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Starting inventory was $125,000 and the first day of our Pre-Showing sales ran over $63,000, and another $10,000 in fast selling merchandise was brought in. Reported sales were $162,000, plus we sold the fixtures for another $5,000. Advertising expense was held to 2.9%.
We had planned on handling the liquidation process on our own when at the last moment we discovered Wingate Sales Solutions through the recommendation of another fellow franchisee. As we dug deeper, we discovered that Wingate had helped many fellow Hobbytown locations. And as I did my due diligence, the common theme was everyone was extremely happy with service and results.
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!