Do Store Closing Sales Still Work?

There isn’t a week that goes by that there isn’t a new Store Closing Sale starting somewhere in each major market. The sheer number of retail stores that closed in 2019 and 2020 almost boggles the mind. According to some retail industry experts the number could be as high as 500,000. With that many retailers going out of business, one has to ask if running a Store Closing Sale is still an effective way to exit a retail business. The answer is a definite – “Yes” – but it must be well-planned and well-marketed.

 

A well-planned and implemented Store Closing Sale will still result in sales equal to 100% – 120% of the value of your inventory, plus the local market value of your fixtures and equipment.

You will not get the results you need if you just put up some signs and run an ad in the local newspaper. You must have a plan that:
• sets a defined time frame for the sale
• provides a pricing strategy to maximizes your margins
• uses the most effective marketing tools
• creates the “sales environment”
• keeps your customers involved with the sale
• also sells your store fixtures, displays & equipment

Many retailers are hesitant to seek the expert help they need to maximize their return on the money, time, and emotions that they have invested in building their retail business. If you are planning on conducting a Store Closing Sale, use a retail store- closing consultant to help you. Make sure that you talk to more than one and choose the one that you feel most comfortable with. Using the right store-closing expert to help you will really not cost you – it will make money for you.

You only close your store once. Do it right and you maximize your return. Make one mistake and it can cost you big bucks. A well-planned Store Closing Sale is still the best means to exit your retail business even when faced with what seems to be an never ending number of Store Closing Sale ads in most markets. BUT YOU HAVE TO DO IT RIGHT.