Sales,Sales,Sales, and MORE Sales!!

Many retailers I know say they just don't DO sales. In other words, they feel that their product sells just fine at regular price. To them, the idea of putting merchandise on sale gives their customers the impression that they are a 'discount' retailer. Perhaps they don't want it to appear that they may have made a mistake while doing their buying. What merchant hasn't experienced purchasing a single item, or a whole line, that for whatever reason, simply didn't sell. I believe that it is simply impossible to have every item in your store sell through at regular retail ALL THE TIME! What about the item that had an 80% checkout at regular price. A month goes by, you still have 2 pieces left, and unfortunately you are no longer able to fill that item. There the poor thing sits...only 2 of them, not matching anything else, taking up valuable space in your store. You could hang onto it, and hope that in another few weeks or a few months, someone will buy it. I sometimes need to remind the retailers that I work with that their store is NOT A MUSEUM!! The business is not in the business of housing orphaned items for long stretches of time. EVERYTHING has a best before date, whether it be fashion, or food items, or ANYTHING. If you don't think that your customers notice items on your shelves, or on your hangers that have been there way too long...especially if they are regular customers, I guarantee you, they do. In my opinion, you can fight the inevitable, and only reduce the price of your merchandise when you bank balance dips below an acceptable level...or you can EMBRACE the idea of SALE by planning your markdowns.

Each item in your store represents a dollar value. You know what you paid for it, and when you paid for it. You should know when you want it out of your store to make room for new merchandise. I don't think any merchant should be upset with selling 8 out of 10 items before the cheque clears the bank! If you decide when the items arrive, what price you would be willing to reduce that item to, to ensure that it exits your store in no longer than 60 days...I know that you will be rewarded with a cleaner store and a larger bank balance.

Take 15 minutes every week and have a look around your business. Find the old timers, and make a plan to move them out. Dedicate a space, or find a creative, fun way to tell your customers that you have something that is a real DEAL!

I know that you don't want your business to be stuck in the past. Getting rid of the orphans will allow you to have more cash for the future best sellers! The Season is changing...are you?