Is COVID-19 Affecting Your Business? LEARN MORE
This was a small specialty gift store with an inventory that ran somewhere between $80,000 and $90,000. It was owned by an elderly lady that had passed away. Her children decided to liquidate and close the store. The inventory included baby gifts, candles, bath supplies, body care products, crystal, table top accessories, pewter, jewelry, scarves, hats, bags, stationery, and gift cards. The opening day of our Pre-Showing sales exceeded $22,000. Our Fun Game had 258 customers participating helping us hold media advertising expense to $60.00. The children were hoping to get $80,000 out of the sale. Big surprise! Reported sales exceeded $148,000.
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!