Six Things to Know About a Retail Liquidation Company
If you decide to hire a retail liquidation company to manage your store closing sale, what should your requirements be?
1. Decide if you want a consultant on site the entire time or just at the beginning of the sale.
2. How much experience the consultant has? The large companies may have been around a long time, but they are constantly hiring new consultants. Experience Retail Liquidation Consultant will minimize your expenses and stress while getting the best results for your inventory and...
Retail Store Fixtures Liquidation
Liquidating your retail store fixtures to get the best return during a store closing takes an organized plan and execution. Fixtures that teachers can use or would go nice in someone’s garage or home are the easiest to sell.
The first rule is that one person should handle all fixture sales. This makes it easier knowing what is for sale and reduces the chances of selling the same fixture twice.
When the person in charge of fixtures is not present, the other employees should get the...
Tips to Generating Shopping Frenzy- Store Closing Sale
First, you want to have a banner announcing you will be conducting a store closing sale. In addition, you should mention your sale on Craigslist.
The main part is to have a postacrd or letter sent out to let people know about your sale.
It should be brief mentioning when sale starts and your business name and address. It should mention discounts up to 1/2 off. Everything is on sale and there will be prizes.
The prizes can be 2-4 $25 gift certificates from your store. it will work even better if...
Using a Liquidation Company to Manage Your Store Closing Sale
You are wasting your money in using a professional retail liquidation company to manage your store closing / going out of business sale. They will give you suggestions, but you decide you know better or are a control freak, save your money and do the sale yourself. You probably will not be happy with the result, but diluting the results by deciding you know more than the consultant is a formula for disaster.
You should follow their suggestions at least 95% of the time, if you want great...
Getting Traffic for Your Store Closing Sale
To keep traffic visiting your store, you must have a strategy that you are constantly working. The key is to maximize your traffic which will increase your return. There are a variety of ways to keep traffic coming to your store closing sale. I have listed a few below:
1. Craigslist is an excellent option and it is free. List products that show the best values for the customers and have pictures. Do two-three new ads daily and renew old ads every 48 hours.Do not list or renew all your ads at...
Cost vs Pricing During Retail Liquidation Sale
One of the biggest issues for retail store owners is cost of their inventory during a liquidation sale. In the first part of the sale, cost is one facet in setting the sale prices. Near the end of the sale, cost is not a factor.
It is about maximizing revenues. Store owners who are concerned about cost at the end are stuck with loads of inventory that could be converted to cash. The key is to maximize opportunities to sell the items with the highest cost during a liquidation sale. I will often...
Selling Merchandise at End of Going out of Business Sale
One of the biggest mistakes store owners make at the end of a going out of business sale is getting rid of the last remaining inventory. It could be they believe everything will sell at 50% off. You will sell a lot of that price, but slowly the sales will trickle down to nothing.
Many owners have a hard time selling items below cost. This is understandable while running your business, but at the end of a store closing sale, costs should not matter. The only thing that matters is how much you...
Why Auctions Are A Terrible Way To Liquidate Your Retail Store
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...
6 Tips For Creating a Press Release for Your Going out of Business Sale
Press Releases are a fantastic method to get a lot of customers to your going out of business sale for free. If you are in a small community, you may have to do nothing for the local newspaper to contact you. In a larger community, especially for TV coverage, sending a press release is the way to get results. Many of my store closing sales get multiple media coverage per sale.
Here are a few tips to give you a better chance of success.
1. Keep your press release short.Make it factual about your...