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Many retailers provide retail sales forecasts to their vendor partners; however, the validity of those numbers are often in question. While most retailers possess the skill set and tools required to estimate future sales and inventory needs, they may not have the time or resources to maximize every SKU. Bed Bath & Beyond’s collaborative forecasting method is a model more retailers should adopt. With this collaborative effort the retailer and vendor independently develop sales and receipt forecasts, then compare and mutually agree on the plan. Through this process Bed Bath & Beyond’s vendors can produce the appropriate amount of product in order to maximize sales and meet store ordering needs, while limiting mutual retail inventory liability.
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