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Less than a year later, the other partner and former Wingate client, decided to retire and they again employed Wingate to assist them with their store closing sale. This store had been in business since 1913. The inventory was $200,000 at cost and they purchased another $20,000 in wanted merchandise making the starting inventory $220,000. On opening day of our Pre-Showing sales ran $38,882. Reported gross sales ran a few dollars short of $240,000 for a return of 110% plus the sales of fixtures and equipment. We were able to hold media advertising expenses to $5,400 due to our customer incentive program which had 1048 customers participating. It helped sustain customer traffic and stimulated a lot 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!