Is COVID-19 Affecting Your Business? LEARN MORE
This was a long established store with declining sales. Two sisters purchased it five years prior to our sale. The sisters were absentee owners. They lived 40 minutes and 1½ hours away. They decided it wasn’t worth keeping open and hired us to liquidate it. Starting inventory was $110,000 and they brought in another $9,000 after the opening day. Our Pre-Showing ran almost $25,000! Later they pulled out $6,000 so the cost of goods to be sold was $113,000. Reported sales ran well over $140,000. Media advertising expenses were held to 2.7%. Our Fun Game kept people coming back and buying right down to the last day.
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!