Is COVID-19 Affecting Your Business? LEARN MORE
This store was in the worst location ever. It was on the inside of two vacant strips that faced each other with no visibility in any direction. Customers had to know where the store was to find it. Parking was in the surrounding parking lot. Once parked, customers had to walk some distance between the vacant strips to find the store. Starting inventory was $170,000 which included a ton of hard to sell parts. With two days to go, reported sales had exceeded $161,000. By the end of the last day all of the remaining merchandise and fixtures had been sold. We did not get the last two days sales figures but we understand they were substantial. Considering the location and the inventory mix this was an outstanding sale.
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!