The Christmas selling season is now behind us and it is now time to review your store’s performance for 2016 and make your plans for 2017. For many retailers the 2017 plans will include a store closing sale, going out of business sale or retirement sale.
Retailing continues to get tougher for the small retailer. It is changing more rapidly than ever. It demands more investment in time and money to keep up with the changes in technology, marketing and inventory control. Expenses continue to increase as minimum wages increase, rents increase and employee benefits increase. The toughest area might well be increased competition. Increased competition with on-line retailers and in many cases competition with your own vendors as more and more of them open up their own on-line stores.
Many small retailers are baby-boomers who are now reaching that point in their live to consider retirement. Much of their retirement funds might be tied up in their investment in their retail store. The number of small independent retail store owners that decide to retire in the next five years continues to grow with each passing year. There is in fact “life after retail”.
If you fall into either category, the retailer who has decided that the rewards of having their own retail business does not meet or exceed the demands or the baby-boomer retailer that has decided that 2017 is their year to retire, you should definitely investigate your options on the best and most profitable way for you to exit your retail business.
One of the first things you should do is to talk with a retail consultant that specializes in store closing sales or retirement sale. Learn what your options are, how much you can expect to receive, when the best time to conduct your sale, how long your sale should be and what does it cost.
Even if you are not planning on closing your store until later in the year, now is the time to talk with the consultant. He can provide advice on what to do to prepare for that sale.
CCH Consulting looks forward to the opportunity to help small independent retailers maximize the results of their store closing sale or retirement sale.
Contact us now for a Free Consultation. No fees, No pressure. Just good advice.
Chuck Haug
CCH Consulting, LLC
Retail Store Closing Sales