Liquidation sales are a good way to convince yourself that a “want” is within reach and, therefore, a “need”. The prices aren’t necessarily always that good, however, for the seller: When people hear the words “liquidation sale,” everyone assumes the main purpose is to get rid of merchandise quickly, meaning cheaply.
First of all, there needs to be a fast start to the going-out-of-business sale. There must be a shopping frenzy on the first day to create momentum. Using the Every Door Direct mail program (EDDM) and sending out at least 5,000 postcards is a great way to have a busy store on the first day of the sale.
The store needs to be remerchandised especially the front and end caps. Some of the larger discounts should be what the customer views first.
The store needs to be closed for 1-2 days in order to get ready for the sale. This is easy to do, if you use price charts for the customers.
Prices should be changed weekly, until the liquidation sale ends. Some items can stay the same price, but the lowest discount must increase weekly to keep momentum.
Craigslist can be a great traffic builder
The pricing should be the best most items 12-14% off, (about 90-95% of store) some at 22% off, a few more at 33% off and discontinued and clearance along with 1-2 departments should be 50% off.
You should advertise weekly for the going-out-of-business sale. Also, visit our top article here for more information.The best ways would be by newspaper, postcards, flyers, or door hangers. There should always be some good items/categories to get customers in your store. Once the discounts are large enough, Craigslist can be a great traffic builder. Radio can be used also, but need a good price and a station that reflects your demographics.
The key to selling fixtures is to put a price on them and have one person allowed to sell them. Otherwise, you could have major problems with selling same accessory twice.
Daily, the store needs to be faced to keep the sales going and to decrease shoplifting. First, disseminate merchandise so that it look full, then sooner condense the whole sides of its aisle as possible.
Fixtures normally sell at 25-50% of cost. In the end click this link: http://www.bankrate.com/finance/personal-finance/7-ways-to-navigate-a-liquidation-sale-1.aspx to read more about the topic. The most popular ones, you could take bids to make more money.
When you hit discounts of at least 1/3 off, you should have a banner that reflects this for the window. It could say “1/3 off Sale” and change it weekly to reflect the discount.
In today’s business climate, when you try on closing your business and any of the certain areas are being done in a haphazard manner, you can either lose lots of dollars by selling off to quickly or not fast enough and in either case you lose money or have a great deal left at the end.
You must have a large sign or banner with the words “Going out of Business Sale”. The best colors would be hot neon pink or if you want a more professional look, black text on yellow.