MJBiz Buyers Guide: Retail Strategy 23 - 6
MJBizDaily Buyers Guide Retail Strategy
mjbizdaily.com
LEAN INVENTORIES, PRODUCT VARIETY AND EXCLUSIVE OFFERINGS
Like any retail operation, cannabis retailers should develop an inventory strategy that balances
incoming and outgoing items.
" In cannabis, we often ignore these basics of retail inventory management, but that's a mistake.
As the industry experiences price compression, monitoring your inventory will be key to
profitability, " says Lilach Mazor Power, founder and CEO of Mazor Collective, which operates the
Giving Tree Dispensary in Phoenix. " Understand what your customers want to buy, know your
margins and purchase the right amount of inventory to make sure you don't run out but also don't
have too much. "
One crucial aspect of inventory management is knowing how much product to have on hand: Having
too much inventory can be overwhelming to the staff and can drive up overhead. Too little inventory
could result in failing to meet consumer demand during busy shopping periods.
The key is stability.
" Product selection is tricky to get right but will make all the difference when done correctly, " adds
Dennis Curran, chief operating officer at New York-based multistate marijuana operator Acreage
Holdings. " Retailers will often aim for quantity, carrying every SKU (stock keeping unit) on their
menu in the spirit of providing customers with every option. "
Keeping a lean inventory of quality items and not going overboard with wholesale orders can help a
store reach and maintain profitability. That begins with understanding what your customers want.
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MJBiz Buyers Guide: Retail Strategy 23
Table of Contents for the Digital Edition of MJBiz Buyers Guide: Retail Strategy 23
MJBiz Buyers Guide: Retail Strategy 23 - 1
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