It’s quite possible we’ll be looking at a shortage of good quality incoming, what with the “difficult economic times” now going into its second or third year. Consumers aren’t buying as much, and when they do they buy cheap…cheap as in stuff that is basically not resalable. What to do? Well, you might consider
Hoarding.
Why sell on your dollar rack or in your bag sale if you’re not desperate for incoming cash right now? (‘Course, if you DO decide to clearance some things that aren’t worth hoarding: Clear it Out and Clean Up with Bag Sales, Dollar Racks & BOGO Deals) Learn about Pakaways.
Think about pakaways. These are goods which are store property and which you would be happy to see come in at the beginning of the appropriate selling season. How to decide?
Definitely easily-stored expensive stuff: the cashmere gloves, the collectible Santa, the sterling pillbox.
Stuff you always have a hard time getting in. Examples: Larger-sized women’s clothing, boys’ items, classic books, classic toys.
Things to get a new season jump-started: super summer stuff (although, of course, these might be back out on the sales floor in a week or two in your resortwear department) , cozy turtlenecks and cords for next August… even holiday goods which look so forlorn after the celebrations are over.
I believe it is time, especially now, to
Consider your merchandise as your bank account, and your situation as facing being laid-off any moment. Would you blow cash on a steak dinner now, if you have reason to think that it might be ramen noodle time soon?
Get Pakaways: More Freedom, More Profit, a Too Good to be Threw Product for the Professional Resaler.
Other posts that are kinda on the same subject, and may even disagree with this one:
I’ve always packed away stuff that I think might sell the next year, and stuff that comes in at the wrong season. We have lots of closets in our old house, and I like being able to bring down a tote or two when the racks are looking bare. For some reason or another I don’t seem to have as much stored to bring out for our cruise rack as I usually do at this time of year – maybe a sign of these hard times?
This is the first year that I am a bit low on winter sales items – I was thinking it was because we had a great winter, but I know we are getting some better consignments in from people who never consigned before, but not getting large amounts. I do keep a storage unit – you can get one of those specials, and if you work with the owner, you can change to a different unit right next to or down the hall for a new special offer for a year. It keeps the cost of storage low. Thanks for giving me some things to think about – as always.
You bring up an interesting topic. I don’t know that I have the space to packaway tons of items but I do list all seasons all year long. I know that this is tougher to do with b&m stores but it might be something to consider. I have certainly noticed a decline in the quality & condition of goods that I find for my store. I think it is because people are hanging on to their items much longer & selling them themselves as opposed to donating.