The Ask
Create an assortment plan for Nordstrom including classifications, sales by classification, as well as months, and purchases. Additionally conduct justifications for vendors chosen.
The Process
For this project we allocated sections of our annual sales to our classifications (Tops=30%, Bottoms=15%, Jeans=15%, Outerwear-20%, Dresses=20%) , finding each profit amount per garment category. We then calculated the revenue coming in for each category by month. We chose a specific category to focus on; tops. We then created 8 subcategories within the top category, (long sleeve, short sleeve, quarter sleeve, half sleeve, sweaters, knit tops, woven tops, and designer tops).
Next, we found our purchases by category by multiplying the percentage of annual sales allocated to the classification, by the season purchases. Lastly, we calculated our assortment line by price line, finding the different profits coming in through each price category within each classification. We focused on the lowest price point, middle, then highest, allocating most of the money to our middle tear pricing.
The Outcome
We selected vendors based on researching through Nordstroms database and found best sellers to include in our plan. We selected the brands Free People, Madewell, Top Shop, Reformation, Private Label, Michael Kors, Vince Camuto, Rag & Bone, and Sea. We allocated 5-17% of our annual sales towards each brand, totaling 100%. The vendor justifications and spreadsheets can be viewed through the buttons linked below.
This project was completed alongside my teammate at Virginia Commonwealth University:
Julia Sweeney