One of our readers forwarded information regarding new item performance replicated via their "Class Of" report from the 2013 work I performed in Merchandise Forensics. Here's the table (all numbers in millions):
Can you see the problem? The problem is outlined via the colored numbers in the table above. New items did $3.1 million in 2018, $2.8 million in 2019, $4.4 million in the COVID-year of 2020, then an awful $1.9 million last year due to product availability issues, and another awful projection of $1.5 million this year as new products are just hard to source.
When you fail at finding new items, you not only fail this year, you fail for subsequent years as well. In other words, the problem so many of you are telling me about (hard to find new products in our post-COVID supply chain environment) will result in downstream challenges as well.
I know you don't want to hear this message ... but you likely also want to have enough time to do something about it, right?