Is COVID-19 Affecting Your Business? LEARN MORE
This merchant grew up in the hardware business and owned this hardware store for over 50 years. When it came time to retire, he employed Wingate to get the best return possible. The inventory was $160,000 at cost and he purchased another $25,000 to help make the sale more profitable. He stated that the sale made 22% profit on the merchandise sold. The opening day of our Pre-Showing sales ran $40,526. This was more than the store did in some entire months. We were able to hold media advertising expense to $1,150 due to our customer incentive program and all of the free publicity that we got in the local media. One article headlined the front page of the local newspaper. The owner thought our game was “Hokey” but it really got people to come in and buy.
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!