Store Closing, Marketing, Small Retailer
Be Aware of What's Going On Around You
Jun/11/2009 13:15 Filed in: Store Closing
Sale
The
Mall Problem!
A recent article in the Wall Street Journal had a frightening front-page headline: “Recession Turns Malls Into Ghost Towns.” The article chronicles the serious problems facing a growing number of the nation’s malls.
The loss of one or more anchor stores is usually what triggers this situation in many of these malls. With stagnant sales and so many retailers struggling, it is logical that malls and shopping centers would be negatively impacted. If you’re a retailer with stores in malls, pay absolute attention to what’s happening around you. You do not want to be left standing while other stores around yours close up, go out of business, or move.
When the economy was good, some malls were able to reinvent themselves and survive. In this economy, it is highly unlikely a mall will be able to get the financing needed to remodel and rebound from anchor closings and the failing of other stores in the mall.
The Wall Street Journal article dated May 22, 2009 can be found online at http://online.wsj.com/article/SB124294047987244803.html.
A recent article in the Wall Street Journal had a frightening front-page headline: “Recession Turns Malls Into Ghost Towns.” The article chronicles the serious problems facing a growing number of the nation’s malls.
The loss of one or more anchor stores is usually what triggers this situation in many of these malls. With stagnant sales and so many retailers struggling, it is logical that malls and shopping centers would be negatively impacted. If you’re a retailer with stores in malls, pay absolute attention to what’s happening around you. You do not want to be left standing while other stores around yours close up, go out of business, or move.
When the economy was good, some malls were able to reinvent themselves and survive. In this economy, it is highly unlikely a mall will be able to get the financing needed to remodel and rebound from anchor closings and the failing of other stores in the mall.
The Wall Street Journal article dated May 22, 2009 can be found online at http://online.wsj.com/article/SB124294047987244803.html.
Is A Store Closing Sale Effective in This Retail Market?
May/21/2009 13:30 Filed in: Store Closing
Sale
Is
a
“Store Closing Sale” effective
in today’s retail market?
There isn’t a week that goes by that there isn’t a new Store Closing Sale starting somewhere in each major market. The shear number of retail stores that will close in 2009 almost boggles the mind. According to some retail industry experts the number could be as high as 200,000.
With that many retailers going out of business, one has to ask if running a Store Closing Sale is still an effective way to exit a retail business. The answer is a definite - “Yes” – but it must be well-planned and well-marketed.
A well-planned and implemented Store Closing Sale will still result in sales equal to 100% – 115% of the value of your inventory, plus the local market value of your fixtures and equipment.
You will not get the results you need if you just put up some signs and run an ad in the local newspaper. You must have a plan that:
• sets a defined time frame for the sale
• provides a pricing strategy to maximizes your margins
• uses the most effective marketing tools
• creates the “sales environment”
• keeps your customers involved with the sale
• also sells your store fixtures, displays & equipment
Many retailers are hesitant to seek the expert help they need to maximize their return on the money, time, and emotions that they have invested in building their retail business.
If you are planning on conducting a Store Closing Sale, use a retail store- closing consultant to help you. Make sure that you talk to more than one and choose the one that you feel most comfortable with. Using the right store-closing expert to help you will really not cost you – it will make money for you.
You only close your store once. Do it right and you maximize your return. Make one mistake and it can cost you big bucks.
A well-planned Store Closing Sale is still the best means to exit your retail business even when faced with what seems to be an never ending number of Store Closing Sale ads in most markets. BUT YOU HAVE TO DO IT RIGHT.
There isn’t a week that goes by that there isn’t a new Store Closing Sale starting somewhere in each major market. The shear number of retail stores that will close in 2009 almost boggles the mind. According to some retail industry experts the number could be as high as 200,000.
With that many retailers going out of business, one has to ask if running a Store Closing Sale is still an effective way to exit a retail business. The answer is a definite - “Yes” – but it must be well-planned and well-marketed.
A well-planned and implemented Store Closing Sale will still result in sales equal to 100% – 115% of the value of your inventory, plus the local market value of your fixtures and equipment.
You will not get the results you need if you just put up some signs and run an ad in the local newspaper. You must have a plan that:
• sets a defined time frame for the sale
• provides a pricing strategy to maximizes your margins
• uses the most effective marketing tools
• creates the “sales environment”
• keeps your customers involved with the sale
• also sells your store fixtures, displays & equipment
Many retailers are hesitant to seek the expert help they need to maximize their return on the money, time, and emotions that they have invested in building their retail business.
If you are planning on conducting a Store Closing Sale, use a retail store- closing consultant to help you. Make sure that you talk to more than one and choose the one that you feel most comfortable with. Using the right store-closing expert to help you will really not cost you – it will make money for you.
You only close your store once. Do it right and you maximize your return. Make one mistake and it can cost you big bucks.
A well-planned Store Closing Sale is still the best means to exit your retail business even when faced with what seems to be an never ending number of Store Closing Sale ads in most markets. BUT YOU HAVE TO DO IT RIGHT.