Predicting a fashion trend will be simple

Aug 26 2008 by jez Davison, Evening Gazette

TEESSIDE University’s innovative technology has caught the attention of one of Teesside’s most colourful retail entrepreneurs.

Steve Cochrane, owner of Middlesbrough designer fashion store Psyche, believes dlab’s unique software could revolutionise the retail sector by massively reducing the risk of buying in loss-making stock.

The technology will enable consumers to select and buy new products that don’t yet exist - and allow retailers to assess whether there is sufficient demand before committing to production and purchase.

“It sounds fascinating,” Steve says. “It’s something I would definitely consider.

“We aim to sell at least 75% of the stock we buy in.

If we sell less than that, we stand a risk of making a loss. Anything that minimises that risk has to be good for business.”

Steve is hoping that by operating in a virtual trading environment, retailers can solve the notoriously difficult problem of predicting trends six to 12 months before stock hits the shelves. Typically, Psyche holds around £1.5m of stock at any one time.

He says: “We’ve already finished buying for spring-summer 2009. Predicting trends so far in advance can be difficult as buyer habits change so quickly.”

Having established Psyche in 1982, Steve is an experienced hand in sourcing eye-catching new ranges, which ignite the imagination of the Teesside public.

After starting out as a new wave punk shop, Psyche expanded rapidly and began turning heads on a national stage.

In 1995 the company beat stiff competition from Selfridges and others to win the much-coveted Designer Retailer of the Year award and a decade later was voted the best fashion retailer in the North-east by FHM Magazine.

But he said he would be “very interested in speaking with the university to find out how the new software can benefit my business”.