partner, Leah Cherington. Together, we researched the current market, as well as trends in order to create an assortment plan and 6 month buy plan on Excel.
The Process
Step 1: Market & Trend Research
The first step in creating a merchandising plan is conducting thorough research on the the intended industry, which for this project, is womenswear. By researching Nordstrom’s market competitors, product offerings, target customer base, and a comprehensive SWOT analysis, we were able to determine the internal and external elements influencing both the current market and Nordstrom.
After compiling our research and assortment plan, we created a 6 month plan sheet using Microsoft Excel. Using Nordstrom’s past sales numbers, we created theoretical numbers in order to determine the total sales, markup, markdown, gross margin, stock, and turnover of Nordstrom’s current year.
Step 2: The Assortment Plan
The next step was to was to use Nordstrom’s current product offerings to create our own assortment plan that included women’s tops, bottoms, dresses, outerwear, and loungewear. We then researched each vendor’s prices and position in the current market. Using retail math and Excel, we found the total sales and purchases of each class and justified each selected vendor.
The Outcome
The outcome was a feasible and functional 6 month plan and assortment plan. Through this project, I was able learn and refine my retail math skills, gaining insights into the role of a merchandise buyer in the fashion industry. I expanded my knowledge in areas such as market trends, vendor justifications, and customer segmentation.
