Rags to riches
@Di1:No matter what your personality type, there is a role for everyone in the fashion retail, marketing and production sectors. Below, Linda Grant of Chase Recruitment profiles the role of a merchandise manager.
The Good
Being the profit driver and decision maker behind large scale retail business, having the authority to spend millions of dollars, being able to say "no" to the buyers and having the facts to back it up. Not only is this an autonomous role but no-one will ever question your taste levels like they do with buying. If numbers are your strength, then merchandise planners are not only in great demand but are being paid very well and are an integral part of the management team.
The Bad
Staring at an excel spreadsheet for a large part of your life, constantly negotiating with buyers, suppliers and management, long hours when budgets need to be done, balancing stocks, sales, margin and markdowns back to budget; end of financial year panic (if you are behind budget) and perhaps not being directly involved with product selection.
The Truth
Merchandise planning is one of the most in demand roles in retail today. The role of the planner is to ensure that budgets are achieved by working with the Buying team not only analysing sales data, but identifying opportunities and minimising threats to a business.
They develop budgets based on sales, gross profit, stock levels and stock turns as well as managing purchases and controlling markdowns. Planners deliver these results by understanding market drivers and internal business opportunities; determine which suppliers are delivering profitable product, where the markdowns are occurring and why. It sounds like a dry role but all good buying decisions come from analysis, knowing your own market and keeping a close eye on what your competitors are doing. Planners also can alert the buyers to emerging trends ie colours or sizes that are selling out and need to be restocked because they are watching the sales daily. On the flip side they will also alert the team to any potential "dogs" which will minimise markdowns and protect profit.
Good planners are team players who are highly organised, analytical, calm and in control. They have a high attention to detail, the ability to multi task but most importantly they are proactive problem solvers and profit opportunists.
The Training
There are certificate through to Masters degrees available in Retail Management available through either TAFE or Universities across Australia which cover merchandise planning, however many planners start as either buying assistants or come from a financial background such as accountancy. Some larger retail groups do offer a trainee program now as they have recognised the need to develop this area in their business.
The Dollars
A junior planner or assistant planner with 1 to 2 years experience can expect a salary of $40,000 to $50,000. Mid-level planners fall in the $65,000 to $80,000 range and a senior planner who manages multiple departments and a high OTB can expect $100,000 to $120,000. Planners are also eligible for incentive bonuses.