Re-Inventing Retail

From the Co-Founders of The Retail Owners Institute.
Tips | Tactics | Insights on the Business of Retailing.

Time to Talk Turkey Bookmark

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Get the turkeys out of your inventoryThanksgiving time in the U.S. is not a good time to be a turkey.

And, the week after Thanksgiving Weekend is obviously not a good time to be selling turkeys or turkey dinners. Especially at full price. 

The same thing applies to your inventory.

Any "turkeys" in your inventory need to be gone by the end of the Thanksgiving weekend. No matter how low the price needs to be, there are 3 vital days to get non-sellers out of your inventory.

Remember, the week after Thanksgiving Weekend is the time to have NO "turkeys" in stock.

Now is the time to make one last sweep through your stores to markdown ALL of the "turkeys" that might be lurking in your inventory

Of course, you can check your POS reports for slow movers.

But  be sure to ask your staff! 
They know where the turkeys are. Which merchandise are they bored with?

Mark it down, move it around, remerchandise it.  

Then let the shoppers have at it!

The customers are primed and ready to pursue great bargains on Black Friday and throughout the weekend, whether in-store or on online.

Give them what they want. 

And get out of whatever you don't want going forward.

Gobble, gobble!

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About The Co-Founders

Pat Johnson and Dick Outcalt, The Co-Founders of The Retail Owners Institute®, have been called "The Zen masters of retail finance!"

Since 1999, they have been assembling  their proprietary content into a unique self-help website. The Retail Owners Institute is an unmatched resource that assists retailers worldwide with basic financial training, assistance and easy-to-use tools.

Their engaging and empowering how-to resources about the financial levers in retailing are informative, fun(!), and retailer-friendly. Their promise: "Everyone will 'get it'!"

Pat and Dick are recognized experts in strategic retailing. Working only as a team – Outcalt & Johnson: Retail Strategists, LLC – they have been consulting, publishing, and speaking professionally throughout North America since 1990.

They focus exclusively on retail, or wherever retail is involved. They work with CEOs, CFOs, boards and owners of retail operations, as well as manufacturers or wholesalers expanding into retail. And they also are Retail Turnaround Experts.

Since 1999, empowering retailers and store owners to "Turn on your financial headlights!"