by Bob Barry

The tuxedo operator and manager must look at their store(s) in a very disciplined business fashion to survive and thrive in today’s tux world

We see that the following are the critical 7 items that you need to monitor to best direct your business:

1 PEOPLE: we all understand clearly that our people are indeed our greatest asset. With this in mind we need to be very slow to hire and quick to fire. A great salesperson or manager can add 20% or more to the volume of an established store - conversely a poor performer can kill our productivity. Take some time - step back and really look at each and every team member. Track their productivity and sales. Look at their attitude. Look at their level of customer service.

2 PLACE: Is your location(S) in the ideal place- the place that balances the cost of occupancy with the volume of traffic that it drives. Maybe the mall is the place to be- or maybe right across the street from the mall works better. In today’s world we need to do some serious volume per store to meet with the increased cost of rent and personnel.

3. Products: Do you have the ideal selection of styles - colors- price points? Do your rental goods look good? Does it feel appropriate to attain your rental fee from the condition and look of your goods? Study the turns of your goods by size, by style, by color, and by price point. Yes it can be a challenge to complete all these calculations- but they will provide the road map to volume and profit

4. Promotions: What type of ROI do you enjoy from your various types of advertising? Are you spending a large enough pro-ration on direct forms of advertising: direct mail, telemarketing, bridal shows/etc

5.Pricing: When was the last time you changed your pricing? How often have you actually increased your rental price on a 2nd year style? The reality is that if you study the turns on your goods you will see multiple opportunities to add volume by both reducing some prices and increasing others - Volume Maximization through price and turn analysis. Make a list of your styles - then have a column that lists the # of coats you own , a column for # of turns in the last 12 months , # of average turns per unit, average revenue per turn, -- then sit back and review it -- we call this Profit through awareness.

6. Process Improvement: you may not think your tux shop is a process but it absolutely is. To give you an idea some of you spend 2-4 times the minutes to assembly and process each unit in your back room or warehouse. Some of you staff your store with 120 hours when 60 suits are going out and others staff 80 hours for the same size week. Study your process and identify where there is opportunity for improvement

7. PROFIT: John Barry always said that all businesses small and large must have a monthly Profit and Loss Statement. He called it your "report card ". It is key for all business owners to know where you are so you can direct your entity forward

We recommend that you study these key 7 items and attack them daily, weekly and monthly

Please feel free to call Bob Barry at 949-675-3551 to discuss these or other priorities.

by Bob Barry

The tuxedo operator and manager must look at their store(s) in a very disciplined business fashion to survive and thrive in today’s tux world

We see that the following are the critical 7 items that you need to monitor to best direct your business:

1 PEOPLE: we all understand clearly that our people are indeed our greatest asset. With this in mind we need to be very slow to hire and quick to fire. A great salesperson or manager can add 20% or more to the volume of an established store - conversely a poor performer can kill our productivity. Take some time - step back and really look at each and every team member. Track their productivity and sales. Look at their attitude. Look at their level of customer service.

2 PLACE: Is your location(S) in the ideal place- the place that balances the cost of occupancy with the volume of traffic that it drives. Maybe the mall is the place to be- or maybe right across the street from the mall works better. In today’s world we need to do some serious volume per store to meet with the increased cost of rent and personnel.

3. Products: Do you have the ideal selection of styles - colors- price points? Do your rental goods look good? Does it feel appropriate to attain your rental fee from the condition and look of your goods? Study the turns of your goods by size, by style, by color, and by price point. Yes it can be a challenge to complete all these calculations- but they will provide the road map to volume and profit

4. Promotions: What type of ROI do you enjoy from your various types of advertising? Are you spending a large enough pro-ration on direct forms of advertising: direct mail, telemarketing, bridal shows/etc

5.Pricing: When was the last time you changed your pricing? How often have you actually increased your rental price on a 2nd year style? The reality is that if you study the turns on your goods you will see multiple opportunities to add volume by both reducing some prices and increasing others - Volume Maximization through price and turn analysis. Make a list of your styles - then have a column that lists the # of coats you own , a column for # of turns in the last 12 months , # of average turns per unit, average revenue per turn, -- then sit back and review it -- we call this Profit through awareness.

6. Process Improvement: you may not think your tux shop is a process but it absolutely is. To give you an idea some of you spend 2-4 times the minutes to assembly and process each unit in your back room or warehouse. Some of you staff your store with 120 hours when 60 suits are going out and others staff 80 hours for the same size week. Study your process and identify where there is opportunity for improvement

7. PROFIT: John Barry always said that all businesses small and large must have a monthly Profit and Loss Statement. He called it your "report card ". It is key for all business owners to know where you are so you can direct your entity forward

We recommend that you study these key 7 items and attack them daily, weekly and monthly

Please feel free to call Bob Barry at 949-675-3551 to discuss these or other priorities.

Susan Damon of The Tux Shop in Palm Beach Gardens Florida enjoys what she does for a living. It shows in her answers to questions about life in the tuxedo industry.

The Tux Shop is located in Palm Beach County Florida just 2 miles from the beach in the “Golf Capitol of the World” the PGA headquarters is just a “3” wood away.

They do a heavy amount of destination beach weddings but get this.. with the 5 star resorts located near by on the beaches they are almost always black tie! Not just the wedding party, but even the guests! Her peak wedding season is October through May when the weather is at its best.

Susan not only has an in stock store she keeps it displayed for customers to appreciate. Salesmen who stop in to see her know to stick to the classics! Her inventory runs mostly to traditional and she does a lot of self tie rentals and registered white tie events. Her favorite of all the items in her store are a dinner jacket and a self tie bow tie.

Susan Damon of The Tux Shop in Palm Beach Gardens Florida enjoys what she does for a living. It shows in her answers to questions about life in the tuxedo industry.

The Tux Shop is located in Palm Beach County Florida just 2 miles from the beach in the “Golf Capitol of the World” the PGA headquarters is just a “3” wood away.

They do a heavy amount of destination beach weddings but get this.. with the 5 star resorts located near by on the beaches they are almost always black tie! Not just the wedding party, but even the guests! Her peak wedding season is October through May when the weather is at its best.

Susan not only has an in stock store she keeps it displayed for customers to appreciate. Salesmen who stop in to see her know to stick to the classics! Her inventory runs mostly to traditional and she does a lot of self tie rentals and registered white tie events. Her favorite of all the items in her store are a dinner jacket and a self tie bow tie.

Susan Damon started in tuxedo business in college. She was recruited by employees of a Mr. Tux and later met Peter and Maureen Swanberg who owned The Tux Store and a full service bridal shop and went to work for them. Peter Swanberg has been in the industry for years and use to train for Gingiss in Chicago. Susan was able to learn the business from a veteran who taught her priceless lessons over the years. He always told her funny stories about this crazy trade and one was about a young prom customer. The young man’s tuxedo was returned with a film case left in it. What was left in the case was marijuana! He even had the audacity to come back to the store and ask for it. Susan tells how Mr. Swanberg told him they knew how important the prom pictures would be and had already called his parents and returned it! The boy stood there like a deer in headlights and although the outcome is not completely known the look on his face was priceless.

Susan Damon started in tuxedo business in college. She was recruited by employees of a Mr. Tux and later met Peter and Maureen Swanberg who owned The Tux Store and a full service bridal shop and went to work for them. Peter Swanberg has been in the industry for years and use to train for Gingiss in Chicago. Susan was able to learn the business from a veteran who taught her priceless lessons over the years. He always told her funny stories about this crazy trade and one was about a young prom customer. The young man’s tuxedo was returned with a film case left in it. What was left in the case was marijuana! He even had the audacity to come back to the store and ask for it. Susan tells how Mr. Swanberg told him they knew how important the prom pictures would be and had already called his parents and returned it! The boy stood there like a deer in headlights and although the outcome is not completely known the look on his face was priceless.

Susan along with her store manager a Texas native HoneyLynn keep Palm Beach County in formal elegance. Her prom season starts the end of March and runs through mother’s day.

Her buy for prom steps away from her traditional roots as she purchased the “Casino” a white with black pinstripe tux. We wish her well in the busy season ahead and stop in and see here if you are in the area.

Susan along with her store manager a Texas native HoneyLynn keep Palm Beach County in formal elegance. Her prom season starts the end of March and runs through mother’s day.

Her buy for prom steps away from her traditional roots as she purchased the “Casino” a white with black pinstripe tux. We wish her well in the busy season ahead and stop in and see here if you are in the area.

Tux Shop
Address:	5540 PGA Blvd #104 Palm Beach Gardens FL, 33418
Phone:	(561)626-TUXX
Fax:	(561) 626-6426
Contact:	Susan Damon
Email:	thetuxshop649@bellsouth.net
Web Address:	www.tuxshoppalmbeach.com

Tux Shop
Address:	5540 PGA Blvd #104 Palm Beach Gardens FL, 33418
Phone:	(561)626-TUXX
Fax:	(561) 626-6426
Contact:	Susan Damon
Email:	thetuxshop649@bellsouth.net
Web Address:	www.tuxshoppalmbeach.com

Announcement is made of the retirement of an industry printer. Joe Pacillo has a lifetime of experience in the printing industry and has owned Multicolor Press his formal wear division for 9 years. Mr. Pacillo would like to thank loyal past customers and assure them that their artwork and prior pieces have been secured by Eva Falcone who worked for him many years. We wish him the best!

Eva can be reached at:
Media Minds
100 East Sample Road, Suite 320
Pompano Beach, FL 33064
(P) 954-580-1300
(F) 954-580-1117
eva@mediamindsusa.com

 

Announcement is made of the retirement of an industry printer. Joe Pacillo has a lifetime of experience in the printing industry and has owned Multicolor Press his formal wear division for 9 years. Mr. Pacillo would like to thank loyal past customers and assure them that their artwork and prior pieces have been secured by Eva Falcone who worked for him many years. We wish him the best!

Eva can be reached at:
Media Minds
100 East Sample Road, Suite 320
Pompano Beach, FL 33064
(P) 954-580-1300
(F) 954-580-1117
eva@mediamindsusa.com

 

Comments as submitted by one reader. What do you think? editor@formaltimes.com  

IFA Newsletter Wants & Offerings

This is something the Tuxedo Industry really needs! Whether to sell, buy, or even subrent - for many styles discontinued and other products we still see value in. I have had MANY styles discontinued in as little as 1, 2, and 3 years and mistakenly discontinued and dumped without getting my full return! Wholesalers and Specialists want to use there investment in products as long as possible or until it is not rentable! Manufactures need to understand this and is why this is so important. Also being able to find back up styles to subrent; due to manufacturing overseas and not having stock (BROWN for fall of 2007!!!).

Thank you for starting this option in the IFA Newsletter, I will use this!

Offerings:

2-B FEZZA PEAK-168 UNITS@$18
3-B GIANCARLO NOTCH-110 UNITS@18.00
1-B ASSORTED BRAND NOTCHES-150 UNITS @ $15.00
2-B LAUREN "CROSSROADS"-50 UNITS@$21.00
2-B FEZZA-185 UNITS@$18.00
3-B CALVIN(FCGI)-75 UNITS@$30.00(COATS)
2-B LORD WEST "ESTATES" PEAK C & P-35 UNITS@40.00

I HAVE MANY VEST PROGRAMS AVAILABLE TOO NUMEROUS TO MENTION.

INTERESTED? CALL OR FAX ROBERT OR IRA
COLEMANS TUXEDOS
649 MORRIS TURNPIKE
SPRINGFIELD NJ 07081
973-258-1948
973-248-1948(FAX)
IRATUX@AOL.COM

 ==========================================
We have a good selection of International Fullback vests each available in men’s, boys, fit all and larger backless. Colors: Bamboo, Gray, Bamboo Stripe, and Green
We also have White, Black, Baby Blue, and Ivory Paisley in fullback with matching boys and large sizes
Loro Piana Vests in Fullback
Gray Stripe Mandarin fullback vest
Pink Concorde Fullback Vest
I have a complete size scale that can be emailed for all the above items.
Alex
Elite Tuxedo
2074 Westwood Blvd.
Los Angeles, CA 90025
(310) 474-9090
elitetuxedo@hotmail.com

==========================================

Jim’s Formal Wear has a wide selection of new white banded collar shirts from Chaplin. The size range includes size from Men’s Small to 2 XL. Sleeve lengths are odd, i.e. 34/35, etc. All sleeve lengths are available. The shirts are ½” pleated fronts. The shirts are new, folded and in the original packaging.

The price is $9.00 per shirt.
Ground UPS within the Continental United States is free.
We will see one or all too any buyer.

If you are interested, please contact, Tom Wessel at Jim’s
Corporate Offices at (618) 224-9211/Extension 3163 or
email: tomwessel@jimsfw.com

==========================================

Wants:

I am looking for the following:
Morgan Black & Navy Suits by After Six
Lord West Dull Square Toe Shoes
Dennis Schmidt
Milroy's Tuxedos
President/Owner
319-233-5222
Fax 319-235-7559

==========================================
I am looking to buy good 2 button After Six Lavida coats.
Contact Steve Anthony
Ducky’s Formal Wear
Moline, Illinois
(309)-797-9889
Atuxforu2@aol.com  

==========================================

Send all wants and offering submissions to editor@formaltimes.com  this feature will continue and is available to all members as long as you feel it is of value.

Comments as submitted by one reader. What do you think? editor@formaltimes.com  

IFA Newsletter Wants & Offerings

This is something the Tuxedo Industry really needs! Whether to sell, buy, or even subrent - for many styles discontinued and other products we still see value in. I have had MANY styles discontinued in as little as 1, 2, and 3 years and mistakenly discontinued and dumped without getting my full return! Wholesalers and Specialists want to use there investment in products as long as possible or until it is not rentable! Manufactures need to understand this and is why this is so important. Also being able to find back up styles to subrent; due to manufacturing overseas and not having stock (BROWN for fall of 2007!!!).

Thank you for starting this option in the IFA Newsletter, I will use this!

Offerings:

2-B FEZZA PEAK-168 UNITS@$18
3-B GIANCARLO NOTCH-110 UNITS@18.00
1-B ASSORTED BRAND NOTCHES-150 UNITS @ $15.00
2-B LAUREN "CROSSROADS"-50 UNITS@$21.00
2-B FEZZA-185 UNITS@$18.00
3-B CALVIN(FCGI)-75 UNITS@$30.00(COATS)
2-B LORD WEST "ESTATES" PEAK C & P-35 UNITS@40.00

I HAVE MANY VEST PROGRAMS AVAILABLE TOO NUMEROUS TO MENTION.

INTERESTED? CALL OR FAX ROBERT OR IRA
COLEMANS TUXEDOS
649 MORRIS TURNPIKE
SPRINGFIELD NJ 07081
973-258-1948
973-248-1948(FAX)
IRATUX@AOL.COM

 ==========================================
We have a good selection of International Fullback vests each available in men’s, boys, fit all and larger backless. Colors: Bamboo, Gray, Bamboo Stripe, and Green
We also have White, Black, Baby Blue, and Ivory Paisley in fullback with matching boys and large sizes
Loro Piana Vests in Fullback
Gray Stripe Mandarin fullback vest
Pink Concorde Fullback Vest
I have a complete size scale that can be emailed for all the above items.
Alex
Elite Tuxedo
2074 Westwood Blvd.
Los Angeles, CA 90025
(310) 474-9090
elitetuxedo@hotmail.com

==========================================

Jim’s Formal Wear has a wide selection of new white banded collar shirts from Chaplin. The size range includes size from Men’s Small to 2 XL. Sleeve lengths are odd, i.e. 34/35, etc. All sleeve lengths are available. The shirts are ½” pleated fronts. The shirts are new, folded and in the original packaging.

The price is $9.00 per shirt.
Ground UPS within the Continental United States is free.
We will see one or all too any buyer.

If you are interested, please contact, Tom Wessel at Jim’s
Corporate Offices at (618) 224-9211/Extension 3163 or
email: tomwessel@jimsfw.com

==========================================

Wants:

I am looking for the following:
Morgan Black & Navy Suits by After Six
Lord West Dull Square Toe Shoes
Dennis Schmidt
Milroy's Tuxedos
President/Owner
319-233-5222
Fax 319-235-7559

==========================================
I am looking to buy good 2 button After Six Lavida coats.
Contact Steve Anthony
Ducky’s Formal Wear
Moline, Illinois
(309)-797-9889
Atuxforu2@aol.com  

==========================================

Send all wants and offering submissions to editor@formaltimes.com  this feature will continue and is available to all members as long as you feel it is of value.

“I honestly think it is better to be a failure at something you love than to be a success at something you hate!” ~George Burns~

“I honestly think it is better to be a failure at something you love than to be a success at something you hate!” ~George Burns~

The opinions expressed by the authors do not reflect necessarily of the Association of  International Formalwear, its officials, directors or personnel. Each author is the unique person in charge of her or his content.

The opinions expressed by the authors do not reflect necessarily of the Association of  International Formalwear, its officials, directors or personnel. Each author is the unique person in charge of her or his content.