More Words, Less Numbers

When I first came to college I remember everyone wanted to be a buyer until we all heard that buying was more about math and less about fashion. However, ever since interning in the sales department I have learned that buying isn’t all numbers, in fact, it’s more about words. There are so many “buzzwords” used in the corporate sales world today that I wish I would have known before starting my internship. I always heard terms such as “Market Week” or “Off-Price” vs. “Whole Sale,” but I never knew what the terms actually meant until I had to dive on into it and slowly figure them out. After five months of working retail and interning with BCBGMAXAZRIA I have finally mastered all the buzzwords. I’m going to share my top 10 key terms I wish I knew before entering the corporate buying and sales world.

1.     4-5-4 Calendar: A calendar year devised specifically for retail to go in accordance with the selling season. The retail fiscal year begins in February and ends in January. The calendar is split into four quarters consisting of 4 weeks per month, except the middle, which contains 5 weeks. This is done so that each week begins on a Sunday and ends on a Saturday, as well as to ensure that each calendar month will have the same number of selling days as last year.

2.     Fall/Winter Quarter: When retail stores are selling their fall and winter collections (September – February), however it’s important to note that buyers are always buying a season ahead. So even though we may be selling fall in our retail stores, in the corporate world we’re already selling spring

3.     Spring/Summer Quarter: When retail stores are selling their spring summer collections (March – August). This concept is the reverse of the fall/winter quarters. It is also important to note that there are several deliveries per season and the first delivery of spring/summer season arrives in March, while the last delivery of summer will arrive in August. There is typically three deliveries per season (one delivery per month).

4.     Wholesale: selling goods in large quantities to be retailed by other accounts. Another term for wholesale is full-line, which means the merchandise is sold in accordance with the 4-5-4 calendar and the seasonal quarters.

5.     Off-Price: available inventory of last seasons merchandise is sold to “off-price retailers” (ex/ TJMAXX) for a less than usual retail price and is not in accordance with the 4-5-4 calendar and the seasonal quarters.

6.     Market Week: Where the international world of apparel, accessories, and footwear companies trade information, preview trends, and build more accounts. Market Week typically follows Fashion Week and is in the form of trade shows where brands set up booths and buyers come to see what each company has to offer.

7.     Private Label: When a brand designs for a retailer and allows the retailer to put their name on it rather than the brand’s. Ex/ BCBGMAXAZRIA designed the Miley Cyrus for Wal-Mart Collection, but BCBG’s name was not on the label.

8.     PO Numbers: The documented order number used to purchase merchandise from vendors

9.     Pack and Hold: When merchandise is packed and held in an inventory warehouse against orders. Typically only large retailers have the ability to pack and hold and billing doesn’t occur until merchandise is shipped.

10. Factory Store: An outlet store where the company can sell their available inventory directly to the public rather than through a retailer.