Is COVID-19 Affecting Your Business? LEARN MORE
We were recommended by a friend of the owner who had used Wingate to liquidate his hardware store. This inventory was about 40% Hallmark and about 60% candy, stuffed animals, some clothing and lots of out-dated collectibles. Inventory cost was about $200,000 and reported sales were $222,000 plus the fixtures sold for another $2,000. Sales on the opening day of our Pre-Showing ran $27,245. We had 1150 customers enter our Fun Game which helped generate more customer traffic as the sale progressed and stimulated additional sales. The Fun Game helped us hold media advertising expenses to $2,300 or .01% of sales!
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!