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Why Auctions Are A Terrible Way To Liquidate Your Retail Store

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Auctions are good for the customers buying your inventory and the auctioneer. However, for the retail store owner, you will receive thousands less than liquidating your store with a sale after accounting for expenses. I have talked to many customers and store owners who buy from auctions. They have given examples of what they have paid for sections in the store.

The last few days of the sale, I sell many sections in bulk. The amount we get is close to a winning bid in an auction. The difference is that we have sold hundreds or thousands of dollars from that section.

For example, I did a sale recently that sold greeting cards. An employee of the store had bought in a previous auction across the street, greeting cards for $1. We sold many cards during the sale and the rest in bulk for $20 resulting in hundreds more for the retail store owner.

Store closing sales normally last 1-2 months. This allows the store owner to liquidate their assets. While some sections may get some serious bidding, most are nowhere near the dollars you will receive during a retail sale.

Let’s say your retail in an average section is $5,000 and cost is $2,500. Do you think the bidder will give you close to $2,500? In a retail liquidation sale, many stores will recover their cost and more. From experience, the winning bid will be nowhere close to $2500.

In a hardware store, selling the Hillman Nuts, Bolts, Washers and Screws bins with merchandise is one of the top selling items in an auction. I have been told what they receive for them and in the sales, I managed can get significantly more than what an auction receives.

Every business owner should go see a few auctions of retail stores and see the winning bids. If you are happy, then go ahead and have an auction. A liquidation sale will be the way most retail store owners will choose.

How to conduct a store closing sale

How to conduct a store closing sale 1-800-771-5119 Call Jerry or Del http://liquidateyourstore.com https://youtu.be/ZPjgrgereE4 https://youtu.be/5vcierk7jPY want to spend talking with you. Before you start your store closing, there is a lot of work that needs to be done. Here are a few tips.

 

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