When spring markdowns aren’t moving

AsktheExpertsQ: I’ve started my spring markdowns (20-30% off), but they really aren’t moving much inventory. I’m hesitant to mark down further at this point. Is there another strategy I can take?

A: That’s a good question. Here are a couple of ideas that may help: First, reset your floor to make your markdowns look fresh. Then, communicate your original marketing message in a new way. Basically, you’re offering the same markdown but with a different story. After that, get ready to move to the next level of markdowns. Remember that markdowns only have a couple of weeks of life in them.

But, in the meantime, you can pick out the 20 highest priced items that are marked down and assign each item to a seller. Identify a customer for each item and then go after the customer. You may need to offer an additional percent off the already marked down price. Good Luck.

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avatar About Steve Pruitt

Steve Pruitt is founder and Senior Consultant of Blacks Retail Analysis and Blacks Consulting. With over 30 years of experience, Steve is one of the most respected merchandise analysts in the industry. His specialty is apparel merchandising and he has worked with clients in every sector of this category. Steve’s approach is highly customized; he tailors his analyses to the particular needs and market of each client. His work ties together the merchandising piece of the business with the client’s overall financial goals to increase sales and streamline operations. Steve is also a trusted general business consultant, known for his ability to help retailers plan growth and manage change.
 
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