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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 place these items in craigslist ads with pictures.

You can find out more about pricing for your liquidation sale here:
Pricing Tips During Store Closing Sale

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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 can get for it.

Most of the time after 50% off, I will go 70% off for a week and a few days at 80% off. During the 80% off, I will take offers on slow-moving sections and sell them in bulk. Most stores are talking about thousands of dollars they can put in their pocket while minimizing expenses. Otherwise, there will be a point of time, your revenues will be less than your expenses.

I have seen stores keeping their doors open for less than $100 a day in sales because they would not take additional markdowns or sell the sections in bulk.

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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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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 business and not promoting your sale. I do mention when the sale starts and the expected end date.
2. You need a catchy headline. If you have been in business a long time, using your store name with years in business is enough. For example, “Joes’s Business Closing After 42 Years”. If you bought the business and kept the same name count those years.
3. If possible, find a reporter’s contact information and send the press release to them directly. If not able to find, use the general email address of that publication or the feedback form. If you do not hear back from the reporter or company, follow up one time with adding additional information and changing the headline.
4. Put a little history into the press release. If you worked in this business at a young age, mention it. You will need a quote or two about what the business means to you or why you are closing the business.
5. The best time to send them are a few days before your sale starts to about a week before. It will drive plenty of traffic to your sale, the rest is up to you.
6. One last tip is needed before you send a press release. Make your store look as good as possible. If you have no more orders coming in, put the old tags and spread out the merchandise. You do not want potential customers to see a store that is low on merchandise.

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8 Tips to Selling Fixtures

1. Make a list of all your fixtures and equipment before your store closing sale starts.

2. Determine the selling price of each item. I set my retail price and the minimum price for each store fixture. The best ways to determine the price is to use Craigslist, ebay, websites selling used fixtures or taking a 5 of the cost. You cannot always go by online pricing, because I saw an item we sold for $3500 listed for $500 on Craigslist. If I use cost for the retail price, it is normally 25 – 50% of cost.

3. Advertise on craigslist using the for sale / business section. Have pictures of each fixture along with the price. I have one ad listing all my fixtures and others with individual fixtures for sale. I will list in nearby cities that are within two hours of your retail store.

4. Call local businesses or send them a short letter with what you have for sale.

5. Placing small classified ads in your local newspaper or weekly paper can generate interest.

6. Combined office supplies and store use items in a box and put them out for sale. It is easier and you will get more money than selling the small items individually.

7. Set up your shelving price by determing how many feet on each gondola and setting a price. Generally, I sell a four foot section with a base and two shelves for $40-$50. Extra shelves are $5 each.

8. The most important thing is to have one person to sell fixtures and to keep track.Selling fixtures in a large store can be a full-time job. It is easy to double sell a fixture without a plan and careful record keeping.

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About 7-10 days before the end of the sale, I set the date for the last day. Here are a few topics to consider the last few days of the sale.
1. You need to have a plan for leftover merchandise and fixtures. I get a scrap person for leftover fixtures. The last few days I sell merchandise in bulk as needed. I try to get the customers to make the initial offer when possible.
2. Need to contact customers to pick up empty fixtures. You will have to follow up with some to get them gone in a timely manner.
3. You should be cleaning up personal effects and paperwork daily. Otherwise, you will have a lot to do after the sale is completed.
4. If you need a dumpster, call ahead of time, so it is there when the sale ends.
5. How to deal with your employees and emotions the last couple of days. It can be an extremely emotional time.
6. This is the most important tip of all. Planning for life after the sale is over. The best thing is to take time after the sale to rest and relax. Running a going out of business sale is hard work done properly.

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