Is COVID-19 Affecting Your Business? LEARN MORE
This ACE store had a starting inventory of $210,000, including a lot of dated and obsolete merchandise. The first day of our Pre-Showing sales were $15,331. Total reported sales ran close to $193,000 plus the sales of fixtures and equipment. 1183 customers were involved with our customer incentive program. It helped generate customer traffic, stimulated additional sales and helped us sell obsolete merchandise. It also helped us hold media advertising to $1450 or .75 % of sales. The owner’s wife said she was “SHOCKED” with the first day’s sales. She also said they got their money back.
We are facing highly unusual times. Stores in many states, cities and counties have been forced to close, and the consumer has been encouraged to stay at home and only shop for necessary items. It now appears that things are beginning to break open, the consumer is starting to get out and retailers are going to have to aggressively go after every dollar they can get to cover lost sales.
The retail industry has lost their good spring selling season. Retailers are stuck with two seasons of merchandise. Now they must reopen with a strong sale and heavy advertising to generate customer traffic and raise a huge amount of cash. Out of season and over stocks need to be converted to cash while in season merchandise needs to be sold to make as much profit as possible. AND IT NEEDS TO BE DONE AS SOON AS POSSIBLE!