By Ron Cooper
Director of Sales and Marketing
Profit Management Promotions
Why wear the same clothes over and over again? Wouldn’t people wonder why you look the same each time they see you? Of course they would and that’s one of the reasons to look different each day. Now, if you really looked hard at your furniture store does it look the best it can or does it look old, tired, worn out? Then perhaps now would be the time to run a renovation sale to promote the new look.
I realize most independent stores don’t have the budget like the big box stores have. But if you ever shopped one of those stores in your trading area, you will see what I’m talking about and you’ll probably also see a bunch of customers shopping there, so leave quickly before you get sick. The main reason I hear why stores don’t renovate often enough is lack of cash flow. This could be due to excess inventory or lack of know how.
A well planned event should wind up paying for most if not all of the renovation work a store needs. Take a look at this case study of a New England retailer that took over a store in need of a face lift in NY and hired PMP to run the event:
The New England retailer who wanted to break into the NY market heard about a furniture store that was getting out of retail and renting out their property. We were brought in to help conduct a high impact renovation event to maximize sales. In just over just 8 weeks the sale produced 2 times the annual volume the previous store was doing and wound up paying for all the renovation costs PLUS it enabled the new retailer to sell off his excess inventory from his other stores so his cash flow was greatly improved! Today, that retailer is thriving in this new market.
Whether you can pull of this kind of event on your own or with the help of an outside promotion company, a renovation sale is a positive event. It's one that your community would like to know about and can be advertised in a positive way. Not only will your community find this to be positive, but your staff will also be engaged and motivated by improved working conditions that allow them to sell and earn more.
This is the eighth installment of a monthly column – Promotion Possibilities – that provides tips, tactics and techniques for using sales promotions for business again.
About Ron Cooper and PMP:
Ron Cooper is director of sales and marketing for Profit Management Promotions – one of the nation’s leading sales promotion firms serving the home furnishings industry. he company specializes in running high-impact sale events for independent furniture retailers, over half of which are designed to strengthen businesses from the inside out.
Established in 1985, the company is headquartered in Jackson, NJ, and maintains regional offices in New York, New Jersey, Pennsylvania and North Carolina. www.pmpsales.com
Furniture World Magazine-Business solutions for furniture retailers