Page 15 - DMGT554_RETAIL_BUYING

Retail Buying

Notes The plan should address all of the different duties and responsibilities of the buyer, which may
include:

 How many hours are typical of the work week?
 The number of people for whom there is direct supervision, such as assistant buyers, and
how much time is spent with them in meetings.

 What responsibility, if any, there is on the selling floor? In some major retail organizations,
the buyers are expected to sell during peak periods such as the day after Thanks, givings
until Christmas Eve.

 The size of the department in terms of “dollar” and “unit volumes”.
 The distance of the wholesale markets from the store’s headquarters and whether it is
domestic or foreign buying or a combination of both.

 How much responsibility there is for involvement with advertising, special events, and
visual merchandising?
 The need to interact with staff personnel such as a fashion director or comparison shopper.

 Once these factors have been considered, the buyer must arrange a schedule on a priority
basis, leaving some “breathing time” for the unexpected.

1.1.3 Personal Qualifications, Qualities, and Abilities for a Buying
Career

At one time in retailing, stories were told of individuals who started out on the lowest rung of
the ladder, such as a stock clerk, and eventually rose to become a buyer, or sometimes even to
the level of top management. While these stories are wonderful to relate, this is no longer
typical of the industry. Today’s buying hopefuls must possess leadership, management, and
decision-making skills to meet the challenges of the career.
A substantial number of interviews with buyers, merchandise managers, and directors of human
resources in many different retail classifications, in many parts of the country, revealed that a
wealth of personal qualifications, qualities, and abilities are necessary for a successful buying
career. Those questioned included both large and small store merchants. Their responses generally
included the following qualifications, qualities, and abilities.

Education

A college education is considered a must for a buying career. While some individuals may
possess many of the other necessary qualifications, few buying hopefuls will be considered for
such a career without the formal education.

Retailers desire the best college-educated personnel they can find. Generally, those sought after
have majored in retail business management, marketing, business administration, or fashion
merchandising. Courses such as merchandising, mathematics, computer use, accounting, selling,
psychology, and those that include units on product information are considered essential by
those who make the ultimate hiring decisions. Although the business-oriented student is
generally preferred, retailers do consider liberal arts graduates who show an interest in retailing
and a desire to pursue a buying career.

In order to understand the many different reports and financial statements that come across the
buyer’s desk on a regular basis, such as inventory analysis summaries, open-to-buy positions,
active seller positions, unit sales summaries, and others, a mastery of quantitative analysis is a
must. Except for the rarest cases, this ability can be acquired only through formal education.

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