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This was a long established store carrying good shoe lines. Starting inventory was $195,000. $6,000 was pulled out of inventory. On the opening day of our Pre-Showing there was a line of customers a block long waiting to get in. Sales that day ran $61,000! That was more than double the store’s best day ever and we did it on a Thursday. They then purchased another $16,000 (Should have been a lot more). Reported sales ran $329,000 for a 164% return. Plus fixtures were sold for an additional $5,800. Media advertising expense was held to 1.2% 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!