Through a special arrangement, presented here for discussion is a summary of a current article from The Retail Doctor’s Blog.
While many small retailers maintain that Black Friday is for the big stores, customers will be visiting for one reason: The deal.
After visiting the big boxes, the deal lovers will check you out, so you’ll want to have one table in the back of your store filled with “I can’t believe it!” prices.
To prepare, spend October going through your merchandise to find:
- The orphans. Before re-ordering the must-have toy, accessory or tool, see if the market has moved on. Slash the price of the last few.
- The misfits. Got a demo product or one that was opened and has a piece missing? Put it on your sale table with a sign indicating “missing a part.”
- The returns. Didn’t get that otherwise fine item returned to the vendor on time for credit? Even without the cellophane or in a ripped box, slap a price on it and get it on the bargain table.
- The dogs. Sitting on complete lines that you ordered in the wrong color? “Special Purchase 60% off” and move them out.
- Clean out your store. Down to the fixtures. Remove every box, bag or tag. Clean carpets. Mop.
- Repair, repaint and relight. Fix the chipped paint, broken furniture, yellowed signage, etc.
- Open up your floor. Create more space around items so they stand out.