Depression Era Holiday Season forces Emergency Inventory Liquidation Sales
As television, magazines and newspapers try to sugar-coat"Black Friday" 2009 the truth is far more important to report. Sales this "Black Friday" weekend are in negative figures. We are in a depression and people are spending less this holiday shopping season. Many small retailers who depend on these sales to make it through the year will be closing their doors in 2010.
“Black Friday” 2009 might be an analogy for the lights going out on retail businesses across America. Dismal sales figures will increase the number of emergency inventory liquidation sales and the need to hire a retail liquidation specialist. For the second year “Black Friday” saw a -2% decrease in sales sending a ripple through the New York Stock Exchange. “Walmart fell 33 cents to $54.63 yesterday in New York Stock Exchange composite trading. Richfield, Minnesota-based Best Buy lost 43 cents to $42.83. Macy’s, based in Cincinnati, and dropped 59 cents to $16.97 yesterday on the New York Stock Exchange.” (Source: Bloomberg.com)
Many retailers are counting on “Cyber Monday” to lift their lagging holiday sales figures. “More data about "Black Friday" sales came to light on Sunday, with a bit more pessimism than earlier reports. Meanwhile, the focus is shifting toward "Cyber Monday," where more online deals are expected.” (Source: PCMagazine) “Cyber Monday – the Monday following the Black Friday and the busiest day of the year for e-commerce – is about to begin (or has already begun by many online retailers.) (Source: Noobpreneur) Smaller retail establishments that do not have an online retail presence will have to re-evaluate their ability to last another year. Higher rents and declining sales in 2009 have force many brick and mortar stores to close their doors.
The Waldoff Group is the Internet’s #1 ranked retail crisis liquidation firm and their CEO Milton Waldoff says, “A well planned and well executed store closing takes planning, which include many hours of time. Well planned involves timing, merchandised correctly, advertised wisely, working with the stores management and personnel in a manner to maximize results.” He continues “Too often store owners undertake this once in a life time opportunity with very limited experience and a lack of knowledge of how to make a store closing profitable.”
According to the Waldoff Group website “When a business needs to be closed, whether it is the owners desire or simply something that must be done, a professional knows how to maximize this once in a life- time opportunity. The professional can devote the time and effort to addressing your problems while you continue to operate your business.”
This holiday shopping season will be the final for many retail stores. If you are planning a going out of business sale consider the following. Are you thinking "I need to liquidate my inventory", this will be as important as the decision to close. A successful closing with the assistance of a retail crisis manager in most cases will allow the store owner to leave profitably. To ensure the closing process is effective a professional should be contacted at the earliest possible moment in the planning stages. If black Friday was not profitable the time to contact a retail crisis manager is now.
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