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This was a small True Value hardware store. The owner had worked in the store six days a week for 45 years before he suddenly passed away. His wife had never worked in the store and knew nothing about how to manage it. She first tried to sell it without success before employing us to liquidate it. The starting inventory was $115,000 and reported gross sales ran over $121,000 for a 112% return. Plus we sold the fixtures and equipment for more than $6,800. Advertising expenses were held to $2,900. Our customer incentive program with 1167 participants generated more and more customer traffic throughout the sale while giving inducements to buy merchandise at regular discounts.
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!