Some thoughts on markdowns
Many of you have just returned from the CHA Summer Show and ordered a lot of new merchandise for your store. Now you need to find a good spot in your store for the new products.
But you find that you have just too much outdated and slow selling merchandise taking up valuable display space and valuable dollars you could be spending on new merchandise.
Now's the time to look at your stock and make some decisions on what needs to go and how to go about it.
Here's a couple of thoughts on markdowns that I was taught by some of the best retailers in the world
First.. Don't fall in love with your merchandise.
We've all bought something we really liked but the customers didn't agree. We hate to mark it down because we like it so much and we keep hoping something will happen that will make it sell. Well it won't.
So mark it down, put it on your markdown table and get rid of it.
I Remember one of my first bosses telling me. "Your first loss is your best loss"
He told me that meant, if you are going to mark something down, really mark it down. Take it to at least 50% off and get rid of it. Don't take incremental markdowns like 20% off then 30% off etc. Take the slow sellers to 50% off and get rid of them.
We're going into a new season now and need all the selling space we can get for new CHA purchases.
Use the ideas above . They're good advice.
Sandy
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