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10.29.14Spine-chilling Inventory Issues?
With Halloween just around the corner, retail stores are filled with goblins, ghosts and ghouls, but there’s a really frightening specter lurking out of sight in many stores — phantom inventory — goods that retail inventory accounting systems consider to be on hand, but actually do not exist. There are many explanations for this ghost-like inventory—items being moved without recording changes in inventory systems, theft and check out and data entry errors, just to name a few. But no matter the reason, the resulting discrepancy is completely unnerving.
Over the past few years we’ve seen a lot of big box retailers test and establish many different store concepts—concepts like Target’s Target Express, City Target and P Fresh and Wal-Mart’s Wal-Mart To Go, Wal-Mart Express and Neighborhood Markets. These “smaller box” store formats help retailers gain millions of square footage in city center selling spaces and provide customers with quick shopping experiences that offer fewer product categories than the big box stores.