Retail Store Liquidation Review of
Wingate Sales Solutions
OBJECTIVE: To liquidate the stock of Tarpon True Value hardware with the maximum amount of return for the owners with the least amount of expense.
As an owner I feel that this objective was met. The liquidation sale eliminated the store’s inventory within a seven week period. We realized a 90% return of the estimated $140,000 of product. I do feel that possibly the sale could have been done in one less week which would have cut the expenses of the liquidator and the store’s labor costs. I am happy to have had a 90% return which I’m not sure we would have gotten if we had shortened the sale.
PROMOTION OF THE SALE: Using our postal addresses obtained by earlier Loyalty programs and Wingate’s promotional letter to kick off the liquidation Sale was overwhelming. This mailing brought in so many customers the first day that our 45 car parking lot was full and customers were parking in adjoining store’s lot. The game, in which we offered many prizes, provided us with nearly 1000 names and email addresses. The liquidator utilized the email addresses to send out Constant Contact email advertising which continued to generate customer sales. Two newspaper advertisements were used in the local Punta Gorda Herald to again continue sales
DISCOUNTING: I originally disagreed with the liquidator about having variable discounts but decided that it would be best to let him make that decision. We discounted various departments and goods. That, I feel, gave the distinct impression to the market that we were very serious in liquidating our stock. Doing discounts of 10% to 50% by department and class, I felt, maximized margins. We had a very large fastening department. I would recommend that any store having a large fastening department not discount fasteners by the each but by the box.
OVERALL: We felt that Wingate did a wonderful job in liquidating our inventory and helping getting of fixtures.and equipment. This is the second time we have liquidated. The first time we sold our property in Illinois to move to Florida to start a new store. Our first experience with a liquidator there was terrible. The consultant was not there half the time and did not communicate with us. In researching I found that it is necessary to have a good liquidator to guide you. Our Wingate consultant was with us the entire time and guided us each step of the way, unlike our first experience. We would, and will, recommend Wingate Sales Solutions for any business considering liquidation.