Too many merchants still plan their budgets and Open To Buy once a season, if not once a year. Surely, planning is a chore, an expense, and there are so many other, more important things to take care of... Besides, the buyers often don't follow the plan – so what's the point of trying hard?

As we approach the holiday season, retailers face the crucial task of managing end-of season excess inventory. Here are a few practical tips on making sure you don't end up with a mountain of clearance stock in January on a category-by-category or key vendor basis.