31 May 2009
Should You Run Your Own Store Closing Sale?
Jun/03/2009 09:11 Filed in: Store Closing
Sale
The decision to conduct a Store Closing Sale or Going
Out Of Business Sale is the toughest decision that
any small retailer might have to make. The emotional
attachment that the owner has is usually the largest
hurdle that must be over come. Most small retail
store owners have never been involved in a Store
Closing or Going Out Of Business total liquidation
sale. They don't
have a clue where to start. Should they try it
themselves or hire a profession to maximize the going
out of business sale?
Here are some questions that the store owner may have:
• How much should you mark down items?
Mark down too much and you lose a lmoney. Don't mark down enough and have your quitting business sale stall.
• How do you advertise this sale, especially the beginning of the sale?
The key is to use a media that will generate a traffic frenzy and drive enough traffic into the store to sell the best items at the highest gross possible.
• How long will it take to prepare for the Store Closing Sale?
The store must be closed for a number of days to prepare and organize for the sale. Too many days closed results in lost revenue and too few leads to lack of preparation and planning and a possible disaster on opening day of the Going Out of Business Sale.
• What is the best way to sell fixtures and store equipment and supplies?
Selling used fixtures and equipment can be confusing. You need to maximize your return. Everything has value.
• How many and what kind of signs do you need?
It is common 20-25% of the traffic of the quitting business sale to come from eye catching window signs & banners.
• How long will it take to liquidate most of the inventory?
The key is to liquidate as quickly as possible while maximizing the return. This result in lower expenses while closing your business
• Should you hire a retail consultant to help you plan and implement the Store Closing or Going Out of Business Sale?
A store-closing expert can really help an owner to get through this difficult period. They have experience planning and implementing this kind of sale and even after the additional expense most store owners will be better off financially than doing it themselves.
Here are some questions that the store owner may have:
• How much should you mark down items?
Mark down too much and you lose a lmoney. Don't mark down enough and have your quitting business sale stall.
• How do you advertise this sale, especially the beginning of the sale?
The key is to use a media that will generate a traffic frenzy and drive enough traffic into the store to sell the best items at the highest gross possible.
• How long will it take to prepare for the Store Closing Sale?
The store must be closed for a number of days to prepare and organize for the sale. Too many days closed results in lost revenue and too few leads to lack of preparation and planning and a possible disaster on opening day of the Going Out of Business Sale.
• What is the best way to sell fixtures and store equipment and supplies?
Selling used fixtures and equipment can be confusing. You need to maximize your return. Everything has value.
• How many and what kind of signs do you need?
It is common 20-25% of the traffic of the quitting business sale to come from eye catching window signs & banners.
• How long will it take to liquidate most of the inventory?
The key is to liquidate as quickly as possible while maximizing the return. This result in lower expenses while closing your business
• Should you hire a retail consultant to help you plan and implement the Store Closing or Going Out of Business Sale?
A store-closing expert can really help an owner to get through this difficult period. They have experience planning and implementing this kind of sale and even after the additional expense most store owners will be better off financially than doing it themselves.